Well, good morning everyone. I'm Tom Gorman, I'm the CEO of Brambles, and I'd like to thank you for joining us this morning. I'm going to start today's presentation with an overview of the key issues and a summary of the highlights of our 2012 results. Greg, our CFO, will then walk you through the financial results in more detail before I return to the stage and discuss the context and the outlook for the future.
So firstly, let's get into the business update. One of the key messages for today is that we have met our profit guidance. Our underlying results of $1.01 billion at actual exchange rates translates to $1.061 billion at 30 June 2011 foreign exchange rates, and that amount is in the range of our guidance, and if you recall we gave our guidance at June 2011 exchange rates. Now to give you an idea of how much currency has moved in 12 months, please note that at 30 June 2012 foreign exchange rates, our results would be about $90 million and that number would total $972 million, and mostly this is because of the weakness in the Euro relative to the US dollar. This is relevant to our guidance which I will come to shortly.
The second key message for us today is that despite the weak economic environment, we expect to keep growing and we are going to continue to invest to deliver that growth. We will keep developing and improving our businesses and we will keep investing in the expansion of our pooling solutions operations. That means expanding in new and underpenetrated segments, rolling out new products and services, and of course entering new countries. We are forecasting underlying profit in FY13 in the range of $1.01 billion to $1.07 billion. Now this forecast again is at 30 June 2012 foreign exchange rates. Our guidance represents growth of 4% to 10% on the FY12 results, which as I said previously, was $972 million, again at a common exchange rate of 30 June 2012.
On the next slide I'll discuss the 2012 highlights in a bit more detail. Our underlying profit for the year was within the range we forecast 12 months ago which we tightened, if you might recall, at the half-year result in February. We achieved constant currency sales revenue growth in all segments, which was in line with our guidance and we delivered our specific sales targets in RPCs, Containers and emerging markets, our three focus areas for growth. We delivered our efficiencies as forecast as well, and these came from the new global Pallet structure, from integrating IFCO and of course from streamlining Recall. Our business improvement program in the US which we refer to as Better EveryDay continued to deliver improved customer outcomes and to deliver the planned efficiencies. What we didn't do last year was sell Recall but our decision to cancel the divestment process in June was predominantly a result of deteriorating capital markets conditions increasing the execution risk on the transaction.