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Mid-Cap

Why we sold out of Sims Metal Management ?

December 29, 2014 | Team Kalkine
Why we sold out of Sims Metal Management ?

Today’s report entails Sims Metal (SGM) which has laid down few updates during its recent annual general meeting. As per SGM’s five year strategic plan, the restructured management team has introduced new perspectives for growth. The Company reiterated that its three step model of Streamline, Optimise, and Grow, sets the roadmap to increase underlying EBIT by more than 350% over FY13. SGM reported that financial results in FY14 entailed underlying EBIT of $119 million which is an increase of 77% over the prior year result of $67 million; and underlying NPAT of $69 million which was three times higher than the prior year. The market conditions were challenging along with cyclical low levels of secondary metal generation, intense competition, and severe winter weather conditions in North America. SGM reported a statutory net loss after tax of $89 million in view of $158 million of significant items, including $100 million in costs relating to restructuring activities in the UK and North America and $23 million in goodwill impairments in relation to SRS in North America. SGM determined to pay a final dividend for FY14 of 10 cents per share, which was fully franked and the Company’s dividend policy to distribute 45% to 55% of NPAT, subject to the discretion of the Board, remained unchanged. Click Here to read the full report.
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