Exhibit 99.1

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Combined Financial Statements

June 30, 2005

(With Independent Auditors’ Report Thereon)

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Table of Contents

	Page
Independent Auditors’ Report	1
Financial Statements:
Combined Balance Sheet as of June 30, 2005	2
Combined Statement of Income for the year ended June 30, 2005	3
Combined Statement of Owner’s Equity for the year ended June 30, 2005	4
Combined Statement of Cash Flows for the year ended June 30, 2005	5
Notes to Combined Financial Statements	6

Independent Auditors’ Report

To the Board of Directors

Amcor Limited:

We have audited the accompanying combined balance sheet of Amcor White Cap (a carved-out business unit of Amcor Limited) (hereinafter referred to as “Amcor White Cap” or the “Company”) as of June 30, 2005, and the related combined statement of income, statement of owner’s equity, and cash flows for the year then ended. These combined financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these combined financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

The Company’s combined financial statements do not disclose comparative financial information as required by International Accounting Standards 1, Presentation of Financial Statements.

In our opinion, except for the matter discussed in the preceding paragraph, the combined financial statements referred to above present fairly, in all material respects, the financial position of Amcor White Cap (a carved-out business unit of Amcor Limited) as of June 30, 2005, and the results of its operations and its cash flows for the year then ended in conformity with International Financial Reporting Standards.

International Financial Reporting Standards vary in certain significant respects from accounting principles generally accepted in the United States of America. Information relating to the nature of such differences is presented in Note 22 to the combined financial statements.

KPMG Fides Peat
Bryan DeBlanc	Hans-Peter Kunz
Swiss Certified Accountant	Swiss Certified Accountant
Auditor in Charge
Zurich, 3 May, 2006

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Combined Balance Sheet

June 30, 2005

(In thousands of Euro)

	Note	2005
Current assets:
Cash and cash equivalents		10,464
Financial assets	2	1,143
Inventories, net	3	54,137
Accounts receivables, net	4	55,590
Trade receivables from parent company	17	300
Other current assets	5	2,280
Total current assets		123,914
Deferred tax assets	13	5,465
Loans to parent company	6	36,306
Goodwill and other intangibles	8	108,661
Property, plant and equipment	7	109,975
Total non-current assets		260,407
Total assets		384,321
Current liabilities:
Trade payables		32,965
Interest-bearing liabilities	9	21,844
Trade payables to parent company		3,506
Provisions	11	5,342
Other current liabilities	12	12,244
Current taxes payable	13	2,763
Total current liabilities		78,664
Deferred tax liabilities	13	8,687
Deferred income	2	2,254
Interest-bearing liabilities	9	2,828
Loans from related parties	10	39,157
Employee benefits	14	25,083
Provisions	11	8,461
Total non-current liabilities		86,470
Total liabilities		165,134
Owner’s equity		219,187
Total liabilities and owner’s equity		384,321

See accompanying notes to combined financial statements.

2

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Combined Statement of Income

Year ended June 30, 2005

(In thousands of Euro)

	Note	2005
Revenues from sale of goods		239,512
Other revenues from ordinary activities		4,281
Total revenues	18	243,793
Cost of sales		201,154
Gross profit		42,639
Expenses for ordinary activities:
Selling expenses		15,920
Administrative expenses		9,627
Research and development		3,216
Operating income		13,876
Other income		1,024
Other expense		(953	)
Operating profit before interest and tax		13,947
Borrowing costs	2	(4,286	)
Profit before tax		9,661
Income tax expense	13	(3,828	)
Net profit		5,833

See accompanying notes to combined financial statements.

3

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Combined Statement of Owner’s Equity

Year ended June 30, 2005

(In thousands of Euro)

Balance, June 30, 2004	192,707
Contributed capital	24,235
Gains and losses directly recognized in equity, net	(3,588	)
Profit for the period	5,833
Balance, June 30, 2005	219,187

See accompanying notes to combined financial statements.

4

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Combined Statement of Cash Flows

Year ended June 30, 2005

(In thousands of Euro)

	2005
Cash flows from operating activities:
Profit for the period	5,833
Adjustments to reconcile profit for the period to net cash provided from operating activities:
Depreciation	14,730
Amortization of intangibles	1,616
Deferred taxes	1,475
Gain on sale of property, plant and equipment	(1,437	)
Changes in assets and liabilities:
Increase in receivables	(1,815	)
Decrease in inventory	424
Decrease in payables and other current liabilities	(3,401	)
Decrease in deferred income	(155	)
Increase in employee benefits	1,734
Decrease in provisions	(188	)
Increase in current taxes payable	1,859
Net cash flows provided by operating activities	20,675
Cash flows from investing activities:
Purchases of property, plant and equipment	(9,925	)
Purchases of other intangibles	(314	)
Proceeds from sale of equipment	1,886
Purchases of financial assets	(322	)
Net cash flows used in investing activities	(8,675	)
Cash flows from financing activities:
Proceeds from parent investment, net	24,235
Payments on interest-bearing liabilities, net	(6,745	)
Payments on long-term borrowings, net	(29,629	)
Net cash flows used in financing activities	(12,139	)
Effect of exchange rate changes	(1,123	)
Net decrease in cash	(1,262	)
Cash at beginning of the period	11,726
Cash at end of period	10,464
Supplemental disclosure:
Interest paid	3,879
Income taxes paid	3,871

See accompanying notes to combined financial statements.

5

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

(1) Description of Business, Nature of Operations and Basis of Preparation

The accompanying combined financial statements present the historical financial position and results of operations of certain businesses within Amcor Limited, Melbourne (Australia) known as Amcor White Cap (hereinafter referred to as “Amcor White Cap” or the “Company”). Amcor Limited, Melbourne (Australia) does not account for Amcor White Cap as a separate entity. Accordingly, the combined financial statements have been carved out from the historical accounting records of Amcor Limited, Melbourne (Australia) and its subsidiaries (hereinafter referred to as “Amcor Limited” or the “Parent Company”).

The Company is a manufacturer and supplier of an extensive range of metal closures for glass and plastic containers to consumer goods packaging companies in the food and beverage industries in Europe, Asia Pacific and South America. The Company is based in Germany, with its head office in Hannover, and includes 10 manufacturing sites, serving over 70 countries and has active licensees selling White Cap technology into further countries. Its manufacturing plants are based in Europe (Germany, Poland, Italy and Turkey), Asia (Philippines and China), and South America (Venezuela and Brazil).

Basis of Preparation and Combination

The combined financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and its interpretations adopted by the International Accounting Standards Board and are presented in Euros (“EUR”). The combined financial statements have been prepared on historical cost convention except as disclosed in the accounting policies below.

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The combined financial statements include the accounts of the Amcor White Cap companies as referenced in Note 19 and have been prepared from the books and records maintained by the Parent Company. As presented, the combined financial statements are not necessarily indicative of what the financial position or results of operations of Amcor White Cap in the future or had it been operated as a separate stand-alone entity for the period presented.

All significant intra-Amcor White Cap transactions have been eliminated in the combined financial statements. All significant balances resulting from transactions with subsidiaries of Amcor Limited that are not included in Amcor White Cap are reflected as related party balances.

The accompanying combined financial statements were prepared in connection with the planned disposition of Amcor White Cap by the Parent Company. The combined financial statements do not disclose comparative financial information as required by International Accounting Standards 1, Presentation of Financial Statements.

6

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

Parent Company Investment and Allocation of Expenses

The Parent Company investment represents the equity of Amcor Limited. The allocation of corporate overhead expenses to Amcor White Cap from the Parent Company represents management’s estimate of Amcor White Cap usage of corporate functions such as human resources, accounting, legal, treasury, information technology support, and general administrative. These estimates and corresponding allocation have been made primarily based actual costs incurred by Amcor Limited on behalf of Amcor White Cap, and when appropriate, based on the revenue or percentage of personnel headcount at Amcor White Cap as compared to the total consolidated Amcor Limited amounts.

(2) Summary of Significant Accounting Policies

Foreign Currency

The combined financial statements are presented in Euros. Foreign currency transactions are accounted for at the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated into Euro at year-end exchange rates with gains and losses recorded in the income statement.

Assets and liabilities of foreign operations reporting in a functional currency other than the Euro are translated at exchange rates prevailing at the balance sheet date. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are reported in the functional currency of the foreign entity and are translated into the reporting currency using the rate prevailing on the balance sheet date. The revenues and expenses of foreign operations, excluding foreign operations in hyperinflationary economies, are translated at the average exchange rates for the period. The revenues and expenses of foreign operations in hyperinflationary economies are translated to Euro at the foreign exchange rates ruling at the balance sheet date. Translation gains and losses are recorded directly in owner’s equity. Prior to translating the financial statements of foreign operations in hyperinflationary economies, the financial statements, including comparatives, are restated to account for changes in the general purchasing power of the local currency. The restatement is based on relevant price indices at the balance sheet date.

Revenue Recognition

Revenues from the sale of products to entities outside the Amcor White Cap business unit, net of returns and volume rebates, are generally recognized when risk of loss has passed to the customer, all significant contractual obligations have been satisfied, the fee is fixed or determinable and collection of the receivable is considered probable. The Company estimates expected sales returns and records these amounts as a reduction of revenue at the time of sale based on historical product specific experience with the same or similar customers. Volume rebates are recognized as a reduction in revenue based on an allocation of the rebates earned and claimed to each of the underlying revenue transactions that results in progress by the customer toward earning the rebate. Measurement of the volume rebate estimate is based on the probable number of customers that will earn the rebates taking into account current sales levels and historical experience with the same or similar customers.

The gross proceeds of non-current asset sales related primarily to the sale of capping machines are recognized as other revenues from ordinary activities at the date the significant risks and rewards are

7

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

passed to the buyer. The profit or loss on disposal is calculated as the difference between the carrying amount of the asset at the time of disposal and the net proceeds on disposal (including incidental costs).

Warranty

The Company generally warrants products against defects in materials and workmanship for periods of between one and six months. The estimated cost of warranty obligations are recognized and recorded in cost of sales when the underlying products are sold based on both specific claims received and historical claims experience.

Interest Income

Interest income is recognized as other income as it accrues, taking into account the effective yield on the financial asset.

Trade Accounts Receivable

Trade accounts receivable are recorded at the invoice amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determines the allowance for doubtful accounts based upon historical write-off experience, the current aging of accounts receivable, and customer specific credit risk factors. Accounts receivable balances are written off when it is determined that it is unlikely the Company will receive future remittances.

Government Grants

Government grants are recognized in the balance sheet initially as deferred income when there is reasonable assurance that it will be received and that the Company will comply with the conditions attaching to it. Grants that compensate the Company for expenses incurred are recognized as revenue in the income statement on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Company for the cost of an asset are recognized in the income statement as other income on a systematic basis over the estimated useful life of the asset of approximately 15 years.

Cash and Cash Equivalents

Cash includes cash at banks and cash on deposit. Cash equivalents include term deposits with financial institutions with original maturity dates of three months or less.

Financial Assets

Financial assets comprise mainly of bonds and are classified as available-for-sale and are reported at fair value, with unrealized gains and losses are reported as gains and losses directly recognized in equity. Realized gains and losses on the sale or the impairment of available-for-sale financial assets are recorded as other income or expense.

8

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

Inventories

Inventories are stated at the lower of actual cost on a weighted average method (including an appropriate proportion of fixed and variable overheads) and net realizable value in the normal course of business. Inventories are written off when considered obsolete and slow-moving.

Property and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Equipment is amortized over 2 to 25 years and buildings over 20 to 50 years. Leasehold improvements are amortized over the shorter of the remaining lease term or the estimated useful lives of the improvements using the straight-line method. Repairs and maintenance costs are expensed as incurred, while major renovations and improvements are capitalized as property, plant and equipment and depreciated over their estimated useful lives.

Leases under which the company or its controlled entities assume substantially all the risks and benefits of ownership are classified as finance leases and are capitalized. A lease asset and a lease liability equal to the present value of the minimum lease payments are recorded at the inception of the lease. Other leases are classified as operating leases. Payments made under operating leases are expensed over the term of the lease.

Restoration Costs

Amcor White Cap has certain legal obligations relating to the restoration of property owned by third parties upon termination of lease agreements. The costs associated with the dismantling of these sites are capitalized in the carrying value of property, plant and equipment and depreciated over the life of the asset. The total provision required to restore this property, discounted to its present value, is recorded under long-term provisions. Changes in the provisions are accounted for using the cost model in accordance with IFRIC 1, Changes in Existing Decommissioning, Restoration and Similar Liabilities. Under the cost model, changes in the liability are either added to or deducted from the cost of the related asset. The amount deducted from the cost of the related asset shall not exceed its net carrying value. Should there be a reduction in the liability that exceeds the net carrying value of the related asset, any excess is recorded immediately in the income statement.

Goodwill and Other Intangible Assets

Goodwill recorded on acquisitions had been amortized until June 30, 2004, over an estimated useful life of 20 years. As of July 1, 2004, goodwill ceased to be amortized but is tested for impairment annually.

Other intangible assets include identifiable intangible assets primarily consisting of software purchased. Intangible assets are presented net of accumulated amortization and are being amortized using the straight-line method over the estimated useful life ranging from 3 to 5 years.

If there is an indication that intangible assets may be impaired, the Company determines the estimated recoverable amount. If the recoverable amount of the asset is less than its carrying amount, the carrying amount is reduced to the recoverable amount, with the differences representing an impairment charge.

9

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

Long-lived Assets

The recoverable amount of long-lived assets carried at cost is reviewed at every balance sheet date. If there are signs of impairment, the recoverable amount of an asset or a group of assets (cash-generating unit) are determined. The recoverable amount is the higher of the net selling price and value in use. An impairment is recorded if the carrying amount exceeds the recoverable amount.

Pension Benefits

Pension costs and similar obligations are accounted for in accordance with IAS 19 (revised 2002), Employee Benefits. The Company’s pension funds are generally financed by employer and employee contributions. In the case of the defined contribution plans, employer contributions paid or due are recognized in the income statement as incurred. For defined benefit plans, the respective pension obligations and the related plan assets are assessed annually. The latest actuarial valuation was performed using data as at June 30, 2005. Current service costs are charged to the income statement in the periods in which the services are rendered. The effects of changes in actuarial assumptions are charged or credited to the income statement over a period approximating the average expected remaining working periods of participating employees. The portion of actuarial gains and losses recorded is defined as the excess of the cumulative unrecorded actuarial gains and losses at the end of the previous reporting period over the greater of 10% of the present value of the defined benefit obligation at that date or 10% of the fair value of plan assets at that date. Past service cost attributable to plan amendments is recorded as an expense or a reduction of expense on a straight-line basis over the average period until the benefits become vested. To the extent the benefits immediately vest, the costs associated with the amendment are recorded immediately.

Employee Entitlements

Wages, Salaries, Annual Leave and Sick Leave

Liabilities for employee benefits such as wages, salaries, annual leave, sick leave and other current employee entitlements represent present obligations resulting from employees’ service provided up to the reporting date, calculated at undiscounted amounts based on wage and salary rates that the Company expects to pay at the reporting date including related one-time costs.

Employee Share and Option Plans

Amcor Limited maintains an Employee Share/Option Plan (‘ESOP’). Options relating to the ESOP are issued at the closing market price on the date of allotment. Options are issued under the plan upon such terms and conditions as determined by the board of directors.

Stock options are valued at fair value on the grant date and recorded as compensation expense over the vesting period under administrative expenses in the combined income statement. As part of the allocation of corporate expenses, Amcor White Cap has recorded compensation expense of EUR 35,000 during the year ended June 30, 2005.

10

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

Early Retirement Payments

The early retirement scheme is structured such that employees who receive this benefit work for the first half period of the program and receive approximately 80% of their final salary. In the final half they do not work at all and receive approximately 80% of their final salary. This agreement has the character of a redundancy payment and is classified as a termination benefit. As a consequence, the total amount of the redundancy obligation is accrued at the time the contract is signed and discounted to the present value. The liabilities include, where appropriate, forecast future increases in wages and salaries, and any further redundancy payments.

Provisions

Provisions are recognized when there is a legal or constructive obligation as a result of a past event and it is probable that a future sacrifice of economic benefits will be required to settle the obligation.

Termination Benefits

Provisions for employee termination benefits are recognized when a detailed plan has been formally approved and when it is probable that a liability has been incurred and the amount can be reasonably estimated. Such provisions are recorded only after appropriate communication specifying the terms of the redundancy and the number of employees affected, or after individual employees have been advised of the specific terms. Costs related to ongoing activities are not provided for.

Onerous Contracts

A provision for onerous contracts is recognized after impairment losses on assets dedicated to the contract have been recognized and when the expected benefits are less than the unavoidable costs of meeting the contractual obligations. A provision is recognized to the extent that the contract obligations exceed future economic benefits.

Borrowing Costs

Borrowing costs include interest and amortization of discounts or premiums relating to borrowings. Borrowing costs are brought to account in determining profit for the year using the effective interest rate method, except to the extent the interest incurred relates to major capital items, in which case, interest is capitalized as a cost of the asset up to the time it is ready for its intended use and amortized over the expected useful economic life. No interest was capitalized during the year ended June 30, 2005.

Accounting for Income Taxes

As a carved-out business unit of Amcor Limited, White Cap does not file separate income tax returns for all subsidiaries, but rather is included as part of various income tax returns filed by Amcor Limited and subsidiaries. For presentation purposes within these combined financial statements, Amcor White Cap’s income tax provision was computed as if it were a separate company. The provision for foreign taxes is based upon the effective tax rate in the country where the earnings were recorded. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the

11

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Research and Development

Research and development costs associated with product research and development innovation is charged against operating profit in the year in which the expenditure is incurred. Where such expenditure is considered to have a demonstrable future economic benefit and commercial value, it is capitalized and amortized over the period of time during which the benefits are expected to arise.

Expenditure on significant commercial development, including major software applications and associated systems, is capitalized and amortized over the period of time during which the benefits are expected to arise, typically not exceeding 10 years.

New Accounting Pronouncements

IAS 19 (revised) Employee benefits

Actuarial gains and losses arising from adjustments to actuarial assumptions and deviations between assumptions and actual development may be reported in combined equity in the period in which they arose. The application of the new alternative treatment of taking the actuarial gains and losses on balance sheet is not expected to have a significant impact on the Company’s presentation of its net assets as the Company has chosen not to elect this alternative accounting treatment.

12

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

(3) Inventories, net

Inventories, net consist of the following:

in ‘000 EUR	June 30, 2005
Raw materials and supplies	21,090
Work in-progress	10,349
Finished goods	25,982
	57,421
Allowance for obselete and slow-moving items	(3,284	)
	54,137

Raw material mainly comprises of tinplate and finished goods of produced caps.

(4) Accounts Receivable, net

Accounts receivable, net consists of the following:

in ‘000 EUR	June 30, 2005
Trade accounts receivable, gross	59,135
Allowances	(3,545	)
	55,590

(5) Other Current Assets

Other current assets consist of the following:

in ‘000 EUR	June 30, 2005
Capital receivables	300
Miscellaneous other receivables and assets	886
Prepayments	1,094
	2,280

Miscellaneous other receivables and assets consist primarily of value added tax, receivables for local taxes, customs duty and advance payments for travel expenses. Prepayments consist mainly of prepaid insurance and prepaid taxes.

13

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

(6) Loans to Parent Company

Loans to Parent Company and its subsidiaries consist of the following:

in ‘000 EUR	June 30, 2005
Loans to Parent Company	35,727
Interest receivable from Parent Company	579
	36,306

The loans due from Parent Company earned interest of 1.7% to 3.7% during the year ended June 30, 2005 resulting in interest income of EUR 1.2 million.

(7) Property, Plant and Equipment

Land and buildings comprises mainly manufacturing plants in Poland, China and Turkey, and leasehold improvements in Germany and Italy.

The book value of plant and machinery mainly consists of coating and printing machinery, cap metal presses, compound production lines and coil lines. Other equipment consists of items such as furniture, office equipment, and IT equipment.

Depreciation and amortization of property, plant and equipment for the year ended June 30, 2005, was EUR 14.7 million.

14

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

in ‘000 EUR	Land and Buildings	Plant and Equipment		Under Construction		Total
Cost
Balance as at July 1, 2004	19,725	96,004		4,965		120,694
Additions	353	9,572		—		9,925
Disposals	—	(8,838	)	—		(8,838	)
Transfers		1,147		(1,147	)	—
Effects of hyperinflation and movements in foreign exchange within the current year	1,793	1,470		—		3,263
Balance as at June 30, 2005	21,871	99,355		3,818		125,044
Depreciation and impairment losses
Balance as at July 1, 2004	3,936	3,414		—		7,350
Depreciation charge for the year	1,838	12,892		—		14,730
Disposals	—	(8,389	)	—		(8,389	)
Effects of hyperinflation and movements in foreign exchange within the current year	—	1,378		—		1,378
Balance as at June 30, 2005	5,774	9,295		—		15,069
Carrying amounts
as at July 1, 2004	15,789	92,590		4,965		113,344
as at June 30, 2005	16,097	90,060		3,818		109,975

(8) Goodwill and Other Intangible Assets

Other intangible assets mainly comprise software licenses relating to the implementation of SAP IT systems which are amortized over 5 years and recorded in operating profit.

Goodwill originated in 2002 when Amcor acquired White Cap from Schmalbach-Lubeca. Effective July 1, 2004, goodwill is no longer subject to amortization. Rather, goodwill is tested for impairment at June 30 for each cash-generating unit. Discount rates reflect Amcor’s incremental funding cost and other market rates. The Capital Asset Pricing Model (CAPM) is used to calculate Amcor’s weighted average cost of capital (WACC) per cash generating unit. The discounted cash flow of the cash generating units exceeded the net assets as at June 30, 2005.

15

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

in ‘000 EUR	Goodwill	Trademarks and licences		Total
Cost
Balance as at July 1, 2004	106,849	6,155		113,004
Effects on movements in foreign exchange to the opening balance	—	167		167
Additions	—	314		314
Effects of hyperinflation and movements in foreign exchange within the current year	—	(12	)	(12	)
Balance as at June 30, 2005	106,849	6,624		113,473
Amortization and impairment losses
Balance as at July 1, 2004	—	3,056		3,056
Effects on movements in foreign exchange	27	—		27
to the opening balance	—	113		113
Amortization	—	1,616		1,616
Balance as at June 30, 2005	27	4,785		4,812
Carrying amounts
as at July 1, 2004	106,849	3,099		109,948
as at June 30, 2005	106,822	1,839		108,661

Estimated future amortisation on other intangibles is as follows:

	in ‘000 EUR
Fiscal year ending
June 30, 2006	943
June 30, 2007	587
June 30, 2008	263
June 30, 2009	46
June 30, 2010	—

(9) Interest-bearing Liabilities

The nature and terms of the short and long-term borrowings to external parties are as follows:

Nature of Borrowing	Maturity Date	% p.a.	2005
			in ‘000 EUR
Short-term external loans
EUR	various dates in 2005 and 2006	2.6-3.5	11,403
USD	various dates in 2005 and 2006	3.2-4.6	9,722
TRY	July 2005	fixed	38
CNY	September 2005	5.6	681
			21,844
Long-term external loan
EUR	March 2009	3.5	2,828

16

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

(10) Loans from Related Parties

Loans and liabilities to related parties consist of the following:

in ‘000 EUR	2005
Loans payable to parent company	38,983
Other related party	174
	39,157

Loans payable to subsidiaries of Amcor Limited incur interest ranging from 3.3% to 8.1% resulting in interest expense of EUR 1.3 million during the year ended June 30, 2005.

(11) Provisions

in ‘000 EUR	Balance as at July 1, 2004	Additions	Used		Balance as at June 30, 2005
Sales related benefits 1	3,597	8,284	(8,489	)	3,392
Product warranties 2	194	1,491	(925	)	760
Restructuring 3	567	726	(619	)	674
Early retirement	1,523	616	(518	)	1,621
Jubilee benefit	348	—	(7	)	341
Environmental	400	—	(51	)	349
Pending claims 4	1,396	803	—		2,199
Site restoration 5	4,076	200	—		4,276
Onerous contracts	61	98	(58	)	101
Other provisions	973	642	(1,525	)	90
	13,135	12,860	(12,192	)	13,803
Non-current	7,343	1,643	(525	)	8,461
Current	5,792	11,217	(11,667	)	5,342
	13,135	12,860	(12,192	)	13,803

⁽¹⁾ The provision for sales related benefits and bonus payments comprises mainly bonus payments to customers. The payments are made annually on the basis of contracted sales volume targets.

⁽²⁾ Product warranties represent all pending customer claims and are assumed to be short-term in nature.

⁽³⁾ Restructuring provisions were made for redundancy payments to employees. Subsequent to year-end, the Company announced further restructuring plans that resulted in an additional layoff of personnel. The provision was increased by EUR 3.3 million in August 2005 and recorded as additional

17

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

restructuring expense during the six months ended December 31, 2005. It is expected that payments under this program will be made through December 2006.

⁽⁴⁾ Pending claims relates to a legal dispute with the intended co-owner of a prior joint venture in Brazil.

⁽⁵⁾ Site restoration costs comprise mainly of restoration costs related to a leased building and costs for dismantling of assets, discounted using an interest rate that represents risk free bonds.

(12) Other Current Liabilities

Other current liabilities consist of the following:

in ‘000 EUR	2005
Accounts payable for capital expenditures	1,577
Labour benefits	7,849
Value added tax, net	2,762
Other payables	56
	12,244

The liabilities for labor benefits are comprised mainly of salary payments to employees, social security, holiday entitlements, and week-end work premiums.

(13) Income Taxes

As a carved-out business unit of Amcor Limited, Amcor White Cap does not file separate income tax returns, but rather is included as part of the various income tax returns filed by Amcor Limited and subsidiaries. For presentation purposes within these combined financial statements, Amcor White Cap Closure’s income tax provision was computed as if it were a separate company. All deferred income tax assets and liabilities, including net operating loss carryforwards, presented herein are shown as if the carved-out business unit had existed as a separate company. The availability to a particular entity of actual deferred income tax assets and liabilities, including net operating loss carryforwards and other income tax attributes, will be dependent upon the nature of any transaction separating the carved-out business unit from the Amcor Limited consolidated group, and the resulting income tax treatment may vary significantly from this presentation.

18

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

Total income tax for the year ended June 30, 2005 consists of the following:

in ‘000 EUR	2005
Current tax expense	2,353
Deferred tax expense	1,475
Total income tax expense	3,828

The income tax expense on income before income taxes is reconciled to the reported tax expense as follows:

in ‘000 EUR	2005
Income before tax	9,661
Weighted average income tax rate	35%
Income tax expense at the weighted average domestic income tax rates	3,384
Increase (decrease) in income tax resulting from:
Non deductable expenses	276
Valuation allowances on deferred tax assets	205
Other	(37	)
Total income and deferred tax expense	3,828

Deferred tax assets are recognized if it is probable that they can be offset against future taxable profits or other temporary differences. The gross deferred tax assets not recognized at June 30, 2005 are as follows:

in ‘000 EUR	2005
Deferred tax assets not recognized
Tax losses carried-forward:
Expiration before June 2010	6,490
No expiration	3,500
Temporary differences	1,667
	11,657

19

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

Deferred tax assets and liabilities are attributable to the following items:

in ‘000 EUR	Assets		Liabilities		Net
Deferred tax assets
Provision for doubtful debts	1,923		—		1,923
Provision for diminution in inventory	336		—		336
Provisions for employee entitlements	5,485		—		5,485
Accrual for partial retirement	1,002		—		1,002
Intangible assets	2,720		—		2,720
Other provisions	858		—		858
Accruals	227		(64	)	163
Fixed assets	—		(25,251	)	(25,251	)
Other	3,733		(478	)	3,255
Tax losses carried forward	12,311		—		12,311
Valuation allowance	(11,657	)	—		(11,657	)
	16,938		(25,793	)	(8,855	)
Tax effected	5,465		(8,687	)	(3,222	)

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets current tax liabilities and when the deferred income taxes relate to the same tax authority.

(14) Employee Benefits

Employee benefits recognized in the balance sheet are as follows:

in ‘000 EUR	June 30, 2005
Present value of unfunded pension obligations	23,719
Present value of funded pension obligations	404
Fair value of plan assets	(306	)
Benefit obligation in excess of plan assets	23,817
Unrecognized actuarial gains and losses	(4,462	)
Recognized liability for defined benefit obligations	19,355
Liability for long-service leave	4,180
Other similar obligations	1,548
	25,083

20

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

The related expenses are recognized in the income statement during the year ended June 30, 2005 as follows:

in ‘000 EUR	Pension Plan		Non-Pension
Current service cost	1,587		162
Interest cost	1,120		1
Other	(23	)	—
Net pension cost	2,684		163
	Pension Plan		Non-Pension
Cost of sales	1,335		163
Distribution expenses	269		—
Net financing costs	1,080		—
Net pension cost	2,684		163

Actuarial gains and losses from pension scheme that have not been recognized in the profit and loss statement accumulate to EUR 4.4 million as at June 30, 2005 and will be recognized as pension expense over the average remaining working lives of employees. The average remaining service life per employee is 15 years.

Defined benefit plans exist in Germany, Belgium, and the Philippines. The Belgium and Philippine pension plans are funded, while the German pension plan is wholly unfunded.

The fair value of plan assets as at June 30, 2005 was EUR 306,000. The return on plan assets was EUR 12,000. Plan assets are invested primarily in government securities and equity securities.

The following weighted average assumptions were used in the actuarial calculation:

	Year ended June 30, 2005
Discount rate at June 30	4.6%
Rate of increase in future compensation levels	2.0%
Expected long-term rate of return on plan assets	9.0%
Rate of increase in future pension contribution	0%

21

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

(15) Fair Value of Financial Instruments

Amcor White Cap’s activities expose it to a variety of financial risks, including the effects of foreign currency exchange rates and interest rates. While Amcor Limited has used derivative financial instruments such as interest rate swaps to hedge certain exposures, Amcor White Cap has never entered into such transactions nor has Amcor Limited entered into such transactions on behalf of the Company.

Interest Rate Risk

The Company is exposed to movements in interest rates under various debt facilities due to fluctuations in market rates, which could have a negative impact on the financial position of Amcor White Cap. Exposure to interest rate risk for classes of financial assets and liabilities is set out below:

		Fixed interest maturing in
in ‘000 EUR	Floating interest rate	1 year or less	over 1 to 5 years	More than 5 years	Non- interest bearing	Total	Interest rates
Financial Assets
Cash	10,464	—	—	—	—	10,464	2.25%
Loans to parent company	—	36,306	—	—	—	36,306	1.7% to 3.7%
Receivables	—	—	—	—	55,890	55,890
Financial assets	—	—	—	—	1,143	1,143
	10,464	36,306	—	—	57,033	103,803
Financial Liabilities
Trade payables	—	—	—	—	35,932	35,932
Interest bearing liabilities	—	21,844	2,828	—	—	24,672	2.6% to 4.6%
Loans from related parties	—	39,157	—	—	—	39,157	3.3% to 8.1%
	—	61,001	2,828	—	35,932	99,761

Foreign Exchange Risk

The Company is exposed to foreign exchange risk, being the transaction risk arising from various currencies. The transaction risk is the risk during to currency fluctuations between the date of agreement and the actual cash flow. The Company does not currently enter into foreign exchange contracts or similar instruments.

Credit Risk

Amcor White Cap has no significant concentration of credit risk. The Company has policies in place to ensure that products are sold to creditworthy customer and the risk is minimized by the large number of customers.

22

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

(16) Commitment and Contingent Liabilities

(a) Legal proceedings

The Company is currently subject to two legal proceedings.

In Brazil, the two lawsuits are known as the “Garboni” and the “Remaprint” litigation. In 2001, Amcor White Cap claimed that Garboni, a competitor of White Cap Brazil infringed a patent of Remaprint. At that time White Cap Brazil was in negotiations to establish a Joint Venture with Remaprint. Subsequently Garboni filed a lawsuit against White Cap Brazil claiming funds for “pain and suffering” and for an infringement of a Garboni design patent. Both cases are at the procedural stage. Amcor White Cap does not believe it is probable that Garboni will be able to recover damages and has therefore not recorded a provision in the combined financial statements.

The Remaprint lawsuit includes a commercial claim and a labor claim. In 2000, White Cap and Remaprint began negotiations for Joint Venture in Brazil. At that time Remaprint was in a preliminary phase of chapter 11 bankruptcy case. The negotiations ended after several months due to the uncertain economic situation of Remaprint, however White Cap Brazil funded Remaprint activities in that phase. Remaprint went bankrupt eventually and argued that all liabilities would rest under White Cap Brazil claiming a de facto Joint Venture. A lower court ruled in favor of a de facto JV and accepted the Remaprint claim for damages. However, White Cap Brazil appealed the judges decision. The outcome of the ongoing lawsuit is open. A further Remaprint claim involves labor claims in relation to the above case. Labor courts have determined the White Cap Brazil does have successor liability with respect to former Remaprint employees and management estimates that it is probable that these claims will be ruled against White Cap. As a result of these legal claims, the Company has recorded a provision of EUR 2.2 million based on management’s best estimate of the possible loss.

(b) Operating leases

In 2005, payments amounted to EUR 3.9 million. Future minimum lease payments in respect of operating lease contracts are as follows:

in ‘000 EUR	June 30, 2005
Lease expenditure contracted and provided for:
Not later than one year	2,513
Later than one year but not later than two years	2,258
Later than two years but not later than three years	1,231
Later than three years but not later than four years	397
Later than four years but not later than five years	291
Later than five years	472
Minimum lease payments	7,162

The combined entity leases plant and equipment, and land and buildings under operating leases.

23

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

(17) Related Parties

The Company contracts with Amcor Limited and other affiliates for the purchase and sale of a number of products and services in the normal course of business. In addition to investing and financing activities (see Note 6 and 10) and the employee benefit coverage under Amcor Limited employee benefit plans (see Note 14), Amcor Limited also provides the Company with administrative services in such areas as payroll, accounting, legal, tax, human resources, information technology, corporate oversight and telecommunications (see Note 1).

Sales made to related parties and administrative costs paid to related parties during the year ended June 30, 2005 were EUR 990,000 and EUR 230,000, respectively.

(18) Segment Reporting

Segment information is presented in respect of the Company’s geographical segments. The primary format, business segments, is based on the Company’s management and internal reporting structure. Inter-segment pricing is determined on an arm’s length basis. Segment results, and property, plant and equipment include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

In Europe, Amcor White Cap operates 4 manufacturing facilities and sales offices in various countries serving the whole European market as well as parts of the African and Middle East. In Asia, Amcor White Cap operates 3 manufacturing facilities, two in the Philippines and one in China, with sales offices serving the Chinese, the South-east Asian and the Japanese market. In Latin America, Amcor White Cap operates two manufacturing facilities, one in Venezuela and one in Brazil, serving the Latin American market.

The segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location of the assets.

in ‘000 EUR	Europe	Asia	Latin America	Total
Third party revenues for sale of goods	212,826	13,610	17,357	243,793
Assets	348,591	21,272	14,458	384,321
Capital expenditures	9,240	624	61	9,925

24

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

(19) Significant subsidiaries and affiliated companies

Amcor White Cap’s significant subsidiaries and affiliated companies are as follows:

Entity Code	Entity Name	Country of incorporation	Ownership interest*
5040	Amcor White Cap Deutschland GmbH	Germany	100.00	%
5260	Amcor White Cap Austria GmbH	Austria	100.00	%
5500	Amcor White Cap Deutschland GmbH	Germany	100.00	%
5530	Amcor White Cap Nordiska AB	Sweden	100.00	%
5540	Amcor White Cap Nederland B.V.	Netherlands	100.00	%
5550	Amcor White Cap Belgium E.V.	Belgium	100.00	%
5560	Amcor White Cap United Kingdom Ltd.	United Kingdom	100.00	%
5570	Amcor White Cap France S.A.R.L.	France	100.00	%
5580	Amcor White Cap Espana S.L.	Spain	100.00	%
5590	Amcor White Cap Italia S.r.l.	Italy	100.00	%
5600	Amcor White Cap Polska Sp z.o.o.	Poland	98.72	%
5610	Amcor Magyarország Kft.	Hungary	100.00	%
5650	Amcor Ambalaj Sanayive Ticaret A.S.	Turkey	100.00	%
5700	Amcor White Cap Ukraine LLC	Ukraine	98.50	%
5940	Amcor White Cap Shanghai Ltd.	China	100.00	%
5950	Amcor White Cap South East Asia Inc.	Philippines	100.00	%
5960	Amcor White Cap Properties Inc.	Philippines	98.85	%
5970	Amcor White Cap Investments Inc.	Philippines	40.00	%
5980	Amcor White Cap Asia Pacific Inc.	Philippines	100.00	%
6100	Amcor White Cap do Brazil Ltda.	Brazil	100.00	%
6500	Amcor White Cap de Venezuela S.A.	Venezuela	63.00	%
6600	Amcor White Cap Inc.	United States	100.00	%

* owned by Amcor Limited or Amcor related companies

25

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

(20) Accounting estimates and judgments

The most important judgments and estimates made by management about future developments and other sources of uncertainty which may require significant adjustments to assets and liabilities in the subsequent period are presented below:

Provision for restoration costs

The restoration cost estimate primarily relates to the dismantling and restoration costs involved in abandoning a leased building in Germany at the end of the lease term in 2007. As of June 30, 2005, the carrying value of this provision totaled EUR 4.3 million. The amount of the provision is based on estimates of future costs for dismantlement and restoration at the timing of the dismantlement based primarily on information from a third party engineering firm.

Goodwill

At June 30, 2005, the carrying amount of goodwill from acquisitions totaled EUR 106.8 million. The goodwill impairment test is performed annually. The value of goodwill is primarily dependent upon projected cash flows, management’s estimates of long-term growth rates and the Company’s WACC.

Pensions

The pension liability calculation is based on actuarial reports and calculations performed at June 30, 2005. This calculation is dependent on certain key assumptions including the discount rate, future salary and pension increases, the probability of the employee reaching retirement and the expected return on investments of plan assets. For a detail of these assumptions applied, see Note 14.

Contingent liabilities

The Company has recorded a liability relating to legal proceedings as discussed in Note 16. In connection with these proceedings, the Company has recorded a provision of EUR 2.2 million at June 30, 2005 based on management’s best estimate. Further development of the proceedings may result in a different assessment of the financial consequences in the future and may require an increase or decrease in the provision recorded.

(21) Post balance sheet events

At February 22^nd, 2006, Silgan Holdings announced an agreement to acquire Amcor White Cap from Amcor Ltd. The acquisition is expected to close during May 2006.

26

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

(22) Qualitative Discussion of Differences Between International Financial Reporting Standards and Generally Accepted Accounting Principles in the United States of America

The financial statements of the Company are prepared in accordance with International Financial Reporting Standards (refer to Note 2), which differs in certain significant respects from accounting principles generally accepted in the United States of America (‘U.S. GAAP’). Information relating to the nature of such differences are summarized below:

Pensions

The Company accounts for its pensions in accordance with IAS 19, Employee Benefits. Under IFRS, defined benefit plan obligations and expenses are determined annually based on actuarial estimates determined in the same manner as U.S. GAAP as prescribed by SFAS No. 87, Employer’s Accounting for Pensions using the projected credit method. However, the estimated return on assets is based on actual market values under IFRS while U.S. GAAP allows an estimated return on assets based on market-related average values over a period of up to 5 years. In addition, a minimum pension liability is also recognized through other comprehensive income under U.S. GAAP in certain circumstances when there is a deficit of plan assets relative to the accumulated benefits obligation. No corresponding minimum liability is recorded under IFRS.

Termination Benefits

Amcor White Cap has offered certain employees an early retirement plan (see Note 2). In accordance with IAS 19 (revised 2002), Employee Benefits, the Company accrues the total amount of the discounted redundancy obligation at the time the contract is signed. Under U.S. GAAP, similar retirement plans are accounted for under SFAS No. 112, Employers’ Accounting for Postemployment Benefits, and accrued over the remaining service period of the employees.

Goodwill and Other Intangible Assets

On July 1, 2004, the Company adopted IAS 38, Intangible Assets which among other things ceased amortization of goodwill and other intangibles with indefinite lives but rather required the amounts be tested for impairment at least annually and more frequently if circumstances indicated a possible impairment. Under U.S. GAAP, SFAS No. 142, Goodwill and Other Intangible Assets would have been adopted by the Company on July 1, 2002 meaning that amortization would have ceased July 1, 2002.

Income Taxes

Under IFRS and U.S. GAAP, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using tax rates enacted or substantially enacted at the balance sheet date under IFRS, while U.S. GAAP requires the use of enacted rates.

Deferred tax assets on loss carryforwards and deductible temporary differences are recognized under IFRS only if it is probable that future profits will be available to utilize the deferred tax asset. No deferred tax liabilities are recorded for undistributed retained earnings of foreign subsidiaries if such retained earnings

27

AMCOR WHITE CAP

(A CARVED-OUT BUSINESS UNIT OF AMCOR LIMITED)

Notes to Combined Financial Statements

June 30, 2005

are not to be distributed in the foreseeable future. Under U.S. GAAP, valuation allowances are provided against the gross deferred tax assets for amounts which are not considered “more likely than not” to be realized. Under U.S. GAAP, no income taxes are accrued by the Parent Company for undistributed retained earnings of foreign subsidiaries if sufficient evidence shows that the subsidiary has invested or will invest the undistributed earnings indefinitely or that the earnings will be remitted in a tax-free liquidation.

In addition, the Company acquired certain carried forward tax losses as part of acquisitions that were not previously recognized as part of the purchase price allocation as management determined it was not probable that these tax losses could be utilized. Under IFRS, the subsequent recognition of these utilized losses as a deferred tax asset is included as part of the current year income tax expense. For U.S. GAAP purposes, the movement in the valuation allowance relating to the realization of these tax losses in subsequent periods would have resulted in a corresponding adjustment to goodwill.

Research and Development

Under IFRS, research and development expenditures that are considered to have a demonstrable future economic benefit and commercial value are capitalized by the Company and amortized over the period of time during which the benefits are expected to arise. Under U.S. GAAP, all research and development costs, except internal-use software are expensed when incurred.

28