Sims Metal Management Results For Fiscal 2012 Half Year
Sims Metal Management (ASX: SGM, NYSE: SMS):
Highlights (Unaudited and in Australian Dollars Unless Otherwise Noted)
|(in A$ millions)|
|Net (Loss)/Profit After Tax||($557||)||$49|
|Diluted EPS (cents)||(270.0||)||24.0|
|UNDERLYING 1 :|
|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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV