FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer Pursuant

to Rule 13a-16 or 15d-16 of the Securities
Exchange Act of 1934

For the month of August 2006

Amcor Limited

(Translation of registrant’s name into English)

679 Victoria Street Abbotsford

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  x  Form 40-F  o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  x    No  o

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- 0000869428

AMCOR News Release

AMCOR ANNOUNCES FULL YEAR RESULTS

Amcor announced today that profit after tax and before significant items was $405.9 million for the year ended 30 June 2006. The final dividend remained unchanged at 17 cents per share, giving a full year dividend of 34 cents per share.

The company generated strong operating cash flow for the year of $522 million. After the payment of dividends, movement in working capital, and the cash component of significant items, the free cash flow was $214 million.

Significant items after tax were a net loss of $54.6 million. The cash component of the significant items was $26.0 million.

In announcing the result, Amcor’s Managing Director and Chief Executive Officer, Mr Ken MacKenzie said:

“This is a solid result given the difficult environment of substantial increases in input costs and reflects the defensive nature of the business. Although there were a number of adverse factors, the operating earnings before interest, tax and depreciation were down only 2.7%.

During the year, oil and energy related costs rose substantially. Raw material costs remained volatile making timely pass-through of these movements difficult, especially those caused by the hurricanes in North America. In Australia, cyclone Larry severely impacted corrugated carton sales in Northern Queensland.

On the positive side, there has been excellent progress on The Way Forward agenda which is a three year “get fit” program embracing all aspects of the company.

There has been substantial progress in the portfolio review with announcements of asset sales of over $400 million, the closure of a number of plants and the development of turnaround strategies for underperforming business sectors that will deliver substantial improvements over a three year period.

The focus on capital discipline is delivering a significant change in the company’s culture. For the 2006 year, there was a substantial improvement in operating cash flow and, after the payment of $309 million in dividends to shareholders, free cash flow was a positive $214 million.”

Amcor Limited

ABN 62 000 017 372

679 Victoria Street

Abbotsford Victoria 3067 Australia

Tel: 61 3 9226 9000 Fax: 61 3 9226 6500

www.amcor.com

“The benefits of The Way Forward program will not be fully reflected in this year’s earnings as a number of negative factors are continuing into the current year. In particular, there will be a full year impact of rising energy costs and the effects of lower volumes in the domestic corrugated carton business. Notwithstanding these short term issues the company is well placed to deliver significant improvements to earnings over the medium term.”

ENDS

For further information, please contact:

For Release: 23 August 2006

RESULTS FOR 12 MONTHS ENDED 30 JUNE 2006

(1)          Under AIFRS, the PACRS coupon payment is treated as interest. The comparative period is shown on the same basis, except for the impact of the 5% conversion discount which has been included only in the current period.

(2)          Significant items for the year ended 30 June 2006 relate to disposal of the Asian tobacco packaging businesses and fair value gains on the right to subscribe for shares in Vision Grande, offset by losses due to asset impairments, rationalisations, restructures and business disposals.

(3)          Before significant items.

PBIT by operating business - Continuing operations

(local currency)

(1) All hybrids treated as debt.

(2) Before significant items.

KEY POINTS(1)

Financial Results

•                  Profit before interest, tax, depreciation and amortisation (PBITDA) was down 2.7% to $1,249.1 million.

•                  Profit after tax and before significant items was down 11.5% to $405.9 million.

•                  Returns, measured as profit before interest and tax (PBIT) over average funds employed, were 11.3%.

•                  Operating cash flow, measured after the movement in working capital and the cash component of significant items, increased from $345.8 million to $522.3 million.

•                  The final dividend remained steady at 17 cents per share giving a full year dividend of 34 cents per share.

•                  Base capital expenditure was $441.8 million compared to depreciation and amortisation of $473.4 million.

•                  Working capital for continuing operations reduced by $123.2 million. However, the business group average working capital to sales ratio increased from 11.0% to 11.4% due to the poor first half performance.

•                  Significant items after tax were a net loss of $54.6 million. The cash component of this was $26.0 million.

Operational

•                  Amcor PET Packaging experienced good PBIT growth in North America and Europe. This was more than offset by poor performance in Latin America. There was strong growth in the custom PET segment of 27%;

•                  Amcor Australasia had a solid performance in the metals, glass and flexibles operations. Earnings in the fibre operations were very disappointing due to weaker volumes in the corrugated and carton business and some increased competitive pressure including from lower-priced imported carton board;

•                  Amcor Flexibles had a solid year with continued improvement in the underlying operating performance, partially offset by unrecovered increases in input costs;

•                  Amcor Sunclipse had a very good year with USD PBIT up 18.6%. This was achieved through an increase in margins and increased sales volumes;

•                  Amcor Asia had a good year in the flexibles and tobacco packaging operations. The business underwent substantial change with the sale of the corrugated operations and increased investment in the publicly listed company Vision Grande.

(1) Unless otherwise stated, data includes all operations (ie continuing and discontinued)

Amcor Limited ABN 62 000 017 372

679 Victoria Street Abbotsford Victoria 3067 Australia

GPO Box 1643N Melbourne Victoria 3001 Australia

Telephone: 61 3 9226 9000 Facsimile: 61 3 9226 9050

www.amcor.com

Consolidated Income Statement

Consolidated Cash Flow Statement

(1) Movement in working capital relates to continuing operations

Consolidated Balance Sheet

Final Dividend

Directors have declared a final dividend of 17 cents per share, 15% franked at 30 cents in the dollar. 75% of the dividend is sourced from the Conduit Foreign Income Account. The total dividend for the year is 34 cents compared with a total of 34 cents last year. The record date for the final dividend is 7 September 2006 and the payment date will be 29 September 2006.

The Dividend Reinvestment Plan (DRP) remains in operation with a zero discount. The issue price of DRP shares will be determined from the arithmetic average of the daily volume weighted average market price for the nine ASX business days 11 to 21 September 2006 inclusive. Shares will be sourced on market to satisfy the DRP.

Accounting Principles

The annual financial statements for Amcor Limited and its controlled entities have been prepared in accordance with Australian International Financial Reporting Standards (AIFRS).

When preparing the report for the full year ended 30 June 2006, management adopted certain changes to the accounting, valuation and consolidation methods applied in the previous AGAAP financial statements to comply with AIFRS. With the exception of financial instruments, the comparative figures were restated to reflect these adjustments. The consolidated entity has taken the exemption available under AASB1 to apply AASB 132 Financial Instruments: Disclosure and Presentation and AASB 139 Financial Instruments: Recognition and Measurement only from 1 July 2005.

In line with AIFRS and the exemption outlined above:

Profit and Loss Accounts

Balance Sheet

•                                          PACRS are treated as debt in the current period, but as equity in the comparative period.

Cash Flow

•                                          The overall cash flow does not change as a result of the adoption of AIFRS, however certain items are required to be re-classified between operating, investing and financing activities.

Significant Items

Significant items after tax for the year ended 30 June 2006 were a loss of $54.6 million (2005: ($265.8m)).

In 2006, the disposal of the tobacco packaging businesses in Asia, fair value gains on derivatives related to the Vision Grande acquisition and gains arising from Vision Grande’s equity issue contributed $81.0m in gains to significant items. This was offset by asset impairments across the Group of $63.4m after tax, market rationalisation in the Flexibles business of $38.9m, PET restructure of $8.6m, business restructures and loss on disposal of the Closures and Asian Corrugated and Sacks businesses of $22.2m. Remaining impacts were attributable to onerous leases and adjustment of pension funds.

Segmentals

On 1 July 2005, the consolidated entity changed the identification of its segments to combine the previously reported “Rentsch and Closures” segment with Amcor Flexibles. This is a result of changes in the management structure and reporting to the CEO. Amcor Rentsch management has responsibility for Flexibles in Eastern Europe and there is common infrastructure including co-location, resource sharing and similar technologies.

It should also be noted that, during the year to 30 June 2006, a detailed review of the corporate costs of the consolidated entity was undertaken and it was identified that $33.4 million (2005 restated: $33.1 million) of the total $76.0 million (2005: $85.4 million) is properly attributable to the results of the operating segments and, as such, has been allocated, based on relevant cost and service drivers.

Segmental Analysis

(Before significant items)

2

(All operations)

(All operations)

Group

Amcor PET Packaging had a mixed year with good performances in North America and Europe offset by a disappointing result in Latin America, mainly due to a poor performance in Mexico.

Profit before interest and tax (PBIT) was down 6.1% to USD 182.9 million. Returns, measured as PBIT over average funds employed, were lower at 9.4%.

Base capital expenditure was USD 153.6 million, of which over 40% was directed to the more technically demanding custom beverage business.

Despite rising raw material costs, working capital decreased by USD18.4 million.

Significant items were a loss of USD 16.8 million (before tax), of which USD 6.7 million was a cash outlay. Significant items were related to the restructuring activities for the operation in Poland, two plant closures in Mexico, and administration cost reductions and business streamlining activities in Europe and Latin America.

Overall, the business generated an operating cash flow of USD 195.2 million after the cash component of significant items, working capital movements and capital expenditure.

Volumes for the year were up 5.9% to 36.1 billion units. Custom containers were up 26.6% and are now 20% of total volume.

A key issue for the business has been the recovery of inflationary costs, primarily rapidly rising energy costs. Energy represents over 15% of non-material operating costs and this has risen sharply over the past 12 months.

Traditionally, industry contracts have not recaptured energy cost movements, and consequently the business had substantial under-recovery that impacted earnings. As contracts are renewed, energy cost recovery clauses are being included as part of standard commercial terms. However, it will take timeto implement across the entire business.

The annualised run rate for the higher energy costs was around USD 20 to 25 million. It is estimated that these increased costs negatively impacted earnings for the year by between USD 10 to 15 million with a significant proportion occurring in the second half.

North America

In North America, volumes were up 8.8% for the year after being up 15.5% for the first half. This growth was predominately due to a 26% increase in custom containers and a particularly hot summer in 2005 that assisted volumes in the carbonated soft drink (CSD) and water segment in the first half of the year. Lower volume growth in the second half of the year reflects the previously announced loss to self-manufacture of a significant piece of CSD business in Canada and the Northwest US.

The increase in the custom business was a result of strong growth in the isotonic beverage sector, together with ongoing expansion in the diversified product segment, including the liquor and personal care markets. The business reached agreement with PepsiCo to build a new USD 80 million plant at Wytheville, Virginia, for hot-fill Gatorade containers on a near-site basis to PepsiCo’s plant at that location. This plant is expected to commence operations by March 2007.

The business has successfully commercialised the new panel-less heat-set container, PowerFlex^TM. This patented design is currently being introduced into the market by a number of iced tea and functional beverage customers and additional manufacturing capacity is being installed to meet this growth.

Volumes also benefited from the first full year of an on-site facility for a major juice producer and a near-site facility for private label hot-filled juice products. Also assisting the volume increase were the custom expansion at the Franklin, Indiana, plant and the expansion of the heat-set gallon capacity in three markets.

The North American business strategy is to continue to support growth in the custom segment, backed by long-term contracts that recognise the technology and value that exist in its heat-set products. The company is targeting USD 120 million in capital in the 2006/07 year to support this growth. A key component of this will be the new plant at Wytheville. Other key projects include heat-set capacity expansion on the West Coast and PowerFlex^TM capacity installation in key markets.

In the water and CSD segments, volume growth was 3% for the year after being up 9% for the first half. Following the Coca-Cola decision to pursue self-manufacturing in the US Northwest and Canada effective January 2006, the business effected the closure of three plants in Canada. Much of the equipment was relocated to other sites, mainly in North America.

3

The business is being very selective in new investment in the CSD and water segments. New capital spending is supported by satisfactory long-term contracts that reflect Amcor’s need to recover inflationary cost increases, particularly energy.

Latin America

The business in Latin America achieved overall volume growth of 10% and growth in custom containers of 37% albeit off a low base. The region has favourable demographics, increasing income per capita and ongoing replacement of glass with PET that will continue to support this higher overall growth.

The business in Mexico had a disappointing year with earnings down substantially. The issues were predominately around management, footprint, manufacturing efficiencies and supply chain. A number of plants had low operating efficiencies which resulted in subcontracting out production and increasing the logistics and warehousing costs.

In March 2006, a new General Manager was appointed with the initial focus to develop a turnaround program for the business. The key elements of this program include closing two small blow moulding facilities and reviewing the entire supply chain to reduce handling, transport and warehousing costs.

The business will continue to obtain assistance from the North America operations via manufacturing and technical support.

Although the operations experienced a loss in 2005/06, they are currently operating at break even. Substantial improvement is anticipated in 2006/07, however the full year benefits from the turnaround plan, expected to be around USD 15 million per annum, will not be realised until 2007/08.

The businesses in Argentina and Brazil experienced substantially lower USD reported earnings for the year with unfavourable currency movements having a negative impact of USD 4 million.

In both countries, there was considerable inflationary cost pressure (inflation in Argentina was 13% and in Brazil was 10%) that was not fully recovered in the market.

In Brazil, the business signed a long-term contract with a major global customer for 25% of that business unit’s total volume. Volumes are expected to increase over the life of the contract enabling the business to lower the cost to produce. Some of these benefits have been shared with the customer via lower prices. Although this will result in a negative impact on earnings in the first year, due to some restructuring activities, satisfactory returns will be obtained across the life of the contract.

In Argentina, the 2004/05 earnings were helped considerably by substantial export volumes to Brazil. This did not continue in 2005/06 and a major customer commenced importing products from a neighbouring country to take advantage of cross-border tax benefits. The business in Argentina is a well-run organisation with a solid business base and satisfactory returns, however the very favourable conditions in 2004/05 are not likely to be repeated.

Europe

In Europe, volumes were up 1.3% on a continuing business basis. At the end of the prior fiscal year, the plant in Turkey was closed so that the actual volume movement was a reduction of 3%.

Across the business there was good growth in the United Kingdom, driven by increases in the water and custom beverage segments as well as good progress in expanding the diversified product business. The volumes in Continental Europe were flat on the previous year, with a reduction in Germany offset by growth in Spain, while France was steady on last year.

The custom plant at Brecht, Belgium also had stable volumes, and it is currently transitioning a number of products from multilayer to monolayer barrier technology.

During the year, the plant in Poland was downsized to reflect a smaller business base. The management team has decided to exit the market there and recently reached agreement to sell the business to a competitor.

The PET recycling facility at Beaune in France had another year of solid performance.

The key issue for the business in Europe was the recovery of increased energy costs. In the UK and much of Continental Europe, energy costs rose substantially and it was difficult to pass these increases on to customers. As contracts are renewed, energy cost recovery will be included as a standard clause. However, this process will take time to be fully implemented.

In an environment of flat volumes and rising energy costs, manufacturing performance was excellent and profits were ahead of the previous year. The management team in this region did an excellent job in managing costs and capital to maximise earnings in a challenging business environment.

Group outlook

The outlook for the PET Packaging business is for a modest improvement in earnings in the 2006/07 year. Rising costs, particularly energy, will severely dampen the first half earnings, compared to the same period last year.

As the year progresses, the turnaround in Mexico and the improved recovery of energy cost increases will improve earnings, but the full benefit of these improvements will not be evident until the 2007/08 year.

4

(All operations)

(All operations)

Group

The Australasian business had a difficult year with profit before interest and tax down 16.9% to $262.4 million. Returns, measured as PBIT over average funds employed, were lower at 14.3%.

Despite rising raw material costs, working capital decreased by $13.5 million.

Base capital expenditure for the year was $105.2 million, compared to depreciation of $121.8 million.

Overall, the business delivered an operating cash flow of $292.5 million, after capital expenditure, cash significant items and movement in working capital.

Across the business units, the rigid, flexibles and glass operations produced solid results with overall improved earnings and returns.

Offsetting this good performance was a difficult year in most aspects of the fibre operations, which impacted both earnings and returns. This business has undergone significant change over the last twelve months including the appointment of a new management team. This team has developed a comprehensive turnaround plan, details of which have been announced today. This plan will deliver substantial improvement in both earnings and returns over the next few years and, ultimately, reposition the business to achieve Amcor’s target returns.

In the short term however, the current trend in earnings will continue.

Fibre Division

Sales

The Corrugated Box business had a difficult year. The overall volumes declined by 5%. In Australia, the second half volumes declined by 5.5% after being down just over 4% in the first half and, in New Zealand, volumes were down in the second half just over 5% after being flat in the first half.

The decline in volume in Australia was due to some loss of volume to competition in the first half and, in New Zealand, the decline was due to the loss of the Fonterra contract in the second half. Overall, the business was affected by general market softness and some specific industry issues.

In particular, the fruit and produce sector was down nearly 9% in the second half and 5.5% for the full year. This was caused by the following factors:

•                  The impact of cyclone Larry in Northern Queensland that destroyed the banana crop and severely impacted a number of other produce sectors. Amcor has a high market share in this higher quality product segment. The lower volumes will have a continuing impact on earnings in the 2006/07 year.

•                  Continuing growth in the use of Returnable Plastic Crates (RPC).

The industrial segment continues to be impacted by an increase of manufactured goods being produced offshore resulting in a decline in volumes of 5%.

In the grocery segment, there was continued growth in imports of filled products with customers relocating offshore and retailers increasing imports for house brands. Overall, this segment was 6% lower with the trend in the first half continuing for the full year.

The market dynamics in New Zealand changed substantially during the year with an aggressive drive by competitors to secure additional volume leading to a loss of some accounts and substantial price reductions to retain business.

•                  New Zealand volumes were down 3% overall. The kiwifruit season was much improved on the previous year with volume up 31% but this was offset by a poor apple/pear season, down 16%. Meat was up 14% on the back of higher kill rates and an improved export market. Dairy was down 19% as the business lost a major customer in Fonterra at the end of the first half, although the impact on volumes did not commence until March 2006.

In carton converting, volumes were down 8% across Australasia. Demand was weaker in the Australian grocery and tobacco segments. Some business was lost as customers relocated offshore.

Operations

Corrugated and Cartons

During the year a SAP management information system was installed across the Australian corrugated business on a state-by-state roll-out. This had the effect of creating some operational adjustments as the system was implemented in each state, resulting in extra costs and reduced efficiencies. Although this was an impost in the 2005/06 year, it will be of substantial benefit going forward in improving service and delivery performance.

The business also faced a number of inflationary cost pressures through the year which it could not fully recover in the market place.

As a result of the above factors, gross margins, which were largely unchanged in the first half, declined in the second half. This was particularly so in Queensland and New Zealand.

5

Earnings and margins were also lower in the folding carton business predominately due to lower volumes.

Paper

The paper manufacturing operations consist of the recycled paper mills, which produce paper for the corrugated box business, and the cartonboard mill, which supplies board to the folding carton segment.

The recycled mills had a difficult year with domestic volumes down 5%, while export volumes were 28% higher but at lower margins.

Operating costs increased during the year via input price increases and higher plant costs. These were not recovered in the marketplace.

Sales by the cartonboard mill in Petrie, Queensland, to both Amcor’s folding carton business and to external domestic customers were lower due to market conditions and the loss of sales previously supplied to Carter Holt Harvey. Import prices of board continue to put pressure on domestic selling prices and average prices were around 3% lower in the 2005/06 year and are expected to be lower again in the 2006/07 year.

Export cartonboard volumes were up 30% but prices in Australian dollar terms were lower than the previous year.

Sales and Marketing organisation

During the year, the corrugated business made substantial changes in the sales and marketing functions. The national sales structure put in place in 2002 reverted back to a regional structure. An additional 16 sales people have been employed to better service the needs of customers and there has been a substantial change in the senior management of the sales team. For the coming year, there is an extensive program to build capability and to increase effectiveness in this area.

Turnaround Plan

During the past 12 months, the new management have developed a comprehensive turnaround plan that has the primary objectives of:

•                  lowering the cost base;

•                  improving operating efficiencies; and

•                  upgrading commercial sales and marketing skills.

The key components of this plan include:

Corrugated

Already announced and currently being implemented is the reduction from three corrugated plants to two in the Queensland market, through the relocation of the corrugator and converting equipment from West End to Rocklea. As part of this project, new equipment is being installed at Rocklea. Following the closure of the West End site, Amcor will be the low cost producer in that market.

In Victoria, the operations will reduce from three corrugated sites to two, with the announcement of the closure of the site at Box Hill.

The two remaining corrugated operations in Victoria will be upgraded to further improve their competitiveness.

In NSW, the new management team is finalising a review of that state’s operation. This is likely to involve some restructuring and plant upgrades to reduce costs.

Paper

After an extensive review process, it has been decided to undertake a detailed feasibility study for a new paper recycling mill at Botany, New South Wales.

The new mill would be targeted for completion in the 2009/10 financial year.

As part of this review, it has been decided to close the recycled paper mill at Spearwood, Western Australia in September 2006. In the cartonboard segment, there has been an extensive review of the Petrie cartonboard mill in Queensland. The mill is globally cost-competitive in reel production, however the sheet conversion process will be restructured to reduce costs.

Cartons

In the folding carton segment, a new, larger format printing machine and conversion equipment will be installed at Botany to lower the cost base and enable targeting of new growth opportunities. This will also enable the transfer of some work from NSW to operations in Victoria and Queensland to improve overall efficiencies.

Summary of Benefits

This turnaround plan will deliver low-cost corrugated manufacturing operations with an excellent geographic coverage. The new recycled paper mill will aim to deliver the lowest cost position in Australasia in recycled paper and the cartonboard mill will have a globally competitive cost base.

These initiatives are estimated to have a net cost of around $300 million and deliver cost reductions of $60 to $80 million per annum. The timing for these improvements will be spread over the next few years with cost reductions from this plan in 2007/08 expected to be around $40 million.

Flexibles Division

The Flexibles business had a solid year with improved earnings and returns. The division consists of four operating units: polyethylene, laminations, New Zealand Flexibles and multiwall sacks.

The polyethylene business continued to deliver improving performance, with volumes up slightly and improved earnings and returns. A new flexographic press was installed in Queensland and a further press is to be installed in Victoria in the coming year to meet ongoing growth in the market. There was some difficulty in recovering all the resin price increases, particularly in the commodity products.

The laminations business had a difficult year with softness in the confectionery segment and a slowing in growth in the pouch market. The rationalisation from two sites to one in NSW was successfully completed and this will improve the operating efficiencies in that market. Two new gravure machines, one in Victoria and one in NSW, were commissioned in the last quarter of the 2005/06 year, and these will assist in improving earnings in the 2006/07 year.

The business in New Zealand had a difficult year with aggressive pricing in the market making it difficult to recover resin price increases. A new extrusion line and flexographic press were commissioned during the second half of the year and new volume to support this investment has been secured which will assist earnings in the 2006/07 year.

The multiwall sack business had a good year, with improved earnings and returns. There has been substantial product rationalisation and plant restructuring which has improved the cost base and operating efficiencies. New patented product developments for the dairy and food ingredients markets were contributors to the increased profit.

6

In summary, the flexibles business has undergone substantial rationalisation and re-capitalisation over the past 12 months with four new printing/co-extrusion machines installed across three states, as well as two in New Zealand. These machines will improve quality, reduce costs and ensure the business continues to offer improved value propositions to our customers. It is expected that this business will deliver solid growth in sales and earnings over the next few years.

Rigid Division

The aluminium beverage can business produced another solid result with both earnings and returns ahead of the previous year. Volumes increased 6%, mainly due to growth in the multipack soft drink segment. The ready-to-drink alcoholic sector also achieved additional volumes, although growth in this sector has moderated from the high levels of the past few years.

The closures operations had a more difficult year, with earnings lower due to price pressure and some plant inefficiencies related to capital investment to support growth. Going forward, the business will benefit from growth in wine screw caps, custom moulded plastic closures and sports cap segments.

The food can and aerosol can businesses achieved good earnings growth in a challenging market environment, given the substantial increases in the price of tin plate in the first half of the year.

The glass wine bottle operation had another strong year with increased earnings as the second glass furnace moved to full capacity. Ongoing sound productivity and a full year’s production from the second furnace will deliver continued improvement in earnings for the 2006/07 year.

Group outlook

The outlook for the Australasian business is for substantially lower earnings in 2006/07 as the second half run rate of 2005/06 continues into this year.

Beyond 2006/07, this business has substantial upside in the corrugated and flexibles operations with new capital and improved operating efficiencies delivering a lower cost base.

7

(Continuing operations only)

(All operations)

Group

The Flexibles business had a solid year overall in difficult circumstances with profit before interest and tax up 2.6% to €115.6 million. Returns, measured as PBIT over average funds employed, were higher at 12.5%.

The sales, PBIT and average funds employed shown in the table above for both 2005 and 2006 do not include the contribution from those parts of the White Cap Closures operations where the sale has been completed or will be completed in the near future. The earnings from these businesses are included in the discontinued businesses disclosure.

Working capital decreased by €55.4 million and base capital expenditure was €90.7 million.

Significant items were €65.0 million (before tax), predominately for the closure of two plants in the processed food sector, the loss on the sale of the White Cap Closures business, and asset writedowns. The cash component of the significant items was €11.0 million.

Food Flexibles

The Food Flexibles business consists predominantly of the plants serving the processed and fresh food markets in Western Europe. It coordinates the food packaging strategy with the flexibles operations in other regions.

Sales were up 1.4% to €970.8 million, although volumes were lower. There was solid progress in earnings due mainly to an ongoing improvement in the processed food business.

Resin costs increased substantially through the half and, although by year-end, the costs had largely been recovered, there was a lag in recovery in some sectors, particularly where films are a substantial component of the finished product.

In the bread, produce and frozen food sector, the difficulties that arose in the United Kingdom bread bag plants during the first half, with strong customer demand exceeding capacity, eased in the second half as new equipment purchased in 2005 became fully operational. This business should continue to improve in the current year.

The chilled food sector had a mixed year with good results in a number of market segments, especially yoghurt, which saw good sales growth, offset by ongoing disappointing results from the plant in Lund, Sweden and competitive pricing in the meat and fish packaging categories. The Lund improvement plan is addressing its remaining operational and strategic issues.

The chilled food sector has a substantial product innovation pipeline based around enhanced shelf life, easy-opening and re-sealable features that will assist in delivering improved margins over the next few years.

The processed food sector had a substantially stronger year with earnings and returns well up on the previous year. It is developing strong commercial strategies focusing on attractive segments such as coffee, ready meals and liquid beverages. As a result of these initiatives, the processed food business should deliver returns in excess of the cost of capital this year.

The closure of the plant in the United Kingdom is proceeding to schedule and the business transfer programme has commenced. Production will cease in January 2007. Key pieces of equipment will be transferred to other Amcor sites, including Russia.

For the plant closure in Germany, the social plan has been agreed and business transfers have commenced. Production will finish by November 2006.

The planned benefit from the closure of these two plants is €10 million and will be fully realised in the 2007/08 year.

The major challenges for the food flexibles business in the 2006/07 year are the recovery of non-resin cost increases, particularly aluminium foil, energy and wages, tighter management of working capital and the continuing delivery of improvements in under-performing plants. With oil prices remaining high, it is anticipated there will be further pressure on raw material prices that will need to be recovered in the marketplace.

Healthcare

Formed in April 2006, Amcor Flexibles Healthcare incorporates Amcor’s flexible packaging activities in the Americas and healthcare packaging plants in Europe. Amcor Flexibles Healthcare is a global leader in flexible packaging for the medical and pharmaceutical markets. Headquartered in Chicago, USA, it has over 2,200 employees and 16 manufacturing facilities in 10 countries. In addition, the group coordinates strategy and commercial activity with the flexible healthcare activities in Asia. Overall sales were €523 million, up 7.5% on the previous year.

8

Healthcare Americas

Sales increased 9% through a combination of the commercialisation of new products, the impact of pass through of higher raw material costs and targeted volume increases.

Despite raw material supply and cost volatility, which was particularly accentuated by hurricanes Rita and Katrina, the business was able to maintain continuity of customer supply.

Improved operational performance, particularly in reducing waste, combined with good sales growth to deliver higher earnings.

The business has commenced work on the installation of a new press and laminator. This investment will serve to support the growth strategy of the business by increasing its offerings in selected attractive segments while leveraging strong European technologies and customer relationships.

Healthcare Europe

Sales increased 8% through growth in the medical, pharmaceutical and personal care segments as well as the pass-through of raw material price increases.

The business had a mixed result for the year with strong performance across a number of plants offset by a poor result at one site. This poor performance is being addressed through a focus of key resources on increasing export sales, decreasing the plant’s cost base and improving its operating efficiencies.

Amcor Flexibles Healthcare’s outlook for the 2006/2007 year is positive, anticipating continued sales growth and improved earnings.

Rentsch

Amcor Rentsch has leadership of Amcor’s global tobacco packaging business and the Amcor Flexibles operations in Eastern Europe. Sales for the year were up 13.8% to €348.1 million.

The folding carton business, which predominately supplies the tobacco industry, had a sound result with earnings slightly ahead of the previous year.

Sales were higher for the year, although growth was lower in the second half as the pull forward of demand into the first half due to tax increases in Western Europe was not repeated in the second half. There was continued sales growth in Eastern Europe due in part to the full year impact of additional capacity installed in Russia in October 2004.

Over the past 10 years, cigarette production has progressively moved from Western Europe to Eastern Europe to more closely match production with consumption on a country basis. This trend is ongoing and Amcor has benefited from being a first mover into Eastern Europe and Russia.

The new high-speed press installed in France in September 2005 continued to improve operating efficiencies as the year progressed, although it is still not fully loaded.

Graphic health warnings on tobacco packaging are starting to be introduced in Europe, with Belgium implementing the EU directive from 2007. Preparing the business for the transition is requiring progressive upgrading of the presses with additional colour printing stations. This program is ongoing.

The outlook for the folding carton business is for another solid year.

The Eastern European flexibles business consists of the plant in Poland and the new greenfield plant in Novgorod, Russia, located adjacent to the tobacco packaging plant. The business in Poland delivered improving results as the year progressed and the new plant in Russia has received strong customer support. A second press relocated from the Colodense plant in the UK, which is closing, will be installed over the next 12 months to meet the continued growth in demand. It is expected that the new flexibles plant in Russia will make a modest profit in the 2006/07 year.

Group outlook

The outlook for the flexibles business is for positive benefits from the restructuring in processed foods and improving performance at underperforming plants to be partially offset by rising input costs and ongoing volatility in resin-based raw material costs.

Overall, earnings and returns are expected to be moderately higher.

9

(All operations)

(All operations)

Amcor Sunclipse had a strong year with profit before interest and tax (PBIT) up 18.6% from USD 41.0 to USD 48.6 million. Returns, measured as PBIT over average funds employed, were higher at 18.9%.

Sales for the year were up 5.6% to USD 965 million due to a combination of increased raw material costs and increased volumes.

Base capital expenditure for the year was USD 9.1 million compared to depreciation of USD 9.9 million. Working capital increased by USD 7.4 million. There were no significant items.

Overall operating cash generation after working capital movement and capital expenditure was USD 42 million.

Over the past 12 to 18 months, Amcor Sunclipse has undertaken a number of projects to ensure its processes and systems are appropriate in this new environment of continued rising input costs. The business has been focused on:

•                  recovering cost increases in the market in a timely manner;

•                  customer and product profitability; and

•                  improving back-office capabilities to enhance customer service and reduce costs via a new business services centre.

The success of these programs was evident in the improvement of gross margins which was achieved despite substantial cost increases for raw materials, energy and freight.

Linerboard costs increased on three separate occasions between November 2005 and May 2006 by USD 30, USD 40 and USD 50 per short tonne. These increases were managed through to customers with minimal impact on margins.

During the year there were numerous increases in costs for plastic-based products, such as stretch wrap and protective packaging, and these were also successfully passed on to customers.

Freight costs also increased substantially and the business applied freight surcharges to many accounts, ensuring these costs were largely recovered.

An important element in developing new sales has been the growth in the number of sales people via the Amcor Sunclipse training program. At June 2006, there were 125 new sales trainees active in the field compared to 47 at June 2005. These additional people had a positive impact, especially in the second half, that will continue in the current year.

Over the past six years, the business has developed a number of distribution locations outside of California, some of these via acquisitions and a number as greenfield startups. It has taken a number of years to establish the correct “hub and spoke” logistics and critical mass for many of these operations. It is pleasing that over the past 12 months, a number of these smaller distribution centres have substantially improved profitability.

During 2004 and 2005, Amcor Sunclipse moved the majority of its back-office functions out of California to the lower-cost location of Tempe, Arizona. This transition caused some disruption,. however progress has been achieved in the second half of the year in reducing working capital and improving customer service.

Outlook

The outlook for Amcor Sunclipse remains positive. The 2006/07 year has started well, and provided economic conditions do not deteriorate, earnings are expected to be higher.

10

(Continuing operations only)

(All operations)

Amcor Asia had a solid year with improved earnings across most of the continuing businesses. The earnings for the business reported in the 2005/06 profit before interest and tax (PBIT) line comprises an operating PBIT of SGD24.7 million and an equity accounted profit after tax of SGD12.0 million. The latter contribution is predominately from the investment in the Hong Kong publicly listedcompany Vision Grande.

The sales, PBIT and average funds employed for both 2005 and 2006 does not include the contribution for the corrugated operations sold during the 2005/06 year. The PBIT for these businesses is included in the discontinued businesses disclosure.

Returns, measured as PBIT over average funds employed, were 12.7%, however this measure includes the equity accounted profit after tax of Vision Grande and hence is not strictly comparable to the returns measure for the other business units.

During the year, the business underwent substantial change. In February 2006, the sale of the corrugated, sacks and closures business was announced, for a combined value of around SGD16 million. In aggregate, the businesses sold were loss making for the 2006 year.

In December 2005, Amcor announced it had elected to increase its ownership in Vision Grande from 16.7% to 44%, via the injection of its two tobacco packaging operations in China, exercising its previously granted option over Vision Grande shares and taking up an issue of new shares. These transactions were approved by shareholders of Vision Grande in February 2006.

In May, Vision Grande purchased the remaining 68.5% of World Grande Holdings Limited that it did not previously own. Part of the purchase price was an issue of shares to the previous owners of World Grande Holdings Limited. Following this transaction, Amcor’s ownership in Vision Grande is 40.1%.

In May 2006, Mr Billy Chan, the Managing Director of Amcor Asia, was appointed Executive Chairman of Vision Grande, and Mr Peter Downing and Mr David Hodge, also executives of Amcor, were appointed to the Vision Grande Board.

On 14 August, 2006 Vision Grande announced that its unaudited first half results were up 20.7% to HKD83.5 million. Amcor’s equity accounted share of the full year earnings from Vision Grande was SGD10.8 million. Amcor received dividends of SGD7.2 million from Vision Grande during the 2005/2006 year.

Full details can be obtained from the Vision Grande website at www.vision-grande.com

The tobacco packaging business outside of China consists of two plants in Singapore and Malaysia. The 2005/06 year’s operating PBIT also included 8 months’ contribution from the two plants in China which were divested to Vision Grande. Overall the tobacco packaging plants delivered an improved result with good sales growth across most of the plants.

The flexible packaging business consists of a medical flexible plant in Singapore and two plants in China focused on the food business.

During the year, a new blown film extruder was installed in the Singapore plant to serve the growing medical packaging market.

The flexibles plants in China continue to deliver solid returns. The business is currently relocating the Zhongshan plant in southern China to new premises with improved facilities to enable further growth.

Outlook

The wholly owned tobacco packaging and flexibles plants continue to deliver solid results and should improve earnings in the 2006/07 year.

11

DETAILS OF CONSOLIDATED SIGNIFICANT ITEMS BEFORE INCOME TAX

(a) Includes impact of Vision Grande transactions of A$44.5m (fair value of right to subscribe to VG shares, fair value of derivatives related to Vision Grande $32m, profit on dilution of shareholding $12.5m.)

12

2006 Cash Flow by Business Group – All operations