AIFRSAustralian International Financial Reporting Standards
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In the preparation of its audited accounts, the Company has determined that profit after tax will increase by approximately $32m due to a combination of a non-cash formation gain resulting from the AIFRS accounting for the commencement of the SA Recycling Joint Venture in Southern California and one-off costs associated with the Metal Management merger.
1 Source: GroPep accounts 4) According to previous GAAP (Australian GAAP) 5) According to AIFRS (Australian equivalent to IFRS).
Based on these preliminary results, Mincom expects operating profit before income taxes to be between $11 and $13 million (before share based compensation under AIFRS of approximately $1.