AMCOR PLC — Investor Presentation 2008

Feb 19, 2008

Half Year Results Presentation

February 2008

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www.amcor.com
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Disclaimer

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• This presentation contains forward-looking statements that involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, Amcor. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “seeks”, “estimate”, “anticipate”, “believe”, “continue”, or similar words.

• No representation, warranty or assurance (express or implied) is given or made in relation to any forward looking statement by any person (including Amcor). In addition, no representation, warranty or assurance (express or implied) is given in relation to any underlying assumption or that any forward looking statements will be achieved. Actual future events may vary materially from the forward looking statement and the assumptions on which the forward looking statements are based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements.

• In particular, we caution you that these forward looking statements are based on management’s current economic predictions and assumptions and business and financial projections. Amcor’s business is subject to uncertainties, risks and changes that may cause its actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The factors that may affect Amcor's future performance include, among others:

• changes in the legal and regulatory regimes in which Amcor operates;

• changes in behaviour of Amcor's major customers;

• changes in behaviour of Amcor's major competitors;

• the impact of foreign currency exchange rates; and

• general changes in the economic conditions of the major markets in which Amcor operates.

• These forward looking statements speak only as of the date of this presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, Amcor disclaims any obligation or undertaking to publicly update or revise any of the forward looking statements in this presentation, whether as a result of new information, or any change in events, conditions or circumstances on which any such statement is based.

1

Investor Presentation

• Overview of results

• The Way Forward

• PET Packaging

• Australasia

• Other businesses

• Finance

• Summary

• Q & A

Half Year Results

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Profit
Dec 06 Dec 07 ∆%
PBITDA ($m) 580.6 537.5 (7.4)
PBIT ($m) 350.6 333.8 (4.8)
PAT ($m) 185.0 185.0 0.0
EPS (c) 20.5 21.0 2.4
PBIT/AFE(%) 10.7 11.8
Dividend (c) 17.0 17.0
Significant Items ($m) (67.3) (31.0)
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• Ken MacKenzie

• Ken MacKenzie

• Larry Weber

• Greg Beatty

• Ken MacKenzie

• Leslie Desjardins

• Ken MacKenzie

• All

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• Profit after tax $185 million

• EPS growth of 2.4%

• On a constant currency basis

• Continuing businesses PBIT up 10.3%

• – Earnings per share up 11.2%

Constant Currency Profit

Dec 06 Dec 07 ∆% Continuing PBIT ($m) 314.8 347.2 10.3 Discontinued PBIT ($m) 35.8 7.6 Total PBIT ($m) 350.6 354.7 Profit after tax ($m) 185.0 201.0 8.6 Earnings per share (c) 20.5 22.8 11.2

First half performance continues the positive momentum established in the second half of 2006/07

2

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Continuing Business Performance
Continuing businesses PBIT Key Points
• PET
in local currency • Excellent first half performance
Dec 06 Dec 07 ∆% • Growth in high value add custom containers
PET (USD) 72.9 86.2 18.2 • Australasia
AustralasiaFlexiblesSunclipse (A$)(€)(USD) 108.550.727.8 112.931.551.1 13.34.10.8 •• Strong results in non fibre operations Operational inefficiencies in Australian fibre
Asia (SGD) 20.0 25.0 25.0 business
• Flexibles
• Solid results in Food and Healthcare
• Restructuring program progressing well
• Overtrading in tobacco packaging
• Sunclipse had a solid half
• Asia continued strong performance
Improvement in all business segments Overall sound operating performance
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First Half Cash Flow
• Solid cash flow performance
Cash Flow –
Operating cash flow $93 million
–
Second half seasonally stronger
AUD m Dec 06 Dec 07
PBITDA 580.6 537.5 • Positive free cash flow for full year
Operating cash flow 124.6 92.9 • Proceeds from asset sales has reduced
Dividends (156.6) (154.8) gearing to 39.4%
Free cash flow (32.0) (61.9)
Divestments 39.0 970.5
Growth capital (58.2) (78.5)
Movement in share capital (123.3) (158.5)
Reduction in debt (175.2) 659.8
Well positioned with a strong balance
and solid cash flow
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3

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The Way Forward
Improve
EXECUTION FOCUS
shareholder
Strong Customer Capital
market & market Low cost discipline value
positions focused
CULTURAL CHANGE
Execution focus coupled with cultural
change is delivering sustainable
benefits
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The Way Forward – Strong Market Positions

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EXECUTION FOCUS
positionsStrong market and market Customer focused Low cost disciplineCapital
Grow Sell Fix Close
• Custom PET • • •
– New plant for White Cap Closures PET Packaging 14 plants announced
– Gatorade bottlesPowerFlexTM • Asian Corrugated • Mexico – 4 in PET Mexico
growth • Australasian PET European Flexibles – 4 Australasian
• Flexibles • European PET • Australasian Fibre Fibre
–– Plant in PolandRussia expansion • Australasian Food Can & – 5 Flexibles
• Tobacco Aerosols Europe
– Plant in the Ukraine
– – 1 Australasian
Expansion in
–Russia Flexibles
–Poland
– Investment in
AMVIG
Total spend committed Turnarounds Additional plants to be
Proceeds $1.25 billion
$440 million proceeding announced
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4

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Strong Market Positions – New Recycled Paper Mill
EXECUTION FOCUS
•
positionsStrong market and market Customer focused Low cost disciplineCapital New recycled paper machine:
–
Located at Botany, NSW
–
345,000 tonne per annum capacity
–
Net cost $230 million
–
Savings $40 million per annum
Creates a low cost, vertically integrated business in the
Australasian market
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The Way Forward – Capital Discipline
EXECUTION FOCUS Dec 06 to Dec 07 working capital
positionsStrong market and market Customer focused Low cost disciplineCapital decrease of $202 million
Jun 07 to Dec 07 working capital
Capital Expenditure increase of $109 million
•
Base capital $100 million
First Half Average Working Capital to sales
– Gross spending $196 million compares 15 13.3 13.2
to depreciation of $204 million % 12.4
– Disposals $96 million 10 10.5 9.7
•
Growth capital $63 million
5
03/04 04/05 05/06 06/07 07/08
Capital discipline continues to improve and is now embedded in the culture
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5

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The Way Forward
Improve
EXECUTION FOCUS shareholder
positionsmarket Strong Customer & market focused Low cost disciplineCapital value
CULTURAL CHANGE
• Continued improvement in customer focus
– Value Plus
– Return on sales increased from 6.4% to 7.0%
• Talent management
Delivering results both financially and culturally and there is substantial upside potential
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Amcor PET Packaging
Profit & Returns Cash Flow Operational Excellence
120 12
USD m % USD m Dec 06 Dec 07 • Program over three years
100 10 PBITDA 168.7 155.3 to rationalise footprint
PBIT 80 Cap Expenditure (48.2) (54.5) • Continuous improvement
RoAFE Movement in WC 39.1 (14.1) in all key operating
8
60 Significant Items (1.8) - metrics
Cash Flow 157.8 86.7 • Going forward, rate of
40 Dec 06 Dec 07 6 Growth Capital (29.1) (35.9) improvement may be
Sales USD m 1,172 1,263 slowing
PBIT USD m 72.9 86.2
AFE USD m 1,595 1,624
PBIT/AFE % 9.1 10.6
Employees 5,097 5,088
Continuing operations * All operations
Benefits of 3 years
Strong performance throughout the Continued excellent cash
improvement realised in
business flow management
the current year
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6

Volumes

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Volumes
North American Volume Latin American Volume
Million Units Dec 06 Dec 07 • CSD/Water • CSD/Water
North America 8,844 9,243
Latin America 4,325 4,758 • Volumes 6% lower • Solid growth of 8%
BG/India 35 76 • Selective reinvestment • Favourable demographics
TOTAL 13,204 14,077 • Focus on strategic • Custom
CSD/Water 10,047 9,989 partners • Strong growth of 18% off
Custom 3,157 4,088 • Custom a low base
Sales • Strong growth of 33%
USD m Dec 06 Dec 07
North America 754.5 791.9
Latin America 377.5 427.8
Bericap 40.7 41.9
BG/India (0.7) 1.8 Targeting growth in custom beverage, diversified products and
TOTAL 1,172.0 1,263.4 selective opportunities in CSD and water
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Strategy Focused on Growth in Attractive Segments
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H1 04/05A H1 07/08A
12.6 bn 14.1 bn
Units Units • The custom segment
2% 4% continues to exhibit strong
17% growth
25%
• Custom containers grew by
over 29% from prior year and
over 70% compared to the first
71% half of 2004/05
81%
• Amcor has strong market
positions
CSDW Custom Beverage DP (Diversified Products)
Focus is on growth in the custom beverage and
diversified products segments
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North American Custom Containers Market
Good industry structure Strong industry growth
Plastipak 15
Graham Constar
13
Ball
11
9
Amcor 2004 2005 2006 2007 2008
Amcor has 41% market share Market growth at CAGR of 9%
Relatively high barriers to entry Amcor has a comprehensive range
• Technically demanding as containers filled hot
• Bottle designs critical to creating consumer
appeal and brand identity
• Strong process know-how and patents in many
products
• Continuous improvement and evolution of
products
Isotonics Juice RTD Tea Functional
Water
MM Ubits
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Amcor’s Custom Container Growth in North America

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Custom Containers Volumes First Half Performance
• Custom containers up over 33%
• Full six months for the new plant in Wytheville,
CAGR 20% Virginia
Billion units3.5 • Strong custom beverage growth across the region
• Continued growth with the panel less heat set
3.0
bottle, PowerFlex [[TM]]
2.5
2.0
1.5 Wytheville Plant
1.0
0.5
0.0
03/04 04/05 05/06 06/07 07/08
• Capacity over 1.0 billion units
Growth above the industry average • Adjacent to PepsiCo plant
• Streamlined logistics
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• Full six months for the new plant in Wytheville, Virginia

• Strong custom beverage growth across the region

• • Continued growth with the panel less heat set bottle, PowerFlex[[TM]]

8

Next Generation Hot-Fill Container

PowerFlex[TM]

• First truly panel-less hot fillable PET container

• • Developed by Amcor as a glass replacement container for the premium hot fill market

• Patented technology

• On shelves with 20 brand owners

• First national brands (Welch’s and Fuze) introduced in 2007

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PowerFlex[TM] is the key driver for capturing new products through conversion from glass

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PET Diversified Products
Liquor Food
• Market Leader in North America • North America business established with
• Further growth expected primarily major brand owners
from glass conversions • Growing in Latin American driven by glass
• Emerging interest in Latin America conversions
• Attractive opportunity in hot-fill performance
categories
Personal Care Healthcare
• North America business started in • North American business started in 2006
2005 • Latin American business in Colombia and
• Latin America business Colombia and Brazil
Brazil • Potential to leverage position in America’s
• Leverage design capabilities on • Synergies with Amcor’s Flexibles business
frequent product or packaging changes
• Infrastructure has been developed
Attractive segments with strong growth opportunities
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9

Latin America

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• Total volumes up 10% Total Volume
–
Custom containers up 18%
• Continued improvement in Mexico CAGR 14%
Billion units
• Footprint changes in Brazil completed 5
– Benefits in second half 2007/08
4
• Central and Southern America
– Strong demand 3
– Focus on
2
–
Operational improvement
– Cost reduction initiatives 1
– Strengthening local management 0
03/04 04/05 05/06 06/07 07/08
Growth driven by population growth and
increasing per capita income
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Latin American Custom Beverage Growth

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Latin America Hot-Fill
800 Volumes 2004/08 Growth Drivers
700 • Glass conversion
600 –
Many products are still
500 predominately in glass
400 • Demographics
300 – High population growth and a
200 particularly young population
100 • New product segments
–
Development of isotonics and
0 2004/05 2005/06 2006/07 2007/08 functional water
Units (m)
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Amcor has strong market positions and can leverage technology, manufacturing excellence and customer relationships from North America

10

Mexico

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• Strong improvement in first half earnings – On target to achieve turnaround of US $16 million over two years

• • Volumes up 15% – Custom up 20%

• • Business has undergone substantial change – 4 plants closed

• – Headcount reduced by nearly 25%

• – Significant improvement in operating efficiency

• – Excellent progress in reducing working capital

• • Improvement in commercial capabilities having an impact • Business is moving from a fix orientation to growth

New management team have led a substantial change program that is delivering expected outcomes

Managing Costs

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• Pass through mechanisms for a substantial portion of input costs

• Resin is an automatic pass through

• Energy is mostly passed through

• Freight is mainly to the customers’ account

• In North America, other inflationary costs, including labour, are increasing

• Historically these increases have been offset through productivity improvements

• Going forward there will be a need to partially recover these increases via higher prices

The business will need to recover inflationary cost increases in 2008/09

11

PET Packaging - Summary

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Strategic

Custom PET

• Grow with strategic and tier 2 and 3 customers

• Leverage innovation

• Investment greater than depreciation

Diversified Products

• Grow participation outside beverage markets

• Target segments / customers where the business can leverage its innovation capabilities

• Explore organic and acquisition options to accelerate growth

CSD/Water

• Maintain a presence where appropriate

• Invest only with strategic partners in advantaged markets based on strong commercial agreements

PET Packaging outlook

• Benefits of three years of hard work realised in 2007/08

  • Continuing improvement in Mexico

  • Full year from the new Wytheville plant

  • Benefits from restructure in Brazil

  • Strong performance in the second half of the year

• Investment in injection favoured over blowmoulding

Amcor Australasia

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Profit & Returns Cash Flow Sales
A$ m 170 15 % $A m Dec 06 Dec 07 A$ m Dec 06 Dec 07
PBITDA 187.8 184.5 Fibre 592 567
130 10 Cap Expenditure (62.6) (9.7) Flexibles 230 225
PBITRoAFE Significant Items (82.1) (33.7) Rigid 350 342
90 5 Movement in WC (45.7) (96.1) Sub total 1,172 1,134
Cash Flow (2.6) 45.0 Discontinued 122 96
50 0 TOTAL 1,294 1,230
Dec 06 Dec 07
Sales A$ m 1,172 1,134
PBIT A$ m 108.5 112.9
AFE A$ m 1,742 1,746
PBIT/AFE % 12.4 12.9
Employees 5,518 5,108 All operations
Continuing operations
Strong result in the non-fibre businesses
Opportunities to improve Lower sales in fibre
Operational inefficiencies in fibre
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12

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Corrugated Box Manufacturing Process
30%
Virgin Paper
Conversion
Corrugators into shape and Box
decoration
70%
Recycled paper
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New Recycled Paper Mill
World Scale Wide Product Range
• 345,000 tonnes per annum • Versatile machine
• •
Single site Lightweight papers to 80gsm
• Low cost manufacturer • Heavyweight papers to 200gsm
• Integrated into the corrugators
Environmental Benefits Excellent Capital Cost
• •
Carbon footprint reduced by 34% Net cost $230 million
• Water reduction of 26% • Initial savings $40 million per annum
A world class platform to meet changing customer needs
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13

Fibre Packaging – First Half Performance

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Operational Summary DIFOT Performance
• Restructuring impacted operating
efficiencies
• Unacceptable DIFOT performance 100 February target 95%
% 90
• Volumes down 8%
80
• Cost increases not recovered Customers leave when
70 service is below 80%
• Flow on impact to paper 60
50
2005 2006 2007 2008
Substantial improvement over the
past few months
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Fibre Packaging – Operational Strategy

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Short Term

• Fix DIFOT

• Implement price increases to unprofitable small accounts

• Simplify the business

• Regain contracted volumes

Medium Term

• Optimise volumes and mix across the manufacturing footprint

• Remove excess costs

• Freight / warehousing

• Integrate with paper supply

• Recycled and Kraft

Substantial upside potential of the current base

14

Flexible and Rigid Packaging

Flexibles

• Solid first half

• Successful closure of a plant in New Zealand

  • 85% of volumes transferred to other sites in Australia

• Continued good performance in the polyethylene business with benefits from recent investment of $30 million

• Barrier films in New Zealand impacted by high New Zealand dollar and in Australia by drought conditions impacting the dairy industry

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Beverage Can

• Volumes up 2.4%

• Continued growth in multi pack soft drinks and ready to drink markets

• Ongoing investment in additional capacity and innovation

• Development of the slim line, European sleek can

• Endmaking capital upgrade

• Good working capital performance

Glass

• Volumes up / favourable sales mix

• Premium products exhibit higher growth

• Continued sound productivity performance

Australasian – Summary

Strategy

• Good industry structures

• Amcor number one or two in each segment

• Flexibles, Glass and Beverage Can growing markets and businesses well capitalised

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Outlook

  - Solid performance in non-fibre operations

  - Embedding the benefits of the turnaround program in the fibre business

• Sound strategy in fibre

• New recycled paper machine will substantially improve the cost base and deliver a strong integrated business

• Three year outlook is positive

• Australasia generates solid cash flow

15

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Amcor Flexibles
Profit & Returns Cash Flow Sales
70
€ m 15 % € m Dec 06 Dec 07 € m Dec 06 Dec 07
60 PBITDA 81.5 82.1 Food 493 494
PBIT 50 10 Cap Expenditure (16.3) (32.0) HealthcareTobacco Pack 154241 152238
RoAFE Movement in WC (30.2) (16.1) Other 4 2
40 5 Significant Items (18.5) (13.7) TOTAL 892 886
Cash Flow 16.5 20.3
30 0 Growth Capital (0.5) (13.2)
Dec 06 Dec 07
Sales € m 892 886
PBIT € m 50.7 51.1
AFE€ m 916 885
PBIT/AFE % 11.1 11.5
Employees 8,027 8,143
Average working capital Sales negatively
Sound performance in the Food &
to sales reduced from impacted by plant
Healthcare operations
14.0% to 11.2% closures
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Amcor Flexibles Raw Material Input Costs
Raw Material Market Price Trends Forecast to Jun'08
125.0
120.0
115.0
110.0
105.0
100.0
95.0
90.0
Raw material input costs were relatively flat in the first half. The outlook is for higher
costs in the short term.
Index of Market Movements
Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08
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16

European Restructure

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• Overall program to reduce number of sites by 25%

• Headcount reduction of 900

• Scale plants with focused technology

• 9 film extrusion sites to 3

  • 40% decrease in the number of lines with no loss of capacity

• Announced

• 2 plant closures

  • UK and Denmark

• Substantial restructure at plant in Lund, Sweden

• Consolidation of the extrusion facilities in the UK

• Substantial capacity investment in Poland

• Benefits of €30 million per annum for the total program

• Further announcements over the next 6 months

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Project is ahead of schedule and benefits evident in the 2008/09 year
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Flexibles – Tobacco Packaging

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Current European Market Position

• Market in Europe continues to grow as • First half impacted by overtrading in Eastern measured by “printed machine hours” due to Europe and Russia increased complexity • Volumes shifted to more complex, value add • Shorter run lengths products • Graphical Health Warnings

• Embossing / hot foil stamping • Short term being issues addressed

• • Significant new customer volumes transferred from North America for production in Europe

The complexity and shorter run lengths effectively reduces industry available capacity

17

Flexibles - Tobacco Packaging

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Investing €22 million in Russia & Poland

• Russia

• Tobacco packaging has a positive future

• New printing press

  • Improving the product mix to higher value business

• New hot foil stamping

• Poland

  • New capital to ensure the business can meet customer needs for greater complexity and higher value add

• Additional specialty manufacturing capacity

• More modern cutting and creasing equipment

• equipment Leadership in innovation and value add

• • New plant in the Ukraine will deliver volume production will be the key differentiating from that plant into Russia factor in the future

Flexibles – Summary

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Strategy

• Healthcare

• Attractive market segment

• Focus is on establishing global approach to customers and sourcing

Outlook

  - Environment of rising input costs and possibly slowing economic conditions through the balance of 2007/08

• Food

• Focus on growing attractive segments and restructuring to improve competitive position

• Tobacco Packaging

• Attractive market segment

• Growth in emerging markets

• Amcor well positioned

18

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Amcor Sunclipse
Profit & Returns Cash Flow Sales
60
USD m % USD m Dec 06 Dec 07 USD m Dec 06 Dec 07
31
PBITDA 32.9 37.6 Distribution 389 392
PBIT 40 24 Cap Expenditure (1.7) 25.3 Corrugated 116 115
RoAFE Movement in WC 2.0 (13.1) Man. products 99 96
20 17 Cash Flow 33.2 49.8 Eliminations (105) (106)
TOTAL 499 497
0 10
Dec 06 Dec 07
Sales USD m 499 497
PBIT USD m 27.8 31.5
AFE USD m 255 207
PBIT/AFE % 21.8 30.4
Employees 2,206 2,077
Solid first half performance Good working capital Improved margins in
Slowing economic conditions performance distribution
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Amcor Asia
Profit & Returns Cash Flow Sales
SGD m Dec 06 Dec 07
SGD m 25 15 % SGD mPBITDA operationsDec 0610.2 Dec 079.9 Tobacco PackFlexibles 3834 4034
10 Dividends received - 4.4 Other 4 1
PBIT TOTAL 76 75
RoAFE Capital Expenditure 1.3 (3.1)
5 Movement in WC 1.6 (1.4) AMVIG Earnings
Cash Flow 13.1 9.8
10 0 HKD m Dec 06 Dec 07
Dec 06 Dec 07 Equity profit 61.9 76.6
Sales SGD m 76 75
PBIT SGD m 20.0 25.0
AFE SGD m 425 445
PBIT/AFE % 9.4 11.2
Employees 622 665 * Estimated earnings for the period June
07 to December 07
Solid performance from wholly-owned Strong cash flow of $9.8 Continued improvement
plants million in AMVIG
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19

Finance Agenda

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• Results and significant items

• Cash flow and working capital

• Capital structure

Results All Operations – before significant items AUD m Dec 06 Dec 07 % Change Sales 5,472.1 4,739.2 (13.4) PBITDA 580.6 537.5 (7.4) (43) Discontinued Operations (48) Translation Impact (33) Continuing Operations 38 (43)

20

Results All Operations – before significant items

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AUD m Dec 06 Dec 07 % Change
Sales 5,472.1 4,739.2 (13.4)
PBITDA 580.6 537.5 (7.4)
PBIT 350.6 333.8 (4.8)
Borrowing costs (104.5) (91.7) 12.2
PBT 246.1 242.1 (1.6)
Tax and minorities (61.1) (57.1) 6.5
PAT 185.0 185.0 -
Basic EPS (cents) 20.5 21.0 2.4
Weighted Ave No. of Shares (mil) 900.9 880.1 (2.3)
-
ROAFE (%) 10.7 11.8
Dividend per share (cents) 17 17 -
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Statutory Reconciliation

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Discontinued Continuing
AUD m Total Operations Operations
Sales 4,739.2 82.5 4,656.7
PBITDA 537.5 10.4 527.1
PBIT 333.8 7.7 326.1
Borrowing costs (91.7) 0.1 (91.8)
Tax (51.7) (2.7) (49.0)
Minorities (5.4) (1.0) (4.4)
Management reported PAT pre significants 185.0 4.1 180.9
Significant items (49.0) 11.7 (60.7)
Tax effect 18.0 (0.5) 18.5
Net significants (31.0) 11.2 (42.2)
PAT post significants 154.0 15.3 138.7
Minorities 5.4 1.0 4.4
Statutory profit 159.4 16.3 143.1
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21

Earnings Normalised for Discontinued Operations & Share Buy Back

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First Half Second Half Full Year
PAT 06/07 185 212 397
Disc ops (PBIT) (28) (58) (86)
Interest Savings on Cash Received 20 23 43
Tax 2 8 10
Net Impact of Disc Ops (after tax) (6) (27) (33)
Adjusted PAT 06/07 179 185 364
Share Buy Back Cash 169 mil 181mil 350mil
Share Buy Back Impact on Interest (after tax) (2) (8) (10)
Adjusted PAT 06/07 177 177 354
PAT 07/08 185
Memo: Constant Currency FX adjustment 16
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Significant Items
AUD m Dec 07
Australasia profit on divestment of Food Can & Aerosol 11.7
Flexibles market sector rationalisation (58.8)
AMVIG gain from dilution of shareholding 2.2
Australasia fibre packaging restructuring (4.1)
Significant items (49.0)
Tax Effect 18.0
Net significant items (31.0)
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All operations

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Cash Flow - All Operations
AUD m Dec 06 Dec 07 Comment
PBITDA 580.6 537.5 Discontinued operations and FX impact
Interest (94.1) (88.4) Lower average debt and mix
Tax (34.5) (27.4) Maintaining low tax rate
Base net capital expenditure (155.2) (99.7) In line with depreciation
Cash significant items (79.2) (56.1) Restructures
Movement in working capital (66.9) (154.1) Seasonal impact
Other (26.1) (18.9) Pensions/provisions
Operating cash flow 124.6 92.9
Dividends (156.6) (154.8) Steady
Free cash flow (32.0) (61.9)
Divestments 39.0 970.5 PET Europe and Australasia Food Cans
Growth capital expenditure (58.2) (78.5) Custom PET, Tobacco, Asia AMVIG
Net proceeds from share issues/buyback (123.3) (158.5) Share buy back
Foreign exchange rate changes (0.7) (11.8) Cash held in different currencies
Movement in net debt (175.2) 659.8
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Working Capital Performance

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Period End Working Capital First Half Average Working Capital/Sales
AUD m
1,800 $202 million
1,555 1,571 14.0 13.2
1,600
12.4
1,400
12.0
1,200 1,134
10.5
1,000 932 9.7
10.0
800
(Continuing 9.5)
600
400 8.0
200
0 6.0
Dec 04 Dec 05 Dec 06 Dec 07 Dec 04 Dec 05 Dec 06 Dec 07
All operations
Before factoring
%
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Capital Structure
AUD m Dec 06 Jun 07 Dec 07
Equity 3,521 3,581 3,429
- -
Convertible securities 220
Net debt 2,737 2,884 2,232
Balance sheet capital 6,478 6,465 5,661
OBS items 484 453 439
Total capital 6,962 6,918 6,100
Gearing on balance sheet (%) 45.6 44.6 39.4
Gearing + OBS items * (%) 49.4 48.2 43.8
PBITDA interest cover (times) 5.6 5.6 5.9
Mainly operating leases Balance Sheet Improvement
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Capital Structure - Borrowing Rates

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Weighted Average Rates at Period End Dec 07
Debt Facilities
- USD (43%) 5.4%
- Euro (24%) 4.4%
- AUD (23%) 7.5%
- NZD (3%) 9.2%
- Other (7%) 9.6%
Weighted period end rate 5.9%
Average rate for the half year 7.1%
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All Operations

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Capital Structure

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Fixed Rate 49% Floating Rate 51%
Drawn Un-Drawn
Bank Facilities
USD, A$425m
Bank Maturity Profile
US Private Facilities/CP
Placement, AUD, < 1 year $654m $479m
A$571m A$539m
1 to 3 years $217m $29m
Bank Facilities > 3 years $1,496m $472m
Multi Currency
A$174m
Eurobond, Bank Facilities
A$586m NZD, A$72m
• Divestments of non core assets • Financial flexibility and diversified funding
• $980 un-drawn committed facilities • BBB investment grade
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Summary
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Strategic
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Operational
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• Execution focus and cultural change being embedded in organisation

• The Way Forward is delivering benefits

• Positive momentum

• More focused portfolio with strong market positions

• Substantial upside from current levels over the medium term

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• Going forward there will be a greater focus on growth

• Short term caution in some business units due to slowing economic conditions in an environment of rising costs

• Nominated growth segments of:

• Flexibles and tobacco packaging in growth markets

• • Custom PET

• Select segments in Australasia

• Mixture of organic and acquisitions

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Strong platform developed with substantial upside
Increase focus on growth agenda
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