Slide 1: Financial Results Full year ended 30 June 2014
Exhibit 99.2 Financial Results Full year ended 30 June 2014 Galdino Claro, Group Chief Executive Officer Rob Larry, Group Chief Financial Officer 22 August 2014
Slide 2: Disclaimer
Disclaimer financial “outlook,” actual discussed Company’s differ release. qualified forwardmaterially effects All -looking condition, inand “estimate,” Cautionary subsequent Annual their of identified our from entirety statements Report results plans those “forecast,” Statements written inby and of
Slide 3: Agenda
Agenda • Results Overview • Regional Performance • Financial Results • Strategic Progress Update • Outlook • Appendix 3
Slide 4: Results overview
Strong $119m -8% 10.0c earnings (netn/m cash) 1.recovery 77% Underlying n/mand Underlying excludes net cash position goodwill NPAT Underlying Sales and other Revenue EPS intangible Cash (diluted) from asset $69m operations impairments, 333% $7,129m 33.6c and336% all-1% other Statutory $210m signific
Slide 5: Progress towards EBIT target
Progress Streamline 1. EBIT target towards Optimis upwardly 5 year e Grow strategic revised 0 FY13 by plan $16m FY14 350to Streamline A$m account 300 250 for Supplier FY14 Clear positive pathway Operational currency for Product further impact 200 Quality +77% 5 Grow significant Target 1EBIT Underlyi
Slide 6: Earnings EBIT
Earnings EBIT Australasia over otherFY13, significant • North growth EBIT due America to items driven increased materially 6EBIT by Australia bydecreased improved $33m and over results $21m UK FY13 Metals over inboosted UKFY13 Underlying Metals by dueboth and to lower EBIT SRS stronger Germany, earn
Slide 7: Regional Performance
Regional Performance Rob Larry, Group CFO 7
Slide 8: North America
North 9.377 America non-core by Divestiture exit and$48m all the(13.1) America other SRS underlying over businesses ofSales significant Canada non-core FY13 Regional Margin EBITDA •Strategic business Lower Aerospace items Results (%)underlying of 2. Progress •16.5% Completion Other $83m A$m Metals 1
Slide 9: Australasia
Australasia Sales •EBITDA controllable while associates, Australia Margin adding ofMetals FX, Regional $114m costs capacity (%) hedging due 28.0% benefiting increased Results to forgains 14% 23.9% future from A$m by increase andA$m market 46%, losses, recent FY14 +49 primarily ingrowth. FY13 capital
Slide 10: Europe
Europe (2.2) EBITDA a0.6% be business $64m constant realised Sales to ofRegional 2.7% UK in ofcurrency Margin over Europe $45m inventory due FY15 Results to improved 21. basis improved (%) Underlying and write-downs A$m 20.0% reduced FY16 byFY14 controls 345%, 18.5% •excludes by Bob and FY13 a furth
Slide 11: Product costs and controllable costs
Product Costs 0.2 controllable offset Sales all Ferrous NonRevenue (117.8) partially Category Ferrous products costs (120.5) by0.567 •Results losses Region Non-Ferrous (incl. (2.2) 0.550 inUnderlying –FY14 brokerage Amortisation SRS 3.1Canada EBITA Total 29%&EBITA 11.815 North NFSR), and increased (
Slide 12: Financial Review
Financial Review Rob Larry, Group CFO 12
Slide 13: Financial results: Underlying After Tax
Financial Underlying After Tax Results (88.9) EBIT(467.3) (A$m) 118.5 66.9 nmf FY1477.1 Underlying FY13 Interest Change Net Expense Profit (%) Sales (23.2) AfterRevenue Tax (25.5) 68.8 9.0 7,129.0 15.9 Interest 332.7 7,193.0 Income 1. See (0.9) 9.0 slide Statutory 7.3 4723.3 for aEBITDA Net reconcil
Slide 14: FY14 Significant Items
FY14 (2.4) (5.3) 13.0 1.3 Withdrawal—6.3—6.3 $146.1 1.3 Adjustments 12.4 (5.3) Significant Costs $157.7 30.9 NetAssociated 14 Reversal 40.9 Items made 41.66.3 North by of with Write-down aJoint Loss Loan new Pre-Tax on Ventures—3.0—3.0 Impairment—(4.9)—(4.9) CEO Sale ofAfter-Tax Appointment Equipmen
Slide 15: Cash Flows
Cash Payments (6.5) Repayments Flows (A$m) / Borrowings for Acquisitions FY14 FY13 (198.4) Change of (157.3) Subsidiaries, (A$m) (41.1)Net Net Other Cash of Financing Cash—(28.1) Inflows from Activities, 28.1 Operating Other Net Investing (1.3) Activities (29.2) Activities, 210.1 27.9 Net 297.3 Net
Slide 16: Capital Expenditure
•Capital expansion and FY14 upgrade capital Expenditure in investments Western expenditures A$m Australia atCapital three reduced • FY15 of Expenditure our to capital $64m non- ferrous with expenditure Depreciation New metal England expected recovery 200 180 expansion plants range 160 140from inand
Slide 17: Financial Strength
Financial Net million, management Debtat/Strength 30 (Net confidence June Debt A$m 2014 + Equity) Net •inFinancial the Debt outlook • Balance Gearing strength support sheet (RHS) through the strength 1resumption 350 low12% through gearing 300 ofdebt is a10% final core elimination 250 dividend to 8%
Slide 18: Strategic Progress Update
Strategic Progress Update Galdino Claro, Group CEO 18
Slide 19: A clear five-year strategic plan
A clear five-year Strengthen strategic businesses supplier strategic relationships services plan • Further Grow withOptimise cost assetreductions management • Organic 1-2and market YEARS • Exploit share 3-4 YEARS growth local & and global 5 YEARS feeder logistics yard 19 network • Share operational
Slide 20: Implementation progress
Implementation decline regions custom investment streamline Asia • New in • CFO Rollout FY14 benefits UK shredder relocation and progress due ofacross Canada new to andintransport from yard ramping UK the Ofiice(PMO) group and •Chicago Further up Canada cost • Streamline SRS •value expansion Market
Slide 21: Early stage gains in FY15
EarlyFY15 over flow progressively non-core through stage businesses and gains in initiated FY16 stronger from• +19 Market over strategy sales 0 FY15 +31 share margins being Optimise +16 retained realised -14 • Operational Supplier 119 in140 Grow core-markets A$m Operational Excellence Grow 120Curren
Slide 22: Outlook
Outlook Galdino Claro, Group CEO 22
Slide 23: Outlook
Outlook benefits plant sequential in Western from • Implementation improvement ourAustralia; Streamline across of • Upgrade program five allyear regions investments to strategic be• achieved Maintain plan at is three in conservative gathering FY15 of our • FY15 non-ferrous pace, view capex with that
Slide 24: Appendix A External Operating Environment
Appendix A External Operating Environment
Slide 25: External Operating Environment
External Managers Latest ABS, SMMT) monthly Operating Index4 6) data 2013 New Environment (source: crude Car Sales5 Conference steelUnited production 16.4mStates Board, 1.1mchange Australia 2.6m WestPac, Steel overUnited GfK Production previous NOP) Kingdom year 4) 6 87.0mt Latest (source: GDPmonthl
Slide 26: Appendix B Reporting segment information
Appendix B Reporting segment information
Slide 27: Financial Overview
Financial Asset (88.9) ($m) (‘000) 31 and 210.1 Impairment (467.3) 11,814 32.Overview 27 297.3 12,786 (81.0) (29.3) ($m) FY Underlying (7.6) 28.5 2014 Capital Full 304.4 FYFiscal Expenditures NPAT 2013 (90.6) Year Change ($m)* Depreciation Dividend ($m) 68.8 (%) 15.9 Sales 64.1 Determined ($m) 332.7
Slide 28: Sales Revenue by Region
Sales Revenue primarily relatesbytoRegion a 10% FY decline 2014inFY sales 2013Australasia 17.2% 21.9% 1,223.9 15.1% 1,083.1 23.2% 13.0 Australasia volume. North NorthAmerica America4,253.5 Europe 4,534.6 59.6% 63.0% (6.2) Europe $m FY1,651.6 2014 FY1,575.3 2013 Change 4.8 Total(%) $7,129.0 • Decline
Slide 29: Sales Revenue by Product
Sales Revenue respectively. Solutions Manufacturing/Other Ferrous Trading/Brokerage in FY13 • The by Product to increase NFSR 4.9%FY$m 1,361.5 in in NFSR 2013 FY14. FY 2014 1,353.0 0.8% sales 29 FY 13.5% and 0.6 2013 2014 decrease Recycling 48.1% Change 0.8% 18.8% Ferrous in (%) Solutions Recycling
Slide 30: EBITA by Region
EBITA 2013 impairment. impairments impairment) Change (pre -goodwill North $0.9 ($27.6) as (%) follows: ($166.0) 1.America EBITA ($470.4) &EBITA intangible (100.5) (2) by(94.1) Region (15.3) by North Region asset Total (2.8) is impairment) America before $117.6 (1) 446.4 $17.5 any $232.9 2. $41.3 EB
Slide 31: Significant Items FY2014
Significant Fixed Assets, Derivatives 16.7 Provisions/Losses—3.5—3.5 Tax Asset 16.3 Asset Net Settlement ——0.0 Items of and Impairment Insurance Equity by17.6 Region of 13.0 Disputes Total (2.4) Recoveries—(5.3)—(5.3) — –Significant 3.4 12.4 FY 13.0 with Multi-employer 2014 30.9 13.0 Third 31 40.9 I
Slide 32: Significant Items FY2013
Significant $270.8 insurance Write-down Dispute Transaction Controlled Impairment with —4.3—4.3 Assets Items & ofa Other Third CTG by and ofRegion derivatives Acquisition Party—4.7—4.7 2.7 Investment 1.3 recoveries 0.3—1.6 – FY2013 and Costs in1.5 Associate Impairment equity 4.7 After-Tax Entities 1
Slide 33: EBITA by product allocation
EBITA product allocation and items FY2014 42.1 (128.3) $48 44.7 of(pre-goodwill (150.0) is million approximately and Recycling of presented $40 the(14.5) in write-off million FY2013 pre-corporate Solutions & Amortisation $3 intangible inof million and FY2013. goodwill (63.7) other and costs asset of
Slide 34: EBIT change by product
EBIT (pre-goodwill FY13 Restated Recycling and intangible Mfg/ JV’s/ asset Corporate impairment) Amortisation Change of by Trading Product & 60Trading 40 20 0.9 & FY14 0 4.1 million EBIT EBIT -20 21.7 Solutions $ -40 32.9 Other-60 Costs 1.4 18.8 intangibles -80 -166.0 Brokerage -100 -120 Brokerage 8
Slide 35: EBIT change by region
EBIT (pre-goodwill Australasia North America and intangible Europe FY14 asset impairment) EBIT EBIT Change intangibles by Region 35 60 40 20 0 4.1 0.9 million -20 $ -40 101.0 -60 -80 -166.0 -100 -3.0 -120 -140 64.8 -160 -180 FY13 Restated Amortisation of
Slide 36: Intake Volumes by Region
Intake1,608 1,593 America Volumes relates (0.9)by toTotal divestiture Region 11,783 FYof 2014 12,453 business FY(5.4) 2013 in12.9% Alabama, [Graphic 14.1% idling Appears 73.0% of the Here] • Increase Gulf Total Region, in Tonnes Australasia and(‘000’s) weakreflects scrap FY 2014 generation market FY
Slide 37: Intake Volumes by Product
Intake (‘000’s) 557 2014 in FY14. 556 and Volumes FY 0.2 37 FY2014 Other 2013, byFY 0Product respectively. 31 2013 (100.0) Change FY 2014 Total • Decline (%) Ferrous 11,783 Ferrous in12,453 Shredded Ferrous Shred (5.4) Shred (inc. 4.7% FYNFSR) and 0.0% 2013 Other (incl. 4.5% 4,091 Processed NFSR) 0.
Slide 38: Sales Volumes by Region
Sales Volumes 9,377 Australia overall (13.1) supply. from Europe by both 38 Region organic 1,609FY 1,645 growth 2014 (2.2) 13.6% andTotal tuck-in 17.4% 11,815 acquisitions. Australasia 12,786 (7.6) •North Decrease FYAmerica 2013in12.9% North Europe 13.8% America 69.0% 73.3% relates Total • Sales Ton
Slide 39: Sales Volumes by Product
Sales550 (‘000’s) 567 2014 media and Volumes plant FY 3.1 FY2014 in Other 2013, FY14. by FY Product 0respectively. 37 2013 39(100.0) FY Change 2014 Total • Declines (%) Ferrous 11,815 Ferrous in Shredded 12,786 Ferrous Shred (7.6) 4.8% (inc. Shred FYNFSR) 0.0% and 2013Other (incl. 4.3% 4,275Processe
Slide 40: Sales by Destination
Sales/by Asia Oceania Destination 3% 3% FY2014 21% 25% FY2013 40 10% 12% Domestic 12% USA / Canada 32% 11% 37% South / Central America Europe Middle East 12% 13% China & HK 1% Northeast Asia 4% 3% 1% SE
Slide 41: Group Income Statement
Group 27.3 ($88.9) EBIT Income ($467.3) (27.6) Statement $378.4 (470.4)(81.0) 442.8 $m FY Underlying (94.1) 2014 Underlying FY 2013 Net Profit Change EBITAfter ($) 118.5 Tax Change 66.9 $68.8 51.6 (%) $15.9 Sales 77.1$52.9 Net Revenue Interest 332.7$7,129.0 41Expense $7,193.0 (14.2) (18.2) ($64.0) 4
Slide 42: Group Balance Sheet
Group(172.7) 2,649.4 988.2 Balance 2,917.4 (17.5) Sheet (268.0) Net As(9.2) Assets of 30Current June $1,833.9 AsLiabilities of$1,929.2 30 June 677.6 $m (95.3) 2014 671.4 (4.9) 2013 6.2 Net 0.9 Change (Cash) Non-current ($) Debt Change ($42.3) Borrowings (%) $153.8 Current 14.4 (196.1) Assets 189.1(1
Slide 43: Group Cash Flow
Group loss/(gain) (14.3) Payments sale 7.3 (7.3) ofOther Cash joint PP&E Net on onventures Flow 2.1 cash acquisitions 4.8 held 8.7 4.8 $m outflow for (6.6) and 0.0 FY trading Proceeds assets Change 2014 of from subsidiaries, derivatives FY 0.0 investing infrom 2013 0.3 operating (0.3) sale Change ne
Slide 44: North America Regional Results
North ($m) 19.6 9,377 31 and (13.8) 53.3 (13.1) America 32.48.5 (2) EBIT Employees Includes 9.9 Regional ($m) EBITA (57.1) Unallocated 3,354 Results ($m) (329.0) 3,618 (11.7) FYGroup 2014 (7.3) (82.6) (8.7)FY Sales Corporate 34.5 Underlying 2013 Margin Underlying Change items. (%) EBIT(%) These 16.5
Slide 45: Australasia Regional Results
Australasia ($m) 703.3 (%) items. 28.0% 27.6 Underlying These 25.1 23.9%—(1) Regional items 10.0 EBIT totaled EBITA Results Underlying ($m) $1.5m ($m) FY (1) 2014 85.5 74.9 and EBITDA, $8.8m 52.1 10.1 FY 2013 64.1 641.6 inEBITA FY14 Change Assets Underlying and and ($m) (%) FY13 EBIT Sales 629.3 EBI
Slide 46: Europe Regional Results
Europe Depreciation 0.4 1,609 pages 1.91,645 31 (78.9) Regional and(2.2) ($m) 32. EBIT(2) Results Employees 24.7 ($m) Sales 27.5 FY ($44.4) Margin (10.2) 2014 1,564 ($150.6) % FY EBITA 1,718 for 2013 FY13 (9.0) (70.5) ($m) Change was Sales ($44.0) Underlying revised (%) Margin ($145.0) Sales to(%) E
Slide 47: FY14 Income Tax Expense Considerations
FY14 Income Write-off of U.S. TaxDeferred ExpenseTax Considerations Asset—(17.6)Profit Underlying (Loss) Income LossesTax not $m TaxBefore Benefited—(5.8) Tax Expense Other—0.4—Underlying ETR Statutory Result ($41.8) Results$47.1 $104.3 112.7% $30.1 Reconciling 28.9% 47 Items: Impact of Significant