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Sims Metal Management Announces Fiscal 2012 Results

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

Financial Results for the Full Year Ended 30 June 2012

Sims Metal Management Limited (the “Company”) today announced revenue of $9.0 billion and a net loss after tax, on a statutory basis, of $521 million, representing a loss of 253.3 cents per diluted share, for the year ended 30 June 2012. Net profit after tax (NPAT) in Fiscal 2012, on an underlying basis, was $77 million. See the Reconciliation of Statutory Results to Underlying Results for Years Ended 30 June 2012 and 30 June 2011 attached herein for more information. The primary difference between the statutory and underlying results is accounted for by non-cash goodwill impairment charges taken to account in the first half of Fiscal 2012.

Revenue increased 2 percent to $9.0 billion during Fiscal 2012. In Fiscal 2012, underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) of $253 million was a decrease of 39 percent on the prior corresponding period. In Fiscal 2012, underlying earnings before interest and tax (EBIT) was $124 million, a decrease of 56 percent on the prior corresponding period. In Fiscal 2012, underlying NPAT was $77 million, a decrease of 58 percent on the prior corresponding period. In Fiscal 2012, underlying earnings per share was 37.0 cents, a decrease of 58 percent on the prior corresponding period.

A final dividend of 10 cents per share was determined and is payable in October 2012. During Fiscal 2012, the Company repurchased 3 million shares in its on-market buy-back for a total cost of circa $39 million, representing an average cost of $12.67 per share. The Company invested $243 million in the aggregate into capital expenditures (CAPEX) and acquisitions and also made its first investment into mainland China during Fiscal 2012. Net debt as of 30 June 2012 was $292 million, or 11 percent of total capital.

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