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Seattle, WA, USA--(Jobwerx)--APRIL 7, 2005--Rexam PLC, the global consumer packaging group and the world's largest beverage can maker, announces its audited results under International Financial Reporting Standards (IFRS) for the year ended 31 December 2004. The full report, which contains detailed explanations of the IFRS and UK GAAP numbers and includes the auditors' reports, is available on the Rexam web site, www.rexam.com. The report also presents the unaudited results for the six months ended 30 June 2004 under IFRS as well as the audited financial position at 1 January 2005 following adoption of IAS32 and IAS39.

In July 2002 the European Union (EU) approved a regulation requiring all EU listed companies to prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). The regulation applies to accounting periods beginning on or after 1 January 2005. Rexam will publish its 2005 Interim Report and 2005 Annual Report and Accounts in accordance with IFRS.

This report has been prepared in order to provide financial information on the impact of Rexam’s transition from a UK Generally Accepted Accounting Principles (UK GAAP) basis to an IFRS basis, in advance of the publication of its first financial reporting under IFRS.

The financial information is set out in three sections:
. Section 1 - Audited financial information for the year ended 31 December 2004
. Section 2 - Audited financial information at 1 January 2005
. Section 3 - Unaudited financial information for the six months ended 30 June 2004

The rules for first adoption of IFRS are set out in IFRS1, "First-time Adoption of International Financial Reporting Standards". IFRS1 requires use of the same accounting policies in the IFRS transition balance sheet and for all periods presented thereafter. The accounting policies must comply with all IFRS effective at the reporting date for the first financial reporting under IFRS.

IFRS1 permits companies adopting IFRS for the first time to take exemptions from the full requirements of IFRS in the transition period. This financial information has been prepared on the basis of taking the following exemptions.
(a) Business combinations prior to 1 January 2004 have not been restated to comply with IFRS3 "Business Combinations".
(b) All cumulative actuarial gains and losses with respect to employee benefits have been recognised in shareholders’ equity at 1 January 2004.
(c) Cumulative translation differences on foreign operations are deemed to be zero at 1 January 2004. Any gains and losses recognised in the consolidated income statement on subsequent disposals of foreign operations will therefore exclude translation differences arising prior to the transition date.
(d) IAS32 and IAS39 have been adopted from 1 January 2005, with no restatement of comparative information.

The full year 2004 results prepared on an IFRS basis and those under UK GAAP can be summarised as follows:

Graham Chipchase, Group Finance Director, commented: "The transition to IFRS has gone well and we are pleased to present audited financial information well within the timescale laid down by the EU. We have addressed not only the financial effect but also the impact on systems, people and processes. As previously indicated in December 2004, the underlying profit and earnings per share for 2004 under IFRS are not significantly different to those reported under UK GAAP."

Rexam is one of the world's top five consumer packaging groups and the world’s leading beverage can maker. Rexam provides beverage packaging in metal, glass and plastic, as well as plastic packaging solutions for the beauty, pharmaceutical and food industries around the world. The Group employs more than 22,000 people in 24 countries worldwide and has an ongoing turnover of approximately £3.1 billion. Rexam is a member of the FTSE 100. Its ordinary shares are listed with the UK Listing Authority and trade on the market for listed securities on the London Stock Exchange under the symbol REX.

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