Wincanton

Preliminary Results ForYear Ended 31 March 2007

7 June 2007

Graeme McFaull

Chief Executive

Overview

• Graeme McFaull

• Highlights

• Gerard Connell

• Review of 06/07

• Graeme McFaull

• Continuing Opportunity in the UK

• Building Momentum in Mainland Europe

• Outlook

• Questions

Highlights

• Financially• Another year of strong profit and cashflow performance

• Dividend increase up 8.1 per cent

• TSR outperformance since demerger

• Operationally• High levels of new business activity and contract start-ups; £395m of annualised turnover

• ‘One Wincanton’ and ‘Operational Excellence’ programmes driving continuous improvement

• Investing in people, systems and marketing

• Strategically• ‘High Growth’ areas identified

• Two UK infill acquisitions expand portfolio

• Focus on core Mainland Europe markets of Germany, France, Poland

Gerard Connell

Group Finance Director

Financial summary

• Underlying operating profit up by 8.3%, to £45.5m

• Underlying profit before tax up by 10.2%, to £35.6m

• Underlying earnings per share up by 9.4%, to 21.0p

• Full-year dividend increase of 8.1% to 13.55p

Cash flow, ROCE and net debt

• Free cashflow after net capital expenditure, of £72.2m;

c. 93% of EBITDA

• £400m of free cashflow since demerger

• ROCE improved further to 55.2%

• Year-end net debt of £65.8m

Consolidated financials

2007£m

2006£m

Revenue 1,933.1 1,809.3

42.0

(9.7)32.3

Underlying operating profit 45.5 + 8.3%

Net financing costs (9.9)Underlying PBT 35.6 + 10.2%

UK & Ireland

H1£m

H2£m

2007£m

2006£m

Revenue 575.1 639.4 1,214.5 1,156.3

Underlying operating profit 20.0 22.0 42.0 37.8

UK & Ireland : performance review

• Retail • Strong performance in both dedicated and shared user sites • Investing in new services: inland container ports• Growth in general merchandise and home delivery

• Manufacturing• Growing business with existing customers• Expanding the portfolio of services• Investing in collaboration and optimisation

UK & Ireland : performance review

• Industrial• Limited growth in traditional markets

• Expanding in construction

• Preparing for WEEE Directive in waste recycling

• Other Support Services• New wins in records management

• Lower profit in Pullman Fleet Services

• Expansion plans for consultancy

Mainland Europe

H1£m

H2£m

2007£m

2006£m

Revenue 356.7 361.9 718.6 653.0

Underlying operating profit 1.4 2.1 3.5 4.2

Mainland Europe : performance review

• Germany• H1 Margin pressure in sub-contractor margins mitigated in H2

• Management re-organisation and re-focussing

• Addressing problematic network sites

• France• Investing in operations and customer relationships

• Increasing development pipeline

• Addressing capacity utilisation issues

Mainland Europe : performance review

• Central & Eastern Europe• High levels of new business opportunity

• Contract start-up issues being resolved

• Focus on Poland

• Benelux and Spain• Recovery in Dutch transport margins in H2; successful contract start- ups

• Exit from loss-making activities in Spain

Net financing costs

2007 2006£m £m

Receivable 1.7 2.0Charges (11.5) (8.7) Pensions 2.0 (1.4)Other (2.1) (1.6)

Net charge (9.9) (9.7)

Exceptionals£m

0.2

UK acquisitions (2.2)

Net Spanish costs (1.0)

French and German restructuring (2.8)

Chippenham sale 5.0

Other property sales 1.2

Earnings and dividends

2007 2006

Underlying eps 21.0p 19.2p

Dividend 13.55p 12.54p

Cover 1.55x 1.53x

Free cash flow£m

EBITDAWorking capital

Gross capexAsset disposals (NBV)

Free cash flowAcquisitionsAdditional pension contributionsOtherCash flow before financing costs, tax and dividends

77.61.2

(29.5)

(6.6)22.9

72.2(29.7)(31.0)

2.6 14.1

Net debt

2007

£m

2006

£m

Debt (net of cash in hand) 93.2 90.4

Captive insurer (27.4) (29.8)

65.8 60.6

ROCE

UK&I£m

Mainland Europe

£mGroup

£m

Segment capital employed 24.2 58.3 82.5

ROCE 173.6% 6.0% 55.2%

Graeme McFaull

Chief Executive

Overview

• Continuing opportunity in the UK

• Building momentum in Mainland Europe

• Outlook

UK & Ireland : Wins and Renewals

UK & Ireland : Continuing Opportunity

Strong organic growth momentum

• Gaining market share in polarised market

• Identifying new opportunities with existing customers

• Growth potential of new activities and support services

UK & Ireland : Existing portfolio opportunities

• Recycling and fundamental change in supply chains

• Reverse logistics

• Collaborative models of transport optimisation

• Inland container terminals

• New investment in records management attracting blue-chip City customers

• Co-packing and co-manufacturing

UK & Ireland : New opportunities

Accelerating growth through acquisition and JV

• New growth sectors identified

• Acquisitions in construction and home delivery successfully integrated

• Further sectors and targets under review

• Inbound joint venture

Mainland Europe: Wins and Renewals

Mainland Europe:Building Momentum

• Action to address loss-makers• Closure of Spain

• Contract start-ups in Central and Eastern Europe

• Asset utilisation in France and Germany

• Strengthening the platform for growth• New management resource

• Raising brand awareness

• Investment in systems

Mainland Europe:Driving growth

• Focus on core markets of Germany, France and Poland

• Leveraging customer relationships and service expertise

• International transport flows

• Acquisitions to accelerate drive to greater critical mass

Mainland Europe:3-Year Action Plan

• 07/08• Higher investment in marketing and IT

• Improving management resource

• 08/09• Enhanced development pipeline

• Improved capacity utilisation

• 09/10• Substantive profit progress

• Targets• ‘Step change’ in brand awareness

• Margin of 2 per cent by Year 3

Wincanton:Strategic Overview

• UK & Ireland : Continuing Opportunity

• Mainland Europe : Building Momentum

• Acquisition opportunities in fragmented market

• Market leadership in Europe an achievable goal

• TSR performance our benchmark

Outlook

• Good prospects for further growth in the UK

• Targets set for improvement in Mainland Europe

• Another year of progress anticipated

Questions