As investors are aware, the Company's dividend policy is to distribute 45% to 55% of NPAT, subject to the Board's discretion. In the absence of statutory NPAT, even after looking through goodwill impairment, the Company has determined not to pay a dividend for the first half Fiscal 2013 period. The Company's dividend policy remains unchanged.In the first half of Fiscal 2013, the Company's total scrap intake and shipments were 6.0 million tonnes and 5.9 million tonnes, respectively. Scrap intake and shipments decreased 18% and 17%, respectively, on the prior corresponding period, and mostly in North America. On 15 February 2013, the Company reported that the impact of the UK matter resulted in inventory write-down adjustments in the UK of circa $78 million, of which $17 million would impact the first half results of Fiscal 2013. The remainder of the impact of the UK matter resulted in the restatement of Fiscal periods 2010, 2011, and 2012, which is provided in Note 2 of the financial statements as of 31 December 2012.
|Results at a Glance|
|(in A$ millions)|
|Diluted loss per share (cents)||(144.5)||(307.2)|
|Diluted earnings per share (cents)||4.8||20.0|
|1 EBITDA is an unaudited measurement of non-conforming financial information. See attached table that reconciles EBITDA to statutory net profit (loss). 2 See table attached that reconciles statutory and underlying results.|