Stocks Special Reports LICs Credit Funds ETFs Tools SMSFs
Video Archive Article Archive
News Stocks Special Reports Funds ETFs Features SMSFs Learn

Company News Summary

Sims Metal Management Announces UK Investigation Findings and Goodwill Impairment

15 Feb 2013  |  09:51:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: UK Investigation Findings and Goodwill Impairment

Sims Metal Management announced on 21 January 2013 that the board had established a special committee to investigate inventory valuation issues in the company's UK business. The committee has determined that a write-down of inventory of $78m will be required, versus a preliminary assessment of circa $60m. The write-down adjustment has been independently verified by the company's external auditor PricewaterhouseCoopers. $16m of the inventory write-down will impact first half Fiscal 2013 results, and the balance will be reflected in the restatement of prior period results.

Please click here for full details

See more ASX300 News Announcements