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TheStreet Open House

Sims Metal Management Announces Fiscal 2013 Half Year Results

Australasia

Sales revenue was down 10% on the prior corresponding period to $574 million. Statutory EBIT was $13 million in the first half of Fiscal 2013, a decline of 62% on the prior corresponding period. Underlying EBIT was circa $17 million. Results for the first half of Fiscal 2013 in Australasia were impacted by significant items that decreased EBIT by $4 million, which included loss on the completion of a sale in assets of a joint venture, reduction in fair value accounting revaluation on Chiho-Tiande Group derivatives, and redundancies. Scrap intake and shipments for the first half of Fiscal 2013 were 0.9 million tonnes each. Intake was lower by 5% on the prior corresponding period while shipments were 5% higher on the prior corresponding period.

Mr. Dienst stated, "Our pervasive focus on cost reductions globally has also extended to our Australia Metals business, where our talented team decreased controllable costs by $10 million in the first half of Fiscal 2013 compared to the prior corresponding period, while at the same time expanding their footprint. Underlying controllable cost reductions in the second half of Fiscal 2013 are expected to be sustained at an annualised run rate of circa $20 million by the end of the fiscal year.

Mr. Dienst said, "Our Australasian business was hampered by slightly lower volumes and lower average selling prices in the first half of Fiscal 2013, particularly in the face of a quiet Asian Pacific ferrous trading market. Through the first half of Fiscal 2013 we continued to selectively deploy new capital to this important region via acquisitions in the Western Australia and South Australia markets and the successful deployment of new downstream technology."

Europe

Sales revenue was down 10% on the prior corresponding period to $812 million and statutory EBIT was a loss of $6 million. Underlying EBIT was circa $12 million. Scrap intake and shipments in the region were 0.8 million tonnes each, a decline of 4% and 2%, respectively, on the prior corresponding period. Results for the first half of Fiscal 2013 in Europe were impacted by significant items that decreased EBIT by $18 million. The significant items consisted primarily of $18 million inventory adjustments to net realisable value in the UK.

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