SIMS LIMITED — Interim / Quarterly Report 2014

Feb 13, 2014

Interim Results Half year ended 31 December 2013

Galdino Claro , Group Chief Executive Officer Rob Larry , Group Chief Financial Officer 14 February 2014

Disclaimer

Cautionary Statements Regarding Forward-Looking Information

This presentation 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.

These forward-looking statements involve certain risks and uncertainties. Our ability to predict results or the actual effects of our plans and strategies is subject to inherent uncertainty. Factors that may cause actual results or earnings to differ materially from these forward-looking statements include those discussed and identified in filings we make with the Australian Securities Exchange and the United States Securities and Exchange Commission (“SEC”), including the risk factors described in the Company’s Annual Report on Form 20-F, which we filed with the SEC on 16 October 2013.

Because these forward-looking statements are subject to assumptions and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this release.

All subsequent written and oral forward-looking statements concerning the matters addressed in this presentation and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this release. Except to the extent required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date of this release.

All references to currencies, unless otherwise stated, reflect measures in Australian dollars.

Financial Overview (HY14 v HY13)

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Sales Revenue Cash from operations
$3,593m 5% $38m -51%
Underlying EBITDA [1] Net Debt
$129m $121m
38% -59%
Underlying EBIT Gearing [(ND/ND+E)]
$68m 5.7%
118% -57%
Underlying NPAT Underlying EPS [(diluted)]
$42m 348% 20.3c 351%
Statutory NPAT Statutory EPS [(diluted)]
$9m n/m 4.5c n/m
Sales Tonnes Interim dividend
6.1Mt 3% nil
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1. Underlying excludes goodwill and other intangible asset impairments, and all other significant items n/m = not meaningful

Key Earnings Drivers

A$m

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30 129
6
-3
93 3
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Underlying EBITDA of $129m, up 38%

• North America EBITDA increased by $3m over HY13, benefiting from higher sales volumes, lower controllable costs. Higher earnings from Metals, offset by lower earnings from Sims Recycling Solutions (“SRS”) e-recycling.

• Australasia EBITDA increased by $30m over HY13 due to stronger sales volumes coupled with an expansion in sales margins, and higher income from joint ventures

• Europe EBITDA declined $3m over HY13, where stronger sales volumes and improved earnings in UK Metals, were offset by weakness in SRS, particularly in the UK

• Underlying excludes goodwill and other intangible asset impairments, and all other significant items

Earnings Recovery Slowly Building

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$m Group EBIT & EBITDA A$/t
� Underlying earnings slowly building despite 300 8%
persistent challenging market conditions in
7%
many of our key markets 250
6%
�
Earnings improvement driven by performance
200
from metal recycling in North America, 5%
Australia and the UK, offset by lower SRS
150 4%
earnings in North America and the UK
� Net debt reduced further to $121m or 5.7% of 3%
100
total capitalisation due to cash flow from
2%
operations and prudent approach to capital
50
allocation 1%
0 0%
1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14
1 1
EBIT EBITDA EBITDA margin (RHS)
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1. Underlying excludes goodwill and other intangible asset impairments, all other significant items

Significant Cost Reductions Achieved

• $110 million in annualised underlying controllable cost reductions since H2 FY12, on a constant exchange rate basis. Targeted circa $100 million run rate exceeded.

• Cost reductions represent 9% reduction in underlying controllable costs

• Achieving further cost reductions remains a priority

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A$m
-44 8
-19 49
579 573
524
A$55m underlying
controllable cost reduction at
constant exchange rates [2]
1
Europe
Impact
Australasia Currency
2H12 HY14 HY14
Controllable Costs North America Controllable Costs (ConstantCurrency) Controllable Costs
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1. Underlying excludes goodwill and other intangible asset impairments, and all other significant items 2. HY14 costs adjusted to FY12 average rates of AUD:USD 1.0319, AUD:EUR 0.7707, AUD:GBP 0.6514

External Operating Environment

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United States Australia United Kingdom
GDP Growth [1] 1.9% 2.3% 1.9%
Unemployment [2] 6.6% 6.0% 7.1%
Consumer
81 100 -7
Confidence [3]
Purchasing
51 47 57
Managers Index [4]
New Car Sales [5] 15.6m 1.1m 2.3m
Steel Production [6] 87.0mt 4.6mt 11.9mt
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• 1) Annual GDP growth (source: BEA, ABS, ONS)

• 2) Latest monthly data (source: BLS, ABS, ONS)

• 3) Latest monthly data (source: Conference Board, WestPac, GfK NOP)

• 4) Latest monthly data, >50 indicates expansion (source: ISM, AIG, Markit)

• 5) 2013 change over previous year (source: Wards Auto, ABS, SMMT) 6) 2013 crude steel production change over previous year (source: WSA) Improvement / decline on the prior period

Operational Overview

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8
HY13 HY14
5.93 6.13
6 +3%
4.23 4.34
4
2 0.90 0.98 0.80 0.81
0
North America Australasia Europe Total Group
80 68
60 48 +118%
40 31
20
20 7 12 11
2
0
North America Australasia Europe Total Group
)
2
Sales Volumes (mt
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North America

Australasia

Europe

• 9% increase in sales volumes

• Improved brokerage volumes

• Stronger sales margins

• Slightly lower sales margins

• Increased income from

• � Lower controllable costs joint ventures in local currency terms

• Increased sales volumes in UK Metals business

• Higher earnings in UK Metals offset by weaker earnings from SRS, largely in UK SRS operations

• Underlying excludes goodwill and other intangible asset impairments, all other significant items, and unallocated group corporate costs 2. Sales volumes in million metric tonnes

North America Regional Results

A$m	HY14	HY13	Chg %
Sales Revenue	2,182.1	2,043.3	6.8
EBITDA1	41.1	37.7	9.0
EBIT1	6.8	1.9	257.9
Sales Volumes (mt)	4.342	4.233	2.6
Sales Margin (%)	15.1%	15.4%

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A$m
5
38
41
24
-33 7
HY13 Sales Volumes Controllable FX HY14
EBITDA margins Costs EBITDA
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Performance

• North America underlying EBITDA of $41m improved 9% over HY13

• Regional results impacted by lower earnings from SRS business

• Sales margin decline impacted by earnings decline in SRS, as well as a mix shift towards lower margin ferrous brokerage volumes

• Stronger sales volumes boosted by improved ferrous brokerage sales

• Controllable costs reduced by $24m over HY13, prior to the impact of exchange rates

Strategic Progress

• Divestiture of non-core Aerospace Metals and Birmingham, Alabama metals recycling assets

• Completion of New England expansion, with greenfield yard, shredder, and export facility fully operational and New York Municipal Recycling Plant during late HY14

• Underlying excludes goodwill and other intangible asset impairments, all other significant items, and unallocated group corporate costs

Australasia Regional Results

A$m	HY14	HY13	Chg %
Sales Revenue	596.9	573.6	4.1
EBITDA1	61.9	32.1	92.8
EBIT1	47.6	19.5	144.1
Sales Volumes (mt)	0.975	0.899	8.5
Sales Margin (%)	27.7%	20.6%

• Australasia underlying EBITDA of $62m increased by 93%, boosted by stronger volumes and sales margins, and increased income of joint ventures

• Significant increase in sales margins from improved intake and market consolidation

• Sales volumes 9% higher over HY13

• Higher controllable costs due to 18% increase in intake volumes over HY13

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A$m
62
12
-16 6
32
28
HY13 Sales Volumes Controllable Other 2 HY14
EBITDA margins Costs EBITDA
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Strategic Progress

• Commenced new shredder development in Western Australia. The operations will replace an existing shredder while adding capacity to service future market growth. The facility is expected to become operational in the second half of fiscal 2015.

• Increased volumes from market challenges that impacted viability of competitors

• Underlying excludes goodwill and other intangible asset impairments, all other significant items, and unallocated group corporate costs 2. Other includes, income from JV’s, associates, FX, and other income

Europe Regional Results

A$m HY14 HY13 Chg % Sales Revenue 814.3 811.6 0.3 EBITDA1 23.3 25.9 (10.0) EBIT1 11.1 12.3 (9.8) Sales Volumes (mt) 0.807 0.795 1.5 Sales Margin2 (%) 20.2% 20.6% Performance � European $23m wa improved than offse � Sales ma in the UK � UK Metal despite id � Controlla over HY1 rates Strategic Pro � New man Metals & � UK SRS r Daventry consolida A$m 26 23 -24 2 17 2 HY13 EBITDA Sales margins Volumes Controllable Costs FX HY14 EBITDA

• European Region underlying EBITDA of $23m was down 10% over HY13, with improved performance at UK Metals more than offset by UK SRS

• Sales margins negatively impacted by losses in the UK SRS business

• UK Metals sales volumes up 2% over HY13, despite idling two shredders during FY13

• Controllable costs reduced by a further $17m over HY13, prior to the impact of exchange rates

Strategic Progress

• New management appointed in both the UK Metals & Global SRS businesses 1 July 2013

• UK SRS restructuring continued with plan for Daventry closure and operations consolidation into Newport

• Underlying excludes goodwill and other intangible asset impairments, and all other significant items

• Sales Margin % for HY13 was revised to eliminate the impact of the $18 million inventory adjustment to net realisable value.

Product Category Results

		EBITA1 (A$m)		HY14		HY13		Chg %			Performance
		Ferrous2 Non Ferrous		77.0 31.4		44.9 36.6		71.5 (14.2)			�	Ferrous E stronger volumes f
		SRS JVs & Other		10.1 20.1		29.5 6.5		(65.8) 209.2			�	Non-Ferr declining by strong
		Corp&RegionalCosts		(61.1)		(74.6)		(18.1)			�	SRS EBI
		Amortisation		(9.9)		(11.9)		(16.8)				Europe d lower ave
		Underlying EBIT		67.6		31.0		118.1				metal pric
	Sales Volumes (mt3)			HY14		HY13		Chg %				SRS Sale
		Ferrous4		4.327		4.398		(1.6)
		Ferrous Brokerage		1.519		1.263		20.3
		Non Ferrous		0.278		0.266		4.5
		Total		6.124		5.927		3.3				65%

• Ferrous EBITA increased 72%, due to stronger margins per tonne and higher sales volumes from ferrous brokerage

• Non-Ferrous EBITA down 14% due to declining non-ferrous prices, offset partially by stronger sales volumes

• SRS EBITA decline in North America and Europe due to high competition as well as lower average non-ferrous and precious metal prices

SRS Sales Revenue by Region – HY14

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31%
North America
Australasia
Europe
4%
65%
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1. Underlying excludes goodwill and other intangible asset impairments, and all other significant items 2. Includes all Ferrous products (incl. brokerage & NFSR), 3. Sales volumes in million metric tonnes, 4. Excludes Ferrous Brokerage

Financial Review

Rob Larry , Group CFO

Financial Results

(A$m)	HY14	HY13	Change ($)	Change (%)
Sales Revenue Statutory EBITDA Underlying EBITDA Statutory EBIT Underlying EBIT Interest Expense Interest Income Net Interest Expense Tax (Expense) / Benefit Statutory Net Profit / Loss After Tax Underlying Net Profit After Tax	3,593.3	3,428.5	164.8	4.8
	113.0	32.1	80.9	252.0
	128.5	93.2	35.3	37.9
	52.1	(321.4)	373.5	nmf
	67.6	31.0	36.6	118.1
	(13.0)	(12.9)	(0.1)	(0.8)
	4.9	3.5	1.4	40.0
	(8.1)	(9.4)	1.3	(13.8)
	(34.7)	34.7	(69.4)	(200.0)
	9.3	(296.1)	305.4	nmf
	42.1	9.4	32.7	347.9

1. See slide 41 for a reconciliation of statutory to underlying tax expense 2. nmf = not meaningful

Significant Items

(A$m)	Australasia	North America	Europe	Group Corporate	Pre-Tax Total	After-Tax Total
Fixed Asset Impairment	-	-	2.3	-	2.3	2.3
Lease Settlements / Onerous Leases	-	0.1	4.2	-	4.3	4.3
Redundancy Provisions	-	2.5	0.3	0.3	3.1	2.8
Settlement of a Dispute with a 3rd Party	-	0.4	-	-	0.4	0.4
Yard Closure / Dilapidations	(0.7)	0.6	1.0	-	0.9	1.0
Credit Provisions	-	0.9	-	-	0.9	0.9
Other Legal Costs	-	-	-	0.3	0.3	0.2
Loss on Sale of Business Divisions	-	6.6	-	-	6.6	6.6
Insurance Recoveries, Net of Write-offs	-	(3.3)	-	-	(3.3)	(3.3)
Write-off of Deferred Tax Asset	-	-	-	-	-	17.6
Total Significant Items for HY14	($0.7)	$7.8	$7.8	$0.6	$15.5	$32.8

Cash Flows

(A$m)	HY14	HY13	Change (A$m)
Net Cash Inflows from Operating Activities	37.8	76.4	(38.6)
Capital Expenditure	(29.2)	(82.2)	53.0
Proceeds from Divestments	30.1	44.9	(14.8)
Payments for Acquisitions of Subsidiaries, Net of Cash	-	(20.0)	20.0
Other InvestingActivities, Net	2.4	10.8	(8.4)
Net Cash Inflows/(Outflows) from Investing Activities	3.3	(46.5)	49.8
Net Repayments / Borrowings	(28.6)	19.0	(47.6)
Other FinancingActivities, Net	0.6	(29.0)	29.6
Net Cash Outflows from Financing Activities	(28.0)	(10.0)	(18.0)

Capital Expenditure

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A$m
Capital Expenditure Depreciation
200
180
160
140
120
100
80
60
40
20
0
FY09 FY10 FY11 FY12 FY13 FY14(E)HY14
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• Capital expenditures reduced to $29m in HY14 with New England expansion and New York City Municipal Recycling (Phase I) projects now complete

• Full year FY14 capital expenditure expected to be circa $90m, with construction started for a new shredder in Western Australia

• Management expects FY14 capital expenditures to be lower than depreciation, in order to maintain low gearing and recognising past investment in excess of depreciation over past five years

Debt and Gearing

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A$m � Net debt reduced by $32.6 million from 30 June
1
Net Debt Gearing (RHS) 2013, to $121.2 million, at 31 December 2013
350 12%
� Net debt over total capitalisation declined to
300 5.7%, from 7.4% at 30 June 2013
10%
250 � Low gearing is natural due to commodity price
8%
volatility and weak industry conditions
200
6% � Balance sheet capacity readily supports the
150
business
4%
100
2%
50
0%
0
-50 -2%
FY09 FY10 FY11 FY12 FY13 1H14
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1. Net Debt / (Net Debt + Equity)

Market Conditions and Outlook

Galdino Claro , Group CEO

Getting Back to Basics

Strategic Business Review – Initial Findings

• Strong core of operating assets with Sims Metal Management around which success can be built

• Opportunities for significant efficiency gains via best practice cross-fertilsation globally

• Initial goals will be to re-focus the organisation to back to basic fundamentals

• Improve supply chain efficiencies

• Focus on operational excellence and continuous improvement

• Maximise returns through intelligent capital allocation

• Remaining mindful of potential organic and acquisitive growth opportunities

• Detailed findings of strategic review to be shared with the market, not later than our full year

results

Outlook

• Current market trading conditions clouded by issues around severe winter weather in North

America & Europe, market disruption in Turkey and other emerging market economies, weakness in demand for US ferrous scrap exports

• Focus on business practices expected to drive further cost efficiencies

• Restructuring efforts in SRS still evolving

• Economic activity appears to be improving across the majority of our regions. However the pace

• and extent of the recovery is still limited as it relates to basic material industries, with the benefits yet to be seen in any meaningful way in the metals recycling industry.

Appendix Reporting segment information

Financial Overview

	HY 2014	HY 2013	Change (%)
Sales Revenue ($m) Statutory EBITDA ($m) Underlying EBITDA ($m) Goodwill & Intangible Asset Impairment ($m) Depreciation ($m) Amortisation ($m) Statutory EBIT ($m) Underlying EBIT ($m) Statutory NPAT ($m) Underlying NPAT ($m) *Statutory EPS (cents) – diluted Underlying EPS (cents) – diluted Net cash inflow from operating activities ($m) Capital Expenditures ($m) Net Debt ($m) Net Debt/(Net Debt + Equity) (%) Sales Tonnes (‘000) (exc. associates) Interim Dividend (cents per share)*	3,593.3	3,428.5	4.8
	113.0	32.1	252.0
	128.5	93.2	37.9
	0.0	291.3	(100.0)
	51.0	50.3	1.4
	9.9	11.9	(16.8)
	52.1	(321.4)	(116.2)
	67.6	31.0	118.1
	9.3	(296.1)	(103.1)
	42.1	9.4	347.9
	4.5	(144.8)	(103.1)
	20.3	4.5	351.1
	37.8	76.4	(50.5)
	29.2	82.2	(64.5)
	121.2	292.8	(58.6)
	5.7%	13.1%	(56.5)
	6,124	5,927	3.3
	0.0	0.0	-

*Underlying EBITDA, EBIT, NPAT and EPS are adjusted to exclude significant items as listed on slides 33 and 34.

Sales Revenue by Region

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HY 2014
16.6%
22.7% Australasia
North America
Europe
60.7%
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$m	HY 2014	HY 2013	Change (%)
Australasia North America Europe	596.9	573.6	4.1
	2,182.1	2,043.3	6.8
	814.3	811.6	0.3
Total	$3,593.3	$3,428.5	4.8

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HY 2013
16.7%
23.7%
59.6%
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• Sales revenues increased due to lower A$ exchange rates against the currencies of the Group’s foreign subsidiaries. At constant currency, sales revenue were down 5.3%

• Sales revenues in Europe were lifted by a 15.8% increase from UK Metals, offset by a 19.6% decline in SRS in A$ terms

Sales Revenue by Product

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HY 2014 HY 2013
0.8% Ferrous Trading 0.8%
312.4%
15.3%
Non Ferrous Shred
Recovery
46.9% 47.0%
Ferrous Brokerage
18.4%
Non Ferrous Trading 19.2%
Recycling Solutions
16.4%
5.2% Manufacturing/Other 13.3%
4.4%
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$m	HY 2014	HY 2013	Change (%)
Ferrous Trading Non Ferrous Shred Recovery Ferrous Brokerage Non Ferrous Trading Recycling Solutions Manufacturing/Other	$1,685.0	$1,611.9	4.5
	186.3	150.5	23.8
	589.4	456.5	29.1
	662.7	659.2	0.5
	440.2	522.2	(15.7)
	29.7	28.2	5.3
Total	$3,593.3	$3,428.5	4.8

• Ferrous brokerage sales associated with SAR JV were $286.7 million and $253.9 million, in HY 2014 and HY 2013, respectively.

• Increased Non Ferrous Shred Recovery primarily relate to DMS plant being reclassified from SRS to Non Ferrous Shred Recovery in HY14

• SRS negatively impacted by reclassification of DMS plant to Non Ferrous Shred Recovery, as well as weaker volumes and lower average commodity prices

EBITA (pre-goodwill & intangible asset impairment) by Region

$60
-$30 -$20 -$10 $0 $10 $20 $30 $40 $50 ($’s in millions)	48.8	8.2 15.3	3.5 (25.8)				(5.0)			1.5 (2.7)			(9.9) (11.9) HY 2014 HY 2013
$m				HY 2014			HY 2013		Change (%)				1. EBITA by Region is before any add-back
Australasia (2)				48.8			15.3			219.0			of significant items other than the amortisation of intangibles and goodwill
North America (2)				8.2			(25.8)			NMF			and other intangible asset impairment.
Europe (2)				3.5			(5.0)			NMF			2. EBITA by Region was adversely impacted by significant items other than
EBITA by Region (1)				$60.5			($15.5)			NMF			goodwill and intangible asset
Unallocated Group Corporate Costs				1.5			(2.7)			NMF			impairments as follows:
Amortisation of intangibles				(9.9)			(11.9)			NMF			HY 2014 HY 2013
EBIT (pre-goodwill & intangible asset impairment)				$52.1			($30.1)			NMF			Australasia $ (0.7) $ 4.6
Goodwill & intangible asset	impairment			0.0			(291.3)			(100.0)			North America $ 7.8 $ 38.4
EBIT (post-goodwill & intangible asset impairment)				$52.1			($321.4)			NMF			Europe $ 7.8 $ 18.2

EBITA (pre-goodwill & intangible asset impairment) by Product

	$80		71.8
($’s in millions)	$0 $10 $20 $30 $40 $50 $60 $70		12.9		4.7 8.8			24.8		18.3			2.3		14.5	20.1 5.2 HY 2014 HY 2013
$m					HY 2014		HY 2013			Change		(%)			•	EBITA by product is presented pre
Ferrous Trading (incl.	NFSR)				71.8		12.9			456.6						(both group and regional head offic
Ferrous Brokerage					4.7		8.8			(46.6)					•	amortisation of intangibles. EBITA by product is before add ba
Non Ferrous Trading					24.8		18.3			35.5						items in HY14 and HY13 and does
Recycling Solutions					2.3		14.5			(84.1)						allocation of the write-off of goodwi asset impairments to the product c
Manufacturing/JVs/Other					20.1		5.2			286.5						HY13.
EBITA by Product					$123.7		$59.7			107.2
Group & Regional Corporate Costs					(61.7)		(77.9)			(20.8)
Amortisation of intangibles					(9.9)		(11.9)			(16.8)
EBIT (pre-goodwill & intangible impairment)			asset		$52.1		($30.1)			(273.1)

• EBITA by product is presented pre-corporate costs (both group and regional head office costs) and amortisation of intangibles.

• EBITA by product is before add back of significant items in HY14 and HY13 and does not reflect any allocation of the write-off of goodwill and intangible asset impairments to the product categories in HY13.

Intake Volumes by Region

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HY 2014
13.3% 16.4%
Australasia
North America
Europe
70.3%
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Total Tonnes (‘000’s)	HY 2014	HY 2013	Change (%)
Australasia North America Europe	1,015	859	18.2
	4,364	4,314	1.2
	827	827	0.0
Total	6,206	6,000	3.4

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HY 2013
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14.3%
13.8%
71.9%
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• Australasia growth in intake reflects commercial advantages from recent expansion an market impact from competitor restructuring

Intake Volumes by Product

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HY 2014
4.4%
Ferrous Shredded
(incl. NFSR)
Other Processed
24.4%
34.0% Ferrous
Ferrous Brokerage
Non Ferrous
Trading/Brokerage
37.2%
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Total Tonnes (‘000’s)	HY 2014	HY 2013	Change (%)
Ferrous Shred (inc. NFSR) Other Processed Ferrous Ferrous Brokerage Non Ferrous Trading	2,108	2,235	(5.7)
	2,310	2,219	4.1
	1,513	1,264	19.7
	275	282	(2.5)
Total	6,206	6,000	3.4

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HY 2013
4.7%
21.1%
37.2%
37.0%
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• Ferrous brokerage tonnes associated with SAR JV were 0.8 million and 0.7 million tonnes for HY 2014 and HY 2013, respectively.

• Ferrous Brokerage volumes improved due to lift in both domestic and export trade from North America

• Other tonnes (17k) from HY13 have been reclassed as Ferrous Shred (inc. NFSR).

Sales Volumes by Region

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HY 2014 HY 2013
13.2% 15.9% 13.4% 15.2%
Australasia
North America
Europe
70.9% 71.4%
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Total Tonnes (‘000’s)	HY 2014	HY 2013	Change (%)
Australasia North America Europe	975	899	8.5
	4,342	4,233	2.6
	807	795	1.5
Total	6,124	5,927	3.3

Sales Volumes by Product

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HY 2014
4.5%
Ferrous Shredded
(incl. NFSR)
Other Processed
36.1% Ferrous
24.8%
Ferrous Brokerage
Non Ferrous
Trading/Brokerage
34.6%
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Total Tonnes (‘000’s)	HY 2014	HY 2013	Change (%)
Ferrous Shred (inc. NFSR) Other Processed Ferrous Ferrous Brokerage Non Ferrous Trading	2,212	2,248	(1.6)
	2,115	2,150	(1.6)
	1,519	1,263	20.3
	278	266	4.5
Total	6,124	5,927	3.3

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HY 2013
4.5%
21.3%
37.9%
36.3%
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• Ferrous brokerage tonnes associated with SAR JV were 0.8 million and 0.7 million tonnes for HY 2014 and HY 2013, respectively.

• Ferrous Brokerage volumes improved due to lift in both domestic and export trade from North America

• Other tonnes (21k) from HY13 have been reclassed as Ferrous Shred (inc. NFSR).

Significant Items by Region – HY 2014

	Australasia	North America	Europe	Group Corporate	Pre-Tax Total	After-Tax Total
$m	HY 2014
Fixed Asset Impairment Lease Settlements / Onerous Leases Redundancy Provisions Settlement of a Dispute with a Third Party Yard Closure / Dilapidations Credit Provisions Other Legal Costs Loss on Sale of Business Divisions Insurance Recoveries, Net of Write-offs Write-off of Deferred Tax Asset	$0.0	$0.0	$2.3	$0.0	$2.3	$2.3
	-	0.1	4.2	-	4.3	4.3
	0.0	2.5	0.3	0.3	3.1	2.8
	-	0.4	-	-	0.4	0.4
	(0.7)	0.6	1.0	-	0.9	1.0
	-	0.9	-	-	0.9	0.9
	-	-	-	0.3	0.3	0.2
	-	6.6	-	-	6.6	6.6
	-	(3.3)	-	-	(3.3)	(3.3)
	-	-	-	-	-	17.6
Total Significant Items for HY 2014	($0.7)	$7.8	$7.8	$0.6	$15.5	$32.8

Significant Items by Region – HY 2013

	Australasia	North America	Europe	Group Corporate	Pre-Tax Total	After-Tax Total
$m	HY 2013
Non-cash Goodwill & Intangible Asset Impairment Fixed Asset Impairment Natural Disaster Expenses, Net of Insurance Recoveries Inventory Adjustments to Net Realisable Value Loss on Revaluation of CTG Derivatives Redundancy Accruals Settlement of a Dispute with a Third Party Credit Provisions Loss on Sale of Business Divisions Commerical Settlements	$0.0	$283.7	$0.0	$7.6	$291.3	$259.0
	-	14.8	-	-	14.8	9.2
	-	5.4	-	-	5.4	3.4
	-	2.7	18.0	-	20.7	15.3
	2.9	-	-	-	2.9	2.9
	0.4	1.7	-	-	2.1	1.3
	-	3.3	-	-	3.3	3.3
	-	-	2.0	-	2.0	1.4
	1.3	10.4	-	-	11.7	11.1
	-	-	(1.8)	-	(1.8)	(1.4)
Total Significant Items for HY2013	$4.6	$322.0	$18.2	$7.6	$352.4	$305.5

Group Income Statement

$m	HY 2014	HY 2013	Change ($)	Change (%)
Sales Revenue Statutory EBITDA Underlying EBITDA Statutory EBIT Underlying EBIT Interest Expense Interest Income Net Interest Expense Tax (Expense) / Benefit Statutory Net Profit (Loss) After Tax Underlying Net Profit After Tax	$3,593.3	$3,428.5	$164.8	4.8
	113.0	32.1	80.9	252.0
	128.5	93.3	35.2	37.7
	52.1	(321.4)	373.5	(116.2)
	67.6	31.0	36.5	118.1
	(13.0)	(12.9)	(0.1)	(0.0)
	4.9	3.5	1.4	40.0
	(8.1)	(9.4)	1.3	(13.8)
	(34.7)	34.7	(69.4)	(200.0)
	$9.3	($296.1)	$305.4	(103.1)
	$42.1	$9.4	$32.7	347.9

Group Balance Sheet

$m	As at 31 December 2013	As at 30 June 2013	Change ($)	Change (%)
Current Assets Non-current Assets Total Assets Current Liabilities Non-current Borrowings Other Non-current Liabilities Total Liabilities Shareholders Equity Working Capital Net Debt/(Net Debt +Equity) (%)	$1,204.2	$1,149.3	54.9	4.8
	1,790.2	1,768.1	22.1	1.2
	2,994.4	2,917.4	77.0	2.6
	669.9	671.4	(1.5)	(0.2)
	184.1	189.1	(5.0)	(2.6)
	140.8	127.7	13.1	10.3
	994.8	988.2	6.6	0.7
	$1,999.6	$1,929.2	70.4	3.6
	534.3	477.9	56.4	11.8
	5.7%	7.4%	-	-

Strategic Capital Allocations & Distribution to Shareholders

$m	HY 2014	HY 2013	Change ($)
Net Cash Inflow from Operating Activities Capital Expenditures Acquisitions, net of cash acquired Share Repurchases Dividends Proceeds from sale of businesses	$37.8	$76.4	($38.6)
	29.2	82.2	(53.0)
	0.0	20.0	(20.0)
	0.0	8.6	(8.6)
	0.0	20.4	(20.4)
	30.1	52.2	(22.1)

North America Regional Results

	HY 2014	HY 2013	Change (%)
Sales Revenue ($m) Statutory EBITDA ($m) (1) Underlying EBITDA ($m) (2) Depreciation ($m) Statutory EBITA ($m) (1) Underlying EBITA ($m) (2) Goodwill & Intangible Asset Impairment ($m) Amortisation of intangibles ($m) Statutory EBIT ($m) (1) Underlying EBIT ($m) (2) Assets ($m) Intake Volumes (000's) Sales Volumes (000's) Employees Sales Margin (%)	$2,182.1	$2,043.3	6.8
	$33.3	($0.6)	(5,650.0)
	$41.1	$37.7	9.0
	$25.1	$25.2	(0.4)
	$8.2	($25.8)	(131.8)
	$16.0	$12.5	28.0
	$0.0	$283.7	(100.0)
	$9.2	$10.6	(13.2)
	($1.0)	($320.1)	(99.7)
	$6.8	$1.9	257.9
	$1,650.2	$1,669.7	(1.2)
	4,364	4,314	1.2
	4,342	4,233	2.6
	3,417	3,744	(8.7)
	15.1%	15.4%	-

(1) Excludes Group Corporate costs.

(2) Underlying EBITDA, EBITA and EBIT are adjusted for significant items. See schedule of significant items on slides 32 and 33.

Australasia Regional Results

	HY 2014	HY 2013	Change (%)
Sales Revenue ($m) Statutory EBITDA ($m) (1) Underlying EBITDA ($m) (2) Depreciation ($m) Statutory EBITA ($m) (1) Underlying EBITA ($m) (2) Goodwill Impairment Amortisation of intangibles ($m) Statutory EBIT ($m) (1) Underlying EBIT ($m) (2) Assets ($m) Intake Volumes (000's) Sales Volumes (000's) Employees Sales Margin (%)	$596.9	$573.6	4.1
	$62.6	$27.5	127.6
	$61.9	$32.1	92.8
	$13.8	$12.2	13.1
	$48.8	$15.3	219.0
	$48.1	$19.9	141.7
	$0.0	$0.0	-
	$0.5	$0.4	25.0
	$48.3	$14.9	224.2
	$47.6	$19.5	144.1
	$695.0	$708.8	(1.9)
	1,015	859	18.2
	975	899	8.5
	1,013	968	4.6
	27.7%	20.6%	-

(1) Excludes Group Corporate costs.

(2) Underlying EBITDA, EBITA and EBIT are adjusted for significant items. See schedule of significant items on slides 32 and 33.

Europe Regional Results

	HY 2014	HY 2013	Change (%)
Sales Revenue ($m) Statutory EBITDA ($m) Underlying EBITDA ($m) (1) Depreciation ($m) Statutory EBITA ($m) Underlying EBITA ($m) (1) Goodwill Impairment ($m) Amortisation of intangibles ($m) Statutory EBIT ($m) Underlying EBIT ($m) (1) Assets ($m) Intake Volumes (000's) Sales Volumes (000's) Employees Sales Margin (%)	$814.3	$811.6	0.3
	$15.5	$7.7	101.3
	$23.3	$25.9	(10.0)
	$12.0	$12.7	(5.5)
	$3.5	($5.0)	(170.0)
	$11.3	$13.2	(14.4)
	$0.0	$0.0	-
	$0.2	$0.9	(77.8)
	$3.3	($5.9)	(155.9)
	$11.1	$12.3	(9.8)
	$649.0	$698.7	(7.1)
	827	827	0.0
	807	795	1.5
	1,616	1,845	(12.4)
	20.2%	20.6%	-

(1) Underlying EBITDA, EBITA and EBIT are adjusted for significant items. See schedule of significant items on slides 32 and 33. (2) Sales Margin % for HY13 was revised to eliminate the impact of the $18 million inventory adjustment to net realisable value.

Ferrous and Non-Ferrous Prices

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440
US$/t (fob)
420
400
380
360
340
320
300
HMS 1/2 80:20 East Coast Export
280 HMS 1/2 80:20 West Coast Export
HMS 1 Mid-West Domestic
260
Source: AMM Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14
8,200 2,500
US$/t US$/t
8,000
7,800 2,000
7,600
7,400 1,500
7,200
7,000 1,000
6,800
6,600 Copper 500
6,400 Aluminium
6,200 0
Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14
Source: LME, COMEX
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HY14 Income Tax Expense Adjustments

HY14 (A$m)	Profit Before Tax	Income Tax	Effective Tax %
Statutory Result	44.0	34.8	79.1
Significant Items
Write-off of Deferred Tax Assets		(17.6)
Other Significant Items	15.5	0.2
Underlying Profit Before Tax	59.5	17.4	29.2