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Sims Metal Management Releases Special Committee Findings On UK Investigation; Goodwill Impairment

The impairment charges related to goodwill and other intangible assets are, in the aggregate, $354 million. $291 million of this impairment charge relates to North America Metals and will be recorded against the results for the half year ended 31 December 2012. $63 million of the impairment charge relates to UK Metals and UK SRS. The inventory write-down adjustments in the UK require the goodwill impairment in the UK to be considered in the context of prior periods. As a consequence of this reassessment, the goodwill impairment charge for the UK will be charged against restated prior period results.

Table 2:
Goodwill and other intangible asset impairment
 
(in A$ millions) HY13 Prior Periods Total
North America Metals $291 -- $291
UK Metals -- $25 $25
UK SRS -- $38 $38
Total Goodwill and other intangible asset impairment 1 $291 $63 $354
 
1) Depending on the impact of foreign exchange and the prior periods that are restated, the amounts of the impairment related to the UK in the prior periods column could vary from the amounts above.

Cautionary Statements Regarding Forward-Looking Information

This release may contain forward-looking statements, including statements about Sims Metal Management's financial condition, results of operations, earnings outlook and prospects. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project" and other similar words and expressions.

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