SIMS LIMITED — Interim / Quarterly Report 2016

Feb 18, 2016

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Financial Results Half year ended 31 December 2015

19 February 2016

Improving the business and returns for shareholders

• Rapid deployment of business resetting actions

• $57 million in controllable costs savings during 1H FY16[1]

• Reduced global headcount by 500 and closed 10 underperforming facilities

• Underlying EBIT profit in 2Q FY16

• Strong balance sheet

• $139 million in operating cash flow

• Improved net cash position to $373 million

• Extended $1.3 billion debt facilities expiring October 2019

• Share buyback and dividend

• Interim dividend of 10 cents per share

• 3.2 million shares repurchased

• Up to a further 17.3 million shares that may be repurchased under the current buyback program

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Financial Performance

Results reflect challenging market conditions and operational actions

• Global economic growth concerns, steel overproduction, record Chinese exports and the strong US dollar caused metal prices to fall sharply

• Ferrous prices down 37% in 1H FY16 (down 31% in 1Q FY16)

• Non Ferrous prices down significantly during 1H FY16:

  • Copper down 22%, Aluminium down 12%, and Nickel down 27%

• Australian dollar continued to weaken in 1H FY16 over 1H FY15  Down 19% to USD, 5% to Euro, and 14% to British Pound

• Sales volume of 4.3m tonnes in 1H FY16, down 1.2m tonnes from 1H FY15

• Market decline necessitated resetting actions to achieve strategic targets at current volume levels

Results reflect challenging market conditions and resetting actions

• Incurred $245 million of charges from asset impairment and business resetting actions

• $119 million impairment of investment in SA Recycling

• $43 million write-off of Global E-Recycling goodwill

• $83 million related to business resetting actions

• Underlying EBIT loss of $4.8 million, versus $94.9 million profit in 1H FY15

• Underlying EBITDA of $61 million profit, down 60%

• Working capital declined by $108 million

• Capex spending limited to $44 million

• Strong balance sheet with $381 million gross cash balance

Lower metals prices felt across all businesses

**Underlying EBIT (A$m)1 **	1H FY15	1H FY16
North America Metals	33.0	(23.1)
ANZ Metals	29.9	14.0
Europe Metals	14.9	2.1
Global E-Recycling	16.5	(0.3)
Unallocated & Other	0.6	2.5
Underlying EBIT 94.9 (4.8)
Operations to be discontinued (1.1) (19.7)
Underlying EBIT, excluding operations to be discontinued 96.0 14.9

• Total underlying EBIT loss of $4.8 million

• North America Metals earnings decline driven by the Central Region, bulk stainless and the SA Recycling JV

• ANZ Metals earnings impacted by 26% lower volumes

• Europe Metals challenged by an 18% fall in volumes and a deterioration in the domestic UK steel industry

• Global E-Recycling impacted by lower metal margins in Continental Europe and underperformance in the US

• Excluding operations to be discontinued, underlying EBIT was $14.9 million

• Underlying EBIT losses from operations to be discontinued was $19.7 million

• The majority of operations to be discontinued are within the North America Metals, Central Region

EBIT Bridge: HY16 decline driven by lower volumes & non-ferrous prices

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100
80
60 Significant reduction in fixed
E-Recycling impacted by
costs as the business reset
-98 decline in non-ferrous and
95 for lower volume conditions
precious metals prices
40
20 -16
57
-16 20 15
0
-2
Ferrous margin -5
-20 impact ($6m) -25
Non-ferrous margin Primarily lower earnings
impact ($19m) from joint ventures
-40
2
EBIT Volumes Metal Margin Controllable E-Recycling Other FX EBIT Operations to EBIT
HY15 Costs HY16 be HY16
discontinued (excluding
operations to
be
discontinued)
(A$ million)
1
Underlying EBIT
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EBIT Bridge: Q2 recovery driven by lower costs & improved metal margin

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10
-5
5
17
1
-2
0
-6
-5
-10
-18
-15
15
-20
-25
EBIT Volumes Metal Margin Controllable Costs E-Recycling Other 2 EBIT
1Q FY16 2Q FY16
(A$ million)
1
Underlying EBIT
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Capital management strategy balances: business investment, cash retention, and capital returns

Net Cash of $373 million

• Cash • Preservation of cash for future

• Management working capital requirements

• Strong operational cash flow of $139 million

• Free cash flow after capex of $95 million

Reinvestment back into the business

• Sustaining Ongoing maintenance, safety and Environmental

• Capex • Technology and equipment

• FY16 capex expected to be between $100 to $120 million

• Balance sheet remains well positioned for potential expansionary opportunities

• Capital spending to support

• Expansion optimising initiatives •

• Capex Invest in organic & acquisitive growth

10% Share Buyback in progress

• On-market share buy-back to repurchase up to 10% of issued capital announced 18 Nov 2015

• Capital Share buyback

• Management • Dividends

• 3.2 million shares repurchased as of 19 Feb 2016 and up to a further 17.3 million shares may be still repurchased under the program

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Strategic Update & Resetting Initiatives

Strategy based on lowering costs and widening margins

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original plan:
14 +10% volume
12
original plan:
10 break-even point reduction
8
6
4
$320m
EBIT
2 $67m &
>10%
EBIT
ROC
0
FY13 FY14 FY15 1H FY16 2H FY16 FY18 FY18
(annualised) (resetting run- (adjusted target) (original plan)
rate)
Sales Volumes Volume break-even (EBIT)
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Business improvement offset lower market volumes over first two years of the strategy

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14
Volumes fall 25%
below expectations
12 on weak supply and
low ferrous prices
10
Significant business
8
improvements to
break-even point
exceed FY18 target
6
4
$320m
EBIT
2 $67m $136m $142m &
>10%
EBIT EBIT EBIT
ROC
0
FY13 FY14 FY15 1H FY16 2H FY16 FY18 FY18
(annualised) (resetting run- (adjusted target) (original plan)
rate)
Sales Volumes Volume break-even (EBIT)
Sales volumes (million tonnes)
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Volume break-even point further improved in HY16

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14
Volumes fall 40%
below original
12 expectations as
market supply drops
10
8
Further improvement
in break-even point
6 offset by rapid drop
in sales volumes
4
$320m
EBIT
2 ($4.8m) &
$67m $136m $142m
EBIT >10%
EBIT EBIT EBIT
1H ROC
0
FY13 FY14 FY15 1H FY16 2H FY16 FY18 FY18
(volumes (resetting run- (adjusted target) (original plan)
annualised) rate)
Sales Volumes Volume break-even (EBIT)
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New initiatives create significant positive leverage: Volume break-even lowered with upside leverage retained

14 12 10

8 6 4 2 0

Significant earnings leverage when volumes recover

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New initiatives to
drive further
improvement in
break-even point
>10%
$67m $136m $142m ($4.8m) $140m ROC
EBIT EBIT
EBIT EBIT EBIT
1H run-rate
1
FY13 FY14 FY15 1H FY16 2H FY16 FY18 Retained
(volumes (resetting run- (adjusted target) volume capacity
annualised) rate)
Sales Volumes Volume break-even (EBIT)
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Clear path to reach strategic earnings target

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12.0%
10.0%
8.0%
6.0%
4.0%
>6%
2.0% ROC
>10%
(year-end
ROC
run-rate)
0.0%
Q2 FY16 2H FY16 2H FY16 FY16 FY17-18 FY18
(annualised) Streamline Optimise (annualised) Optimise (target)
(annualised) (annualised)
Return on Capital %
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Clear streamline initiatives driving significant cost reductions across the business

Actions taken in 1H FY16

• 10 underperforming facilities closed during HY16 including:

• 7 in North America Metals

• 2 in ANZ Metals

• 1 in Europe Metals

• Total group headcount reduced by 500, in order to adapt to lower market activities and creating a more efficient cost structure

Actions to be taken in 2H FY16

• Sale or closure of a further 25 non-core and underperforming facilities

• Additional cost reduction actions at the regional and corporate level

Clear optimise initiatives: Leveraging logistics to improve supply and margins

Minimising transport expenses is critical to maximise margins, while keeping prices attractive for suppliers

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Network
Increasing use of low cost water-based transport
Shipping
Planning &
Execution
Procurement /
Launched competitive sourcing and auctions across North
Engineering
America Metals and Global E-Recycling
Contract Administration
Implemented new payment & audit system to
Freight Billing & Audit Payment
automate invoicing process improve cost visibility
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Implemented new payment & audit system to automate invoicing process improve cost visibility

Transportation Management Strategy

Clear optimise initiatives: Operational excellence driving productivity gains

Maximising non-ferrous extraction from shredding

• Improving downstream systems

• Constructing new downstream non-ferrous recovery plant in Kwinana, WA

• Reducing shredder non-ferrous entrapment across the network

Reducing waste expenses

• Covering shredder conveyors and waste bays

• Reduces moisture content in flock (shredded waste residue), which lowers the weight of material going to landfill, creating lower waste disposal costs

Clear optimise initiatives: Operational excellence driving productivity gains

Minimising overall costs through strategic decentralisation

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Australia and New Zealand Metals
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• Installation of shear and balers into regional centres

• Allows clean light gauge material to be processed into cut grades (HMS) closer to source

• Creates ability to export directly from regional ports

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Shredder
Yard
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Clear optimise initiatives: Enhancing product quality to improve value to customers

Improving supply quality

• Targeting the right raw material supply, to suit the needs of end-customers

Refining processing methods to meet end market requirements

• IE: Densification of cut grade scrap (HMS)

• Lowers deep-sea and domestic freight costs

• Ability to maximise product price premiums where market demand is strongest

• More HMS can be exported per single deep-sea cargo

• Creates potential for dedicated shredded scrap cargos

Improving margins through further separation of non-ferrous shred

• Install separation technology to further separate Zorba

• Enables direct sales to smelters

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Market Outlook & Summary

Market conditions tough, however emerging signals this situation may improve

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Increasing steel exports from
China is the #1 challenge for
the metals recycling industry
120 400
350
100
300
80
250
60 200
China’s steel exports have 150
40 driven a steep decline in
ferrous scrap prices
100
20
50
0 0
China steel exports Ferrous scrap price (RHS)
China Steel Exports (Mtpa ttm)
HMS West Coast Export FOB (US$/t)
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Positive signals that China’s steel exports may decline:

• Plans to reduce annual steelmaking capacity by 100 to 150 million tonnes

• Implied capacity reduction of circa 10 to 15%

• RMB $30bn fund set up to help dismissed workers in the steel and coal industries

Export rebate on boron-added steel products ended on 1 Jan 2015

• Boron-added products account for ~30% of steel exports

 Rising steel import tariffs

• India announced on 5 February 2016 a minimum import price on steel products

China’s steel exports are displacing global demand for ferrous scrap

Outside China and a few others, the rest of the world uses ferrous scrap to make steel

Total World Steel Production

World Steel Production Outside China, Russia, Japan & EU

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480Mt
1120Mt
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152Mt
302Mt
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Electric Arc Furnance Steel Production (Ferrous Scrap)

Blast Furnance Steel Production (Iron Ore)

Electric Arc Furnance Steel Production (Ferrous Scrap)

Blast Furnance Steel Production (Iron Ore)

Planning for the long-term

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80
70
60
50
40
30
20
10
Million tonnes per annum
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Total US Ferrous Scrap Generation

Adapting to current lower volumes, but prepared for a recovery

Consolidation Path

• Maximise profitability by taking advantage of low breakeven point

• Pursue targeted acquisitions to reinforce export bases

Efficiency Path

• Continuity of current strategy to ensure returns above cost of capital by FY18

• Separation technology development

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0
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Resetting the business to thrive in all conditions

• Strong balance sheet

• Improved net cash position to $373 million

• Share buyback initiated and ongoing

• 3.2 million shares repurchased to date

• Up to a further 17.3 million shares that may be repurchased

• Resetting the business to generate higher returns

• Underlying EBIT profit in 2Q FY16

• Underlying EBIT expected to reach FY15 run-rate by the end of 2H FY16

• FY18 return on capital target of above 10% reconfirmed

• New initiatives to create significant positive leverage, through lowering the volume break-even point while retaining vast majority latent volume capacity

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Appendix

1H FY16 Operating Conditions

Average Prices		1H FY16	1H FY15	Chg %
Ferrous
HMS East Coast Export (FOB)	US$/t	193	329	(41%)
HMS West Coast Export (FOB)	US$/t	189	320	(41%)
HMS Mid-West US (Delivered)	US$/t	194	349	(44%)
US Ferrous Scrap Domestic Consumption	Mt	24.1	26.0	(7%)
US Ferrous Scrap Export	Mt	5.9	7.7	(23%)
Non–Ferrous & Precious Metals
Copper	US$/lb	2.30	3.09	(26%)
Aluminium	US$/lb	0.70	0.90	(22%)
Nickel	US$/lb	4.54	7.81	(42%)
Gold	US$/oz	1,114	1,240	(10%)
US Copper Scrap Export	kt	534.0	597.9	(11%)
US Aluminium Scrap Export	kt	851.5	949.2	(10%)

Group Financial Performance

A$m	1H FY16	**1H FY151 **	Chg %
Sales Revenue	2,412.2	3,363.5	(28.3)
Statutory EBITDA	(11.0)	153.5	NMF
Underlying EBITDA1	61.4	153.1	(59.9)
Depreciation	(58.5)	(51.0)	14.7
Amortisation	(7.7)	(7.2)	6.9
Statutory EBIT	(249.3)	95.1	NMF
Underlying EBIT1	(4.8)	94.9	(105.1)
Net Interest expense	(5.8)	(3.5)	65.7
Statutory tax benefit/(expense)	5.0	(16.8)	NMF
Underlying tax expense	(7.2)	(22.7)	NMF
Statutory NPAT	(250.1)	74.5	NMF
Significant items (net)	(232.3)	10.1	NMF
Underlying NPAT1	(17.8)	68.7	(125.9)

Sales revenue down primarily due to lower sales volumes and lower commodity prices Lower underlying EBITDA driven by lower operating income across all business segments Depreciation and amortisation increased due to foreign exchange movements, while largely unchanged in constant currency terms Net interest expense includes commitment fees paid on the Group’s loan facilities 1H FY16 underlying tax expense due to taxed profits in most jurisdictions combined with inability to recognise tax benefits in the UK and US

Significant Items

	A$m	1H FY16	Note		Notes:	Notes:
	Goodwill impairment	43.3	1		1.	Goodwill impairment charge related primarily to E-Recycling operations in the US
	Impairment of investment in joint venture	119.1	2		2.	Related to impairment charge on the SA
						Recycling joint venture
	Other intangible asset impairment	9.7	3		3.	Amounts primarily related to the Company’s
	Fixed asset impairment	25.3	3			resetting initiatives
					4.	Associated tax benefit on significant item
	Lease settlements/onerous leases	37.6	3			charges in HY16
	Redundancies	6.2	3
	Net expense related to yard closures/dilapidations	3.3	3
	Total (pre-tax)	244.5
	Income tax benefit	(12.2)	4
	Total (post-tax)	232.3

Business Unit Performance

**Underlying EBIT (A$m)1 **	**Underlying EBIT (A$m)1 **	1H FY16	1H FY15		
North America Metals		(23.1)	33.0		
ANZ Metals		14.0	29.9
Europe Metals		2.1	14.9
					
Global E-Recycling		(0.3)	16.5
					
Unallocated & Other		2.5	0.6
Total Underlying EBIT		(4.8)	94.9
					
Operations to be discontinued		(19.7)	(1.1)
Underlying EBIT, excluding operations to be discontinued		14.9	96.0		
**Sales Volumes2 **	1H FY16	1H FY15	Chg %
North America Metals	2,990	3,818	(21.7)
ANZ Metals	700	944	(25.8)
Europe Metals	609	738	(17.5)
Total Sales Volumes	4,299	5,500	(21.8)

Earnings were impacted by a significant drop in volumes related to falling commodity prices

North America Metals earnings pressure was felt strongest in the Central region, bulk stainless, and the SA Recycling JV, contributing underlying EBIT losses of $20m, $4m, and $7m respectively

The East and West regions remained profitable

ANZ Metals earnings were negatively impacted by a 26% fall in volumes as well as a contraction in metal margin, offset in part by lower fixed costs

Europe Metals was challenged by lower volumes and deterioration in the domestic UK steel industry, with performance recovering in 2Q16

Global E-Recycling impacted by lower income from Continental Europe, where metal margins decreased by 24%; the US also underperformed, leading to $42 million goodwill impairment charge

North America Metals

A$m	1H FY16	1H FY15	Chg %
Sales Revenue	1,235.6	1,913.3	(35.4)
Statutory EBITDA	(2.3)	65.9	(103.5)
Underlying EBITDA	15.9	65.3	(75.7)
Depreciation	32.2	25.9	24.3
Amortisation	6.8	6.4	5.9
Statutory EBIT	(167.2)	33.6	NMF
Underlying EBIT	(23.1)	33.0	NMF
Assets	1,086.8	1,368.0	(20.6)
Intake Volumes (000's)	2,900	3,802	(23.7)
Sales Volumes (000's)	2,990	3,818	(21.7)
Employees	1,898	2,270	(16.4)

Australia & New Zealand Metals

A$m	1H FY16	1H FY15	Chg %
Sales Revenue	377.5	553.6	(31.8)
Statutory EBITDA	23.1	43.6	(47.0)
Underlying EBITDA	27.7	43.6	(36.5)
Depreciation	13.1	13.2	(0.8)
Amortisation	0.6	0.5	20.0
Statutory EBIT	9.4	29.9	(68.6)
Underlying EBIT	14.0	29.9	(53.2)
Assets	479.8	447.0	7.3
Intake Volumes (000's)	766	992	(22.8)
Sales Volumes (000's)	700	944	(25.8)
Employees	729	846	(13.8)

Europe Metals

A$m	1H FY16	1H FY15	Chg %
Sales Revenue	372.3	513.2	(27.5)
Statutory EBITDA	(40.5)	22.7	(278.4)
Underlying EBITDA	9.2	21.1	(56.4)
Depreciation	7.1	6.2	14.5
Amortisation	0.0	0.0	-
Statutory EBIT	(47.8)	16.5	(389.7)
Underlying EBIT	2.1	14.9	(85.9)
Assets	218.7	263.1	(16.9)
Intake Volumes (000's)	673	816	(17.5)
Sales Volumes (000's)	609	738	(17.5)
Employees	579	707	(18.1)

Global E-Recycling

A$m	1H FY16	1H FY15	Chg %
Sales Revenue	426.8	377.8	13.0
Statutory EBITDA	5.8	22.2	(73.9)
Underlying EBITDA1	5.7	22.2	(74.3)
Depreciation	5.7	5.4	5.6
Amortisation	0.3	0.3	-
Statutory EBIT	(46.2)	16.5	NMF
Underlying EBIT1	(0.3)	16.5	(101.8)
Assets	433.3	473.3	(8.5)
Employees	1,639	1,842	(11.0)

Sales Revenue & Volume by Product

Sales Revenue (A$m)	HY16	HY15	Chg %
Ferrous Metals	1,354.3	2,250.8	(39.8)
Non Ferrous Metals	577.3	682.9	(15.5)
Global E-Recycling	426.8	377.8	(13.0)
Secondary processing and other services	53.8	52.0	(3.5)
Total	2,412.2	3,363.5	(28.3)

HY16 Sales Revenue

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2%
18%
24%
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Ferrous Metals Non Ferrous Metals 56% Global E-Recycling Secondary processing and other services

Sales Volumes(‘000 tonnes)	HY16	HY15	Chg %
Ferrous Trading	3,361	4,426	(24.1)
Ferrous Brokerage	688	801	(14.1)
Ferrous Metals Total	4,049	5,227	(22.5)
Non Ferrous Metals	250	273	(8.4)
Total	4,299	5,500	(21.8)

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6%
16%
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HY16 Sales Volume
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Ferrous Trading Ferrous Brokerage Non Ferrous Metals 78%

1H FY16 income tax expense considerations

A$m	Loss Before Tax	Income Tax Benefit	Effective Tax %
Statutory Result	(255.1)	(5.0)	2.0%
Reconciling items:
Tax losses not benefitted		(30.9)
Non-deductible impairment charge		(41.5)
Underlying Results	(255.1)	(77.4)	30.3%

Significant items by region – 1H FY16

HY16 (A$m)	NA Metals	ANZ Metals	Europe Metals	Global E-Recycling	Unallocated	Pre-Tax Total	After-Tax Total
Goodwill impairment	-	-	0.2	43.1	-	43.3	34.2
Other intangible asset impairment	6.8	-	-	2.9	-	9.7	8.6
Impairment of investment in joint venture	119.1	-	-	-	-	119.1	119.1
Fixed asset impairment	14.4	1.5	8.6	0.8	-	25.3	24.6
Lease settlements/onerous leases	0.2	0.9	36.5	-	-	37.6	37.3
Redundancies	3.2	2.0	1.0	-	-	6.2	5.6
Net expense relating to yard closure/dilapidations	0.4	0.2	3.6	(0.9)	-	3.3	2.9
Total Significant Items for HY16	144.1	4.6	49.9	45.9	-	244.5	232.3

Significant items by region – 1H FY15

HY15 (A$m)	NA Metals	ANZ Metals	Europe Metals	Global E-Recycling	Unallocated	Pre-Tax Total	After-Tax Total
Reversal of an impairment of loan receivable	(0.6)	-	-	-	-	(0.6)	(0.6)
Net impact from investments in associates	-	-	-	-	(2.0)	(2.0)	(2.0)
Net (reversal)/expense relating to yard closure/dilapidations	-	-	(1.6)	-	-	(1.6)	(1.6)
Tax asset impairment/(reversal)	-	-	-	-	-	-	(5.9)
Total Significant Items for HY15 (0.6) - (1.6) - (2.0) (4.2) (10.1)

Financial Summary - Group

A$m	FY10	FY11	FY12	FY13	FY14	**FY151 **		**1H FY151 **	1H FY16
Group Results
Sales Revenue	7,453	8,847	9,036	7,193	7,129	6,311		3,363	2,412
Underlying EBITDA	379	414	253	190	242	263		153	61
Underlying EBIT	235	283	123	67	119	142		95	-5
Underlying NPAT	127	182	74	17	69	102		69	-18
Underlying EPS (cents)	65	88	36	8	34	49		34	-9
Dividend (cents)	33	47	20	0	10	29		16	10
Balance Sheet
Total Assets	4,233	4,167	3,509	2,917	2,649	2,882		2,786	2,568
Total Liabilities	959	1,256	1,225	988	816	769		750	672
Total Equity	3,274	2,912	2,284	1,929	1,834	2,113		2,036	1,895
Net Cash (Net Debt)	15	-126	-292	-154	42	314		49	373
Cash Flows
Operating Cash Flow	-48	159	290	297	210	298		53	139
Capital Expenditure	-121	-143	-161	-149	-64	-95		-40	-44
Free Cash Flow	-168	16	129	148	146	203		13	95
NOPAT	165	198	86	47	83	99		67	-3
Total Capital	3,259	3,038	2,576	2,083	1,792	1,799		1,988	1,523
ROC2 (%)	5.0%	6.5%	3.3%	2.3%	4.6%	5.5%		3.4%	-0.2%

Financial Summary – Segment

A$m	FY10	FY11	FY12	FY13	FY14	**FY151 **		**1H FY151 **	1H FY16
Sales Revenue
North America Metals	4,834	5,782	5,773	4,256	3,996	3,417		1,913	1,236
ANZ Metals	1,126	1,300	1,190	1,047	1,188	1,053		554	377
Europe Metals	783	954	1,056	935	1,063	1,037		513	372
Global E-Recycling	622	750	982	937	868	795		378	427
Unallocated	88	61	35	18	14	9		5	0
Total	7,453	8,847	9,036	7,193	7,129	6,311		3,363	2,412
Underlying EBITDA
North America Metals	182	175	51	94	75	81		65	16
ANZ Metals	83	107	80	72	107	87		44	28
Europe Metals	25	28	15	-2	29	37		21	9
Global E-Recycling	87	112	92	24	20	55		22	6
Unallocated	2	-8	15	2	11	3		1	2
Total	379	414	253	190	242	263		153	61
EBITDA Margin (%)
North America Metals	3.8%	3.0%	0.9%	2.2%	1.9%	2.4%		3.4%	1.3%
ANZ Metals	7.4%	8.2%	6.7%	6.9%	9.0%	8.3%		7.9%	7.4%
Europe Metals	3.2%	2.9%	1.4%	-0.2%	2.7%	3.6%		4.1%	2.4%
Global E-Recycling	14.0%	14.9%	9.4%	2.6%	2.3%	6.9%		5.8%	1.4%
Total	5.1%	4.7%	2.8%	2.7%	3.4%	4.2%		4.5%	2.5%

Financial Summary – Segment (cont.)

A$m	FY10	FY11	FY12	FY13	FY14	FY15		1H FY15	1H FY16
Sales tonnes (‘000)
North America Metals	9,906	10,964	11,080	9,377	8,152	7,018		3,818	2,990
ANZ Metals	1,578	1,764	1,765	1,764	2,054	1,874		944	700
Europe Metals	1,394	1,466	1,651	1,645	1,609	1,589		738	609
Total	12,878	14,194	14,496	12,786	11,815	10,481		5,500	4,299
Underlying EBIT
North America Metals	92.7	99.6	-18.7	32.8	11.7	11.8		33.0	-23.1
ANZ Metals	62.4	86.1	56.3	46.9	79.2	59.2		29.9	14.0
Europe Metals	15.8	18.8	4.1	-14.0	16.5	24.6		14.9	2.1
Total	170.9	204.5	41.7	65.7	107.4	95.6		77.8	-7.0
EBIT / tonne (A$/t)
North America Metals	9.36	9.08	-1.69	3.50	1.44	1.68		8.64	-7.73
ANZ Metals	39.54	48.81	31.90	26.59	38.56	31.59		31.67	20.00
Europe Metals	11.33	12.82	2.48	-8.51	10.25	15.48		20.19	3.45
Total	13.27	14.41	2.88	5.14	9.09	9.12		14.15	-1.63

Financial Summary – Segment (cont.)

A$m	FY10	FY11	FY12	FY13	FY14	**FY151 **		**1H FY151 **	1H FY16
Sales tonnes (‘000)
Ferrous Trading	9,068	10,115	10,320	9,396	9,331	8,325		4,426	3,361
Ferrous Brokerage	3,264	3,518	3,597	2,840	1,918	1,617		801	688
Non Ferrous	565	571	586	550	566	539		273	250
Total	12,897	14,204	14,503	12,786	11,815	10,481		5,500	4,299
Sales Revenue
Ferrous Metals	5,071	6,144	6,259	4,817	4,801	4,068		2,250	1,354
Non Ferrous Metals	1,526	1,724	1,657	1,353	1,361	1,342		683	577
Global E-Recycling	622	750	982	937	868	795		378	427
Other	234	229	138	86	99	106		52	54
Total	7,453	8,847	9,036	7,193	7,129	6,311		3,363	2,412

Disclaimer

The material contained in this document is a presentation of information about the Group’s activities current at the date of the presentation, 19 February 2016. It is provided in summary form and does not purport to be complete. It should be read in conjunction with the Group’s periodic reporting and other announcements lodged with the Australian Securities Exchange (ASX).

To the extent that this document may contain forward-looking statements, such statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release.

This document is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor.