Full Year Results for 2003

1
Full Year Results for 2003

• John Allan Chief Executive
• John Coghlan Deputy Chief Executive and Group
  Finance Director
• Monday 1 March 2004

2
Agenda

• Highlights and operating review John Allan
• Financial review John Coghlan
• Strategic update and outlook John Allan

3
Highlights

• Strong operating performance despite tough market
  conditions
• Turnover up 101
• Profit before tax up 131
• Earnings per share up 142
• Free cash flow of 193m
• Annualised new contract gains exceed 700m
• Strong second half performance
• Invested over 110m3 in acquisitions in 2003

1 at constant exchange rates 2 at constant
exchange rates, pre goodwill amortisation,
exceptional items and net return on pension
schemes 3 excludes acquired debt of 24.4m
4
Financial summary
Constant currency
Actual
2003 m
2002 m
change
change
Year to 31 December at constant currency
Turnover - continuing operations
5,068
4,590
10.4
8.3
Operating profit1 - continuing operations
154.4
144.1
7.1
4.1
Interest
(6.0)
(12.1)
-
-
Profit before tax1
148.4
131.7
12.6
9.7
Basic earnings per share1
34.1p
29.8p
14.4
11.4
Pension adjusted earnings per share1
44.1p
37.6p
17.3
14.2
Dividend per share
24.7p
22.8p
8.3
8.3
Free cash flow2
193.0
176.3
9.5
9.5
Interest cover3
12x
18x
Balance sheet gearing4
23
24
1 pre goodwill amortisation, exceptional items
and net return on pension schemes 2 calculated
at actual exchange rates 3 based on interest on
net debt 4 excluding FRS17 net pension assets
and liabilities
5
Good progress gaining new business and reducing
contract losses
m

• Record contract gains in 2003
• Lower percentage of contract losses
• Good mix between contract logistics and freight
  management

2003
m
2002
700
Annualised gains
625
(275)
(250)
Annualised losses
2003
2002
Contract Logistics
210
185
350
Net annualised gains
450
8
8
8
Freight
turnover
9
240
165
Mgt
11
7
6
Contract wins continue to come from a broad
spectrum of leading companies including

• Americas
• 150 new contract logistics gains
• Particularly good performances in automotive,
  chemical, consumer, industrial, retail

• Europe
• 100 new contract logistics gains
• Particularly good performances in retail and
  consumer

• Asia Pacific
• 45 new contract logistics gains
• Breakthroughs in automotive and solid growth in
  consumer, healthcare, retail and technology

7
Good second half performance
H2 2003 m
H2 2002 m
change
organic change
Turnover
2,678
2,423
10.5
8.5
Operating profit
82.7
73.6
12.4
7.6
Margins
3.1
3.0

• Strong second half contract logistics performance
  across all regions especially
• Americas (turnover up 24 to 425m, profitability
  up 39 to 22m)
• improved performance in Continental Europe
• Freight Management profitability in Continental
  Europe up 29 to 8m and Asia Pacific up 19 to
  18m
• Environmental made good progress in second half
  with profitability up 10 to 7.5m with margins
  up to 14.1

At constant currency pre goodwill amortisation,
exceptional items and net return on pension
schemes
8
Profit Before TaxCausal change Year on Year
m
150
140
130
120
110
20
10
0
Freight Management
2002 PBT at constant rates
Contract Logistics
Cory Environmental
2003 PBT
Interest
9
Freight Management PerformanceAnalysis by
Geography

• Strong margin growth despite capacity
  restrictions on selected routes and the impact of
  SARS
• Seafreight benefited from some switching of
  technology consumables from airfreight
• Particularly good performances in China, India,
  Korea and Taiwan
• First automotive gains with GM and Ford

• Strong growth in second half with turnover
  advancing 11 and profit increasing 24
• Strong performers included Hungary, Italy and The
  Netherlands
• Good growth in fashion retail and technology
• UK and Irelands margins improved on relatively
  flat turnover

Asia PacificTurnover 645m 10 Profit
34m 11
EMEA (including UK and Eire) Turnover 787m
6 Profit 14m -12

• International operations made progress in
  profitability especially in Canada and Mexico
• Domestic performance held back by pricing
  pressure from competitive market and increases in
  deferred freight
• Road and rail broking volumes weak
• Sea freight operations performed well

AmericasTurnover 804m - 3 Profit
3m - 84
All figures at constant currencies
10
AirfreightInternational airweight year on year
growth v market

• Exel Market1
• Global airweight 1 3
• Americas (4) 2
• Europe (3) 4
• Asia Pacific 6 3

• Margin per kilo improved overall
• Avoided chasing volume increases with aggressive
  pricing
• Asia Pacific continued to gain market share

1 Based on analysis of published Airport data
11
AirfreightUS Domestic Operations

• US domestic markets remain challenging
• Overcapacity in network businesses and increased
  levels of deferred freight
• Eagle continues to experience a shift in
  demand from overnight and second-day shipments
  toward deferred ground shipments.
• Menlo North American revenue per day fell by
  6.8 percent on a 3.4 percent increase in weight
  per day and a 9.9 percent decline in yield that
  was due primarily to a product mix change to more
  second-day and deferred freight.
• Actions by Exel to improve performance are
  underway
• New CEO Freight Management Americas appointed
• Further integration of domestic and international
  operations to match cost base to margin potential
  and to make costs more variable
• network reconfiguration programme to optimise
  branch locations
• programme to price up or out low yield customers
• Process has begun and will be largely complete by
  H2 2004

12
Exels major airfreight routesWeight flown on
major routes
2 in Europe
13
12
6
2
12
21
17
12
5
6 in the Americas
2 in Asia Pacific (1 excluding Japan)
13
Seafreight

• Growth market representing 15 of Exels Freight
  Management business in 2003 (13 in 2002)
• Turnover up 22 to 314m (258m in 2002)
• Exel now manages gt500,000TEU pa
• Exel is winning market share full container load
  (FCL) volumes up 18 year on year
• Major increase in transpacific trade fuelled by
  volume growth out of China
• New business wins include Lexmark, Compucom,
  Interceramic, Dal-Tile, Toto USA

Exel FCL 2003 vs 2002 Growth
Market source Drewry Shipping Consultants Ltd
14
Profit Before TaxCausal change Year on Year
m
150
140
130
120
110
20
10
0
Freight Management
2002 PBT at constant rates
Contract Logistics
Cory Environmental
2003 PBT
Interest
15
Contract Logistics EMEA
2003 m 20021 m change organic change
Turnover 1,789 1,590 12.5 10.4
Operating profit 41.4 32.8 26.2 25.0
Margins 2.3 2.1

• Strong performance across most sectors and
  geographies including
• Significant retail wins (House of Fraser, Marks
  and Spencer) and growth of non-food retail (50
  pa over last 3 years)
• Healthcare performing well aided by new business
  gains, including Bayer, Edwards Lifesciences and
  Tyco
• Profit helped by improved performances in
  automotive (Spain and Sweden) and consumer
  activities (Belgium and Spain)
• Improved profitability in technology offsetting
  volume reductions
• France and Belgium underperformed - progress in
  2004 expected

1 Constant currency
16
Contract Logistics The Americas
2003 m 20021 m change organic change
Turnover 827 646 28.0 16.4
Operating profit 44.5 31.2 42.6 25.6
Margins 5.4 4.8

• Solid performance from all sectors across the
  region aided by
• Successful start up operations for Automotive
  (inc Goodyear), Consumer (inc Coors, Johnson
  Johnson and PG) and Retail (inc The Home Depot
  and Williams Sonoma)
• Improved performances at Chemical and Technology
  operations
• Power now fully integrated and contributing to
  growth
• New business wins include Continental,
  ExxonMobil, Goodyear Tire, Hewlett Packard, Sears
  and The Home Depot

1 Constant currency
17
Contract Logistics Asia Pacific
2003 m 20021 m change organic change
Turnover 105 90 17.1 17.1
Operating profit 3.1 2.9 6.9 6.9
Margins 3.0 3.2

• Steady growth overall, including strong
  performances in Australia, New Zealand and Japan
• Extended geographic reach with first operations
  in Indonesia
• New business wins across all core sectors and
  geographies including Agilent, Ericsson,
  Infineon, Mattel, Novartis and Texas Instruments
• Named as a General Motors Supplier of the Year in
  recognition of supply chain work done in
  Australia

1 Constant currency
18
Profit Before TaxCausal change Year on Year
m
150
140
130
120
110
20
10
0
Freight Management
2002 PBT at constant rates
Contract Logistics
Cory Environmental
2003 PBT
Interest
19
Environmental
2003 m 2002 m actual change organic change
Turnover 111 104 6.7 6.5
Operating profit 14.2 14.2 - (0.7)
Margins 12.8 13.6

• Strong second half performance
• margins recovering to 14.1 in the last six
  months
• Waste management operations achieved a solid
  result for the year
• Increases in river-borne volumes and recycling
  activities partially offset loss of revenue from
  disposal of liquid and road borne activity at
  Mucking
• Landfill operations helped by firming prices,
  contract expansion (Gloucestershire County
  Council) and new operations in Merseyside
• Public Inquiry underway into establishing a waste
  to energy facility in Bexley, London. Report
  expected to be published later in 2004

20
Profit Before TaxCausal change Year on Year
m
150
140
130
120
110
20
10
0
Freight Management
2002 PBT at constant rates
Contract Logistics
Cory Environmental
2003 PBT
Interest
1 based on constant currency
21
Financial review

• John Coghlan
• Deputy Chief Executive
• and Group Finance Director

22
Profit and lossBefore goodwill and exceptional
items
2002 m
20031 m
Change
Year to 31 December at actual exchange rates
Operating profit
- Continuing
154.4
148.3
- Discontinued
-
(0.2)
154.4
148.1
(6.0)
(12.8)
Net interest
Profit before tax
148.4
135.3
Earnings per share1
34.1p
30.6p
Pension adjusted eps2
44.1p
38.6p
Interest cover3
18x
12x
Dividend per share
24.7p
22.8p
1 pre goodwill amortisation, exceptional items
and net return on pension schemes 2 as per basic
earnings per share adjusted for non-cash pension
service costs, after tax 3 based on interest on
net debt
23
Analysis of net interest and interest cover
2002 m
2003 m
Year to 31 December at actual exchange rates
(8.4)
(12.8)
Interest on net debt
Other investment income
0.1
Sirva - 2003 preference dividends
2.3
Net interest
(6.0)
(12.8)
Interest cover1
18x
12x
1 based on interest on net debt
24
Earnings per share
2002 pence
Year to 31 December at actual exchange rates
Underlying basic earnings per share Impact of
non cash pension costs Pension adjusted earnings
per share
30.6
8.0
38.6
25
Profit and loss
2002 m
2003 m
Year to 31 December at actual exchange rates
148.4
135.3
Underlying profit before tax
Goodwill
(29.3)
(25.6)
Exceptional items
0.1
0.9
Net return on pension schemes (FRS 17 finance
income)
29.8
60.5
Profit before tax
149.0
171.1
26
Exceptional items
2002 m
2003 m
Year to 31 December at actual exchange rates
Sirva Profit on disposal at IPO and asset
write back Prior year arrears on preference
dividends
18.1
6.3
(13.8)
Loss on termination and disposals
(10.5)
Loss on disposal of fixed assets
0.9

Total exceptional items
0.1
0.9
27
Cash flow analysisYear to 31 December 2003
Op profit and depreciation
m
254m
28
Working capital management 2001 2003
progress12 month moving average
m
Further progress in 2004 will be more modest but
underlying positive performance should be
sustained
2001 186m
2002 136m
2003 98m
2001 2002 2003
29
Cash flow analysisYear to 31 December 2003
Op profit and depreciation
m
254m
30
Principal UK pension schemes

• Nil cash contributions to 2003
• 2003 FRS 17 service cost 42m
• Agreed 10m p.a. cash contribution to 31/12/06
  for principal UK schemes
• 2004 FRS 17 pension service cost estimated at
  48m
• 2004 net return on pension schemes estimated at
  36m (2003 29.8m)

31
Cash flow analysisYear to 31 December 2003
Op profit and depreciation
m
254.0m
32
Sirva
PBT
Cash
m
Realised - Capital -
Interest / dividends
36
30
14
14
160
135
Unrealised - estimated value at
(22/share)
210
179

• c. 50m cash realised thus far
• Further benefit to come - but caution on price
  and timing

33
Cash flow analysisYear to 31 December 2003
Op profit and depreciation
m
254.0m
34
Capital expenditure
2002 m
2003 m
Year to December 2003
136.5
109.7
Gross capital expenditure
(30.1)
(33.3)
Disposal proceeds
106.4
76.4
Net capital expenditure
136
106
Gross capital expenditure as a percentage of
depreciation
Net capital expenditure as a percentage of
depreciation
106
74
Cory Environmental 12
Contract backed 65
Freight management 16
Contract logistics 72
Non-contract backed 35
Total spend
All contract logistics projects
35
Cash flow analysisYear to 31 December 2003
Op profit and depreciation
m
254.0m
Free cash flow 193.0m
Net cash inflow 14.1m
36
Foreign exchange

• 2003 significant movement in both US Dollar and
  Euro average rates
• 2004 guidance
• PBT impact of a one cent change in
• US US related 0.6m
• 0.2m

2003 Impact rate m
1.64 (7.1) 1.45
2.9 TOTAL (4.2)
37
Balance sheet
As at 31 December
2003
20021
m
m
483.9
Goodwill
415.8
572.2
Fixed assets
607.8
26.2
Working capital
45.5
(135.2)
Provisions (inc. deferred tax)
(111.4)
(129.2)
Other net liabilities
(158.9)
53.7
Net pensions assets
41.3
871.6
840.1
702.0
Shareholders funds
669.6
17.3
Minority interests
16.8
152.3
Net debt
153.7
871.6
840.1
21.7
23.0
Gearing
23.5
24.5
Gearing - excluding net pension assets and
liabilities
1 restated
38
Return on invested capital
2003 15.4
2002 14.6
Inclusion of non-contract backed operating leases
does not change the trend nor significantly
reduce the overall return on assets
39
Strategic update and outlook

• John AllanChief Executive

40
Exels revised strategy
global coverage
integrated capability
local strength
breadth of solutions

• Mission
• To be the preferred supply chain partner to
  our customers
• To create new value in the supply chain for our
  customers, employees and shareholders through
  consistently superior delivery of innovative
  business solutions

customer focus
skilled people
consistent processes
supply chain expertise
operational excellence
41
Exels organisation structure
Europe Middle East and Africa
Americas
Asia Pacific
Contract Logistics and Freight Management
Contract Logistics and Freight Management
Contract Logistics and Freight Management
Global Freight Management
Global Sector Development teams Consumer, Retail,
Technology, Automotive and Healthcare
Global functions Finance, IT, Human Resources,
Marketing, Legal Services, Property and Risk
42
Strategic focus

• Balanced growth across key sectors and regions
• Priorities
• Regions
• Major Asian economies including China
• Central and Eastern Europe
• Sectors
• Non-food retail, particularly in the US
• Services
• Seafreight including consolidation services

43
2004 management priorities

• Growth
• Sustain strong organic revenue growth
• Identify and execute strategically sound,
  sensibly priced acquisitions
• Customer Relationships
• Leverage and deepen relationships with key
  customers globally
• Underperformers
• Continue to fix underperforming business units
  inc. US freight mgt
• Technology
• Use technological developments to provide
  competitive advantage, reduce costs and create
  value for our customers
• Talent
• Attract, retain and develop management talent
  throughout Exel

44
Developing Exels growth strategy

• Accelerating growth through
• increased customer penetration
• developing new customers
• cross selling solution sets

• Expanding through new
• geographies
• capabilities
• customers and sectors

Organic growth opportunities from existing
capabilities
Acquired growth opportunities
Enhancing capabilities through internal
investments

• Increasing value created by
• innovation in new services
• operational excellence
• delivery of leading IT skills

45
Developing Exels growth strategy

• Accelerating growth through
• increased customer penetration
• developing new customers
• cross selling solution sets

• Expanding through new
• geographies
• capabilities
• customers and sectors

Organic growth opportunities from existing
capabilities
Acquired growth opportunities
Enhancing capabilities through internal
investments

• Increasing value created by
• innovation in new services
• operational excellence
• delivery of leading IT skills

46
2003 has been a year of major developmentwith
Unilever

• Exel and Unilever have had a long-term
• relationship
• 1980s first contracts in the UK and US
• 1999 re-engineered Brazilian supply chain for
  Unilever home products
• 2002 European managed transport service
  established

47
Developing Exels growth strategy

• Accelerating growth through
• increased customer penetration
• developing new customers
• cross selling solution sets

• Expanding through new
• geographies
• capabilities
• customers and sectors

Organic growth opportunities from existing
capabilities
Acquired growth opportunities
Enhancing capabilities through internal
investments

• Increasing value created by
• innovation in new services
• operational excellence
• delivery of leading IT skills

48
Acquisitions strategy

• Over the last 18 months Exel has completed 6
  major acquisitions totalling nearly 200m
• Focus has been on developing sector capabilities
  and strengthening geographic presence
• Company Sector Main operations in
• Power Logistics Consumer and Retail US and UK
• Eagle Freight Freight Management Southern
  Africa
• Transbeynak Healthcare Turkey
• Unidock's Healthcare Brazil
• Cappelletti Consumer Italy
• Pharma Logistics Healthcare Belgium, Italy
• Fujitsu Logistics1 Technology Japan

1 Agreed in principle and not included in the
above figures
49
Overview of Pharma Logistics

• An Italian and Belgium pharmaceutical logistics
  company
• Services include ambient and chilled storage,
  distribution, transport, clinical trials
• Italy
• Leader in the Italian market
• Eight operational locations in Italy handling
  ethical pharmaceuticals
• 47 clients
• Belgium
• Handles 35 of all pharmaceutical and
  para-pharmaceutical products distributed in
  Belgium
• Key location in Huizingen
• 50 clients

50

• Belgium
• Key location in Huizingen
• Comprises 16,500 m2 warehouse space
• Including 550m2 chilled storage
• Additional 7,000m2 warehouse space in Turnhout
• Typically 300,000 orders per annum

• Italy
• Eight operational locations
• Four in Settala industrial park campus
• One in Cerro al Lambro
• One at Peschiera Borromeo
• Two in Rome Pomezia and Via Collatina
• Comprises 60,000m2 of warehouse space
• includes 2,000m2 of chilled storage
• Typically 800,000 orders per annum

51
Japan presents a significant opportunity

• Second largest economy in the world
• Japan holds the commanding heights of global
  manufacturing
• Worlds top 24 machine tool manufacturers
• 16 Japanese, 4 European, 4 American
• 17 of the worlds top 18 industrial robot
  manufacturers are Japanese
• Logistics supply chain management now a high
  priority for Japanese companies
• Distribution market estimated at US 400 bn p.a.
  (all industries)
• 3PL as a percentage of total distribution market
  still very low by comparison with Europe and USA
  (3)
• Economy coming out of recession

52
Exels strategy for Japan

• Freight management organic growth
• Contract logistics acquisition is preferred
  route to accelerate growth from existing modest
  base
• Japanese MA market
• opportunities very limited
• long gestation period
• often lt 100 available (minority stakes)
• no standalone 3PL opportunities (all in-house
  logistics functions)
• 2004 mission establish the Fujitsu logistics
  operation as a leading supply chain platform for
  the technology sector in Japan

53
Overview of Fujitsu

• Essentially a 4PL using contracted suppliers for
  services required by Fujitsu
• 624 employees/1,050 contractors
• Approximately 190,000m² of storage throughout
  Japan (56 sites)
• Factory Dedicated (23), Multi-User DCs (14),
  Sales Sites (19)
• 50 of revenue is derived from domestic road
  transport
• 630 vehicles of which 10 are owned
• Approx 100 of revenue derived from Fujitsu
  companies

54
Exels contract logistics facilities in Japan
Strategic update

• Narita
• Narita Logistics Center (NLC)
• lair-conditioned
• 24-hour CCTV
• Equipped with high security, steel cage for high
  value cargo
• TAPA certified

• Funabashi
• Business Logistics Center (BLC)
• 24-hour CCTV
• Equipped a high security, steel cage for high
  value cargo

• Rinku
• Rinku Center (RIL)
• 24-hour CCTV
• Air-conditioned

• Ichikawa
• Ichikawa Logistics Center (ILC)
• Air-conditioned
• Refrigerated
• Multi-user

• Funabashi
• Funabashi Logistics Center (FLC)
• Up to 3600m² of ventilated and racked space

55
Fujitsus infrastructure
Hokkaido
? Distribution centre ? Sales base Factory base
?

• Hokkaido/Tohoku
• - Sapporo Butsuryu Centre ?
• - Sendai Butsuryu Centre ?
• Fukushima Butsuryu Centre (Desktop PC)
• - Kita-Kantsuo Butsuryu Centre (Oyama)
• Nasu Butsuryu Centre
• Niigata Butsuryu Centre ?
• Tsubame Butsuryu Centre ?

Chubu/Hokuriku - Nagano ? - Hokuriku Butsuryu
Centre (Ishikawa-ken) ? - Nagoya Butsuryu
Centre ? - Hamamatsu Butsuryu Centre ?

• Chugoku/Shikoku
• Shimane Butsuryu Centre (Laptop)
• Hiroshima Warehouse ?
• Takamatsu Terminal ?
• Akashi Factory (CRT) ?

?
Hokuriku

Tohoku

• Metropolitan
• Tokyo Butsuryu Centre ?
• Narita Butsuryu Centre ?
• Kawasaki Butsuryu Centre ?
• FS Jigyoubu Kawasaki Butsyuryu Centre ?
• Matsudo Butsuryu Centre ?

?
?
?
?
Chugoku
?
?
?

Metropolitan
?
?
?
?
Chubu
?
Osaka
Kyusyu
?
Osaka - Takatsuki Butsuryu Centre ?
Shikoku
Kyushu - Fukuoka Butsuryu Centre ? - SCM Centre
Miyazaki

56
Developing Exels growth strategy

• Accelerating growth through
• increased customer penetration
• developing new customers
• cross selling solution sets

• Expanding through new
• geographies
• capabilities
• customers and sectors

Organic growth opportunities from existing
capabilities
Acquired growth opportunities
Enhancing capabilities through internal
investments

• Increasing value created by
• innovation in new services
• operational excellence
• delivery of leading IT skills

57
Radio Frequency Identification (RFID)

• RFID, the tagging of products, trucks,
  containers etc., will potentially have a
  significant impact on supply chain management
• Major users mandating the use of RFID technology
  include
• WalMart, Tesco, Metro, Target and the US
  Department of Defence

58
RFID has the potential to be used throughout the
supply chain
Automatic control of sortation and picking at RDC
At RDC vehicle is automatically sent to right dock
On dispatch the items are scanned onto a vehicle
fitted its own RFID tag
Totes are controlled during manufacturing by RFID
tags
Tags are built into the individual items
Tags read on dispatch to update status
Tags can also act as security device
Refrigerator monitors stock and reorders items
The delivery vehicle pays road and bridge tolls
automatically
Store stock is automatically updated on receipt
Waste is sorted and administrated
On-shelf readers monitor stock and drive
replenishment from back-room and RDCs
Customer cart gets read at cashier for payment
Courier uses RFID wrist band/key fob for vehicle
locks
59
Radio Frequency IDentification (RFID)

• RFID, the tagging of products, trucks,
  containers etc., will potentially have a
  significant impact on supply chain management
• Major users mandating the use of RFID technology
  include
• WalMart, Tesco, Metro, Target and the US
  Department of Defence
• Exels has committed resources to develop a
  leading position
• Established a cross-functional global team to
  evaluate RFID implications and global
  opportunities
• Customers will need considerable support to
  manage implementations
• Launched a number of trials with customers
• Selfridges (implications for UK logistics)
• House of Fraser (global supply chain management
  challenges)

60
Outlook

• Growth opportunities remain strong
• The translation of US dollar earnings will almost
  inevitably have a negative impact on reported
  results
• However, providing emerging trends in world
  economic conditions remain positive, we believe
  Exel is well positioned to make good underlying
  turnover and profit progress in 2004

61
(No Transcript)
62
Spread and Balance of ActivitiesTurnover and
operating profit by geography
Turnover
Operating profit
Asia Pacific 15
Asia Pacific 27
United Kingdom Ireland 27
United Kingdom Ireland 32
Americas 33
Americas 33
Continental Europe 13
Continental Europe 20
includes Africa Middle East
Based on 2003 full year information
63
Spread and Balance of ActivitiesTotal logistics
by geography and sector
Geographic Balance
Sector Focus
Industrial 7
Asia Pacific 15
Other 4
Chemical 5
United Kingdom Ireland 32
Consumer 26
Automotive 12
Retail 19
Americas 33
Technology 22
Healthcare 5
Continental Europe 20
includes Africa Middle East
Based on 2003 full year information
64
Spread and Balance of ActivitiesFreight
management by geography and sector
Geographic Balance
Sector Focus
Other 7
United Kingdom Ireland 10
Asia Pacific 29
Industrial 12
Consumer 21
Chemical 3
Automotive 8
Continental Europe 25
Retail 9
Healthcare 5
Americas 36
Technology 35
includes Africa Middle East
Based on 2003 full year information
65
Spread and Balance of ActivitiesContract
logistics by geography and sector
Geographic Balance
Sector Focus
Industrial 4
Other 1
Chemical 7
Asia Pacific 4
Americas 30
Automotive 16
Consumer 30
Technology 11
Healthcare 5
United Kingdom Ireland 51
Continental Europe 15
Retail 28
includes Africa Middle East
Based on 2003 full year information
66
Segmental analysis as reported
67
Segmental analysis with FRS17 service costs shown
separately