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Sims Metal Management Results For Fiscal 2012 Half Year

Stocks in this article: SMS

Sims Metal Management (ASX: SGM, NYSE: SMS):

Highlights (Unaudited and in Australian Dollars Unless Otherwise Noted)

(in A$ millions)

Revenue $4,584 $3,951
EBITDA 2 $69 $149
EBIT ($553 ) $82
Net (Loss)/Profit After Tax ($557 ) $49
Diluted EPS (cents) (270.0 ) 24.0
Revenue $4,584 $3,951
EBITDA 2 $141 $138
EBIT $77 $71
NPAT $46 $43
Diluted EPS (cents) 21.9 20.7
  • Non-cash goodwill impairment charges of $614 million ($594 million after-tax)
  • Net debt of $324 million as of 31 December 2011 representing 12 percent of total capital
  • Scrap intake and shipments increased by 10 percent each on the prior corresponding period to 7.3 million tonnes and 7.2 million tonnes, respectively
  • Interim dividend of 10 cents per share (unfranked)
  • Completed four acquisitions in North America, two in Europe and one in Australia
  • Initiated an on-market share buy-back and to date have repurchased 2.0 million shares at an average cost of $12.78 per share
  • On 17 January 2012, the Company made a strategic investment to acquire up to 20 percent of HKSE listed Chiho-Tiande Group, a PRC- and Hong Kong-based recycler

1 See table attached that reconciles statutory and underlying results.

2 EBITDA is an unaudited measurement of non-conforming financial information. See attached table that reconciles EBITDA to statutory NPAT.

Financial Results for the Half Year Ended 31 December 2011

Sims Metal Management (the “Company”) today announced revenue of $4.6 billion and a net loss after tax, on a statutory basis, of $556.5 million, representing a loss of 270.0 cents per diluted share, for the half year ended 31 December 2011. Net profit after tax (NPAT) in the first half of Fiscal 2012, on an underlying basis, was $45.5 million, an increase of 7 percent on the prior corresponding period. See the Reconciliation of Statutory Results to Underlying Results for Half Years Ended 31 December 2011 and 31 December 2010 included herein for more information.

Revenue increased 16 percent to $4.6 billion during the first half of Fiscal 2012. Underlying EBITDA (earnings before interest, tax, depreciation, goodwill impairment and amortisation) of $141.1 million was an increase of 2 percent on the prior corresponding period. Underlying diluted earnings per share (EPS) was 21.9 cents per share, an increase of 6 percent on the prior corresponding period.

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