Steel & Tube: Results for Announcement to the Market

29 Aug 2018
STEEL AND TUBE HOLDINGS LIMITED

RESULTS FOR ANNOUNCEMENT TO THE MARKET

 

Reporting Period                             12 months to 30 June 2018

Previous Reporting Period               12 months to 30 June 2017

Click here for Presentation and Audio

 

Non-GAAP financial information

Steel and Tube uses several non-GAAP measures when discussing financial performance. These include normalised

EBIT and normalised NPAT. Management believes that these measures provide useful information on the underlying

performance of Steel & Tube’s business. They may be used internally to evaluate performance, analyse trends and

allocate resources. Non-GAAP financial measures should not be viewed in isolation nor considered as a substitute for

measures reported in accordance with NZ IFRS. Reconciliations of non-GAAP measures to GAAP measures are

detailed below.

 

 

Steel & Tube reports it’s normalised EBIT as $16.5m for FY2018. This is directly comparable to the earnings guidance

issued on 23 May 2018, which forecast normalised EBIT of $16m. Subsequent to this announcement, the

amortisation start date for the new ERP system was amended. This reduced amortisation expenditure by $1.1m in

comparison to that included in the May 2018 forecast. Further details on the unusual transactions/non-trading

adjustments are included in the investor presentation and audited financial statements for the year ended 30 June

2018.

 

Definitions:

 

• EBIT: This means earnings before interest and tax and is calculated as profit for the period before net finance costs and

tax.

• Normalised EBIT: This means EBIT after normalisation adjustments.

• Normalised Net Profit after Tax: This means Net Profit after Tax after normalisation adjustments net of tax

• Normalisation adjustments: These are transactions that are unusual by size or nature in a particular accounting

period. Excluding these transactions can assist users in forming a view of the underlying performance of the Group.

Unusual transactions can be as a result of specific events or circumstances or major acquisitions, disposals or

divestments that are not expected to occur frequently.

 

For further information please contact:

 

Mark Malpass

 

Jackie Ellis

Steel & Tube CEO

 

Media and Communications

 

Tel: +64 27 777 0327

 

Tel: +64 27 246 2505

 

Email: [email protected]

 

Email: [email protected]