Adjusted EBITDA of $(38.1) million in Q4 2019 and of $(37.0) million in Full Year 2019

• Q4 2019 results:
  • Sales of $364.4 million compared to $381.7 million in Q3 2019, and $591.1 million in Q4 2018
  • Net loss of $(75.7) million compared to $(140.1) million in Q3 2019, and $(74.2) million in Q4 2018
  • Adjusted EBITDA of $(38.1) million compared to $(7.2) million in Q3 2019 and $23.2 million in Q4 2018
• Full Year 2019 results:
  • Sales of $1.60 billion compared to $2.24 billion in 2018
  • Net loss of $(288.1) million, including a goodwill impairment charge of $174.0 million, compared to a net profit of $24.6 million in 2018
  • Adjusted net loss attributable to Parent of $(114.0) million compared to a net profit of $64.4 million in 2018
  • Adjusted EBITDA of $(37.0) million in 2019 compared to $230.1 million in 2018
• Gross debt of $481 million at the end of Q4 2019, compared to $556 million at the end of Q3 2019
• Successful refinancings, providing additional financial flexibility and liquidity
  • North American asset-based revolving credit facility closed on October 11, 2019
  • European accounts receivable securitization program closed on December 10, 2019
• Operational changes implemented to the global production platform: adapting production to reduced demand and decreasing inventory levels

LONDON, March 02, 2020 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (throughout, “Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, and a leading silicon- and manganese-based specialty alloys producer, today announced results for the fourth quarter and the full year 2019.

Q4 2019 Earnings Highlights

In Q4 2019, Ferroglobe posted a net loss of $(75.7) million, or $(0.44) per share on a fully diluted basis. On an adjusted basis, Q4 2019 net loss was $(53.8) million, or $(0.32) per share on a fully diluted basis.

Q4 2019 reported EBITDA was $(56.2) million, up from $(183.1) million in the prior quarter. On an adjusted basis, Q4 2019 EBITDA was $(38.1) million, down from Q3 2019 adjusted EBITDA of $(7.2) million. The Company reported an adjusted EBITDA margin of -10.5% for Q4 2019, compared to an adjusted EBITDA margin of -1.9% for Q3 2019.

Full Year 2019 Earnings Highlights

For Full Year 2019, Ferroglobe posted a net loss of $(288.1) million, or $(1.67) per share. On an adjusted basis, Full Year 2019 net loss was $(114.0) million, or $(0.68) per share.

For the Full Year 2019, reported EBITDA was $(243.1) million, versus $212.9 million in the prior year. Full Year 2019 Adjusted EBITDA was $(37.0) million, versus $230.1 million in the prior year. The Company reported an adjusted EBITDA margin of -2.3% for Full Year 2019, compared to an adjusted EBITDA margin of 10.3% for Full Year 2018.

		Quarter Ended				Quarter Ended				Quarter Ended				Year Ended				Year Ended
$,000 (unaudited)		December 31, 2019				September 30, 2019				December 31, 2018 *				December 31, 2019				December 31, 2018 *
Sales		$	364,431			$	381,745			$	591,052			$	1,603,046			$	2,242,002
Net (loss) profit		$	(75,746	)		$	(140,139	)		$	(74,155	)		$	(288,097	)		$	24,573
Diluted EPS		$	(0.44	)		$	(0.83	)		$	(0.34	)		$	(1.67	)		$	0.25
Adjusted net (loss) income attributable to the parent		$	(53,801	)		$	(16,085	)		$	5,205			$	(113,998	)		$	64,392
Adjusted diluted EPS		$	(0.32	)		$	(0.10	)		$	0.03			$	(0.68	)		$	0.36
Adjusted EBITDA		$	(38,132	)		$	(7,210	)		$	23,184			$	(36,980	)		$	230,051
Adjusted EBITDA margin			-10.5	%			-1.9	%			3.9	%			-2.3	%			10.3	%

* Throughout the results, the amounts for prior periods have been restated to reflect the impact of the profit / (loss) from discontinued operations associated with the sale of FerroAtlántica S.A.U., owner of the Cee-Dumbria plant and hydroelectric assets in Spain.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer commented, “The Company’s disappointing fourth quarter results are representative of the challenges faced throughout 2019.  We experienced continued pricing and volume pressures during the quarter, with increased costs as a result of the previously announced operational curtailments.  To mitigate the impact of these challenges, we successfully executed a number of cash generating initiatives, selling non-core assets, reducing inventory and releasing cash through the refinancing of the Company’s accounts receivable securitization program.  Given these headwinds and their impact on our balance sheet, a new strategic plan is being developed  aimed at returning the Company to profitability.”

Cash Flow and Balance Sheet

Cash generated from operations during Q4 2019 was $45.5 million, with working capital positively impacted by a decrease in inventories,  offset by a decrease in payables. Working capital decreased from $579 million as of September 30, 2019 to $481 million at December 31, 2019.

Gross debt was $481 million as of December 31, 2019, down significantly from $556 million as of September 30, 2019, primarily as a result of refinancing the Company’s former revolving credit facility (“RCF”).

Recent developments

On October 4, 2019, Ferroglobe subsidiary, Silicon Smelters (Pty.) Ltd. completed the sale of its remaining timberlands in South Africa for net proceeds of ZAR 130 million ($8.58 million).

On October 11, 2019, Ferroglobe completed the closing of a new five-year, $100 million North American asset-based revolving loan (“ABL”), with an initial draw of $70 million, which was used, along with cash on hand, to repay in full the RCF. This marked an important step in the Company’s overall strategy to de-risk the balance sheet, as the ABL has no leverage-based or financial-based covenants and has reduced liquidity requirements as compared to the RCF, affording the Company enhanced flexibility.

On December 10, 2019, Ferroglobe refinanced its prior accounts receivable securitization program with a new two-year, $150 million European program (“new A/R Program”), of which $104 million was utilized at closing. Subsequently, the incorporation of a special purpose vehicle (“SPV”) into the program resulted in significant additional receivables qualifying into the program.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer commented, “The successful closing of the new A/R Program has a significant impact on our cash conversion in Europe.  At closing, approximately $23 million of cash was released and another $31.5 million was released on incorporation of the SPV in February 2020.  These steps highlight the Company’s continued efforts to optimize the business operationally and financially.”

COVID-19

Marco Levi, Ferroglobe’s Chief Executive Officer commented, “ To date our business has not been directly impacted by the coronavirus. However, given the increasing concerns around the spreading of this virus globally, we continue to monitor the potential impact on our business very closely.”

Subsequent Event

On January 13, 2020, Ferroglobe appointed Dr. Marco Levi as its Chief Executive Officer (“CEO”). As CEO,  Dr. Levi was subsequently appointed to the Company’s Board of Directors on January 15, 2020, bringing the number of Directors on the Board to nine.

Discussion of Fourth Quarter 2019 Results

Sales

Sales for Q4 2019 were $364.4 million, a decrease of 4.5% compared to $381.7 million in Q3 2019. For Q4 2019, total shipments were down 1.2% and the average selling price was down 3.5% compared with Q3 2019.

		Quarter Ended			Quarter Ended						Quarter Ended						Year Ended			Year Ended
		December 31, 2019			September 30, 2019			Change			December 31, 2018			Change			December 31, 2019			December 31, 2018			Change
Shipments in metric tons:
Silicon Metal			61,613			60,225		2.3	%			93,364		-34.0	%			238,192			352,578		-32.4	%
Silicon-based Alloys			64,485			69,879		-7.7	%			81,197		-20.6	%			295,429			311,703		-5.2	%
Manganese-based Alloys			95,235			93,996		1.3	%			147,445		-35.4	%			392,456			424,358		-7.5	%
Total shipments*			221,333			224,100		-1.2	%			322,006		-31.3	%			926,077			1,088,639		-14.9	%
Average selling price ($/MT):
Silicon Metal		$	2,175		$	2,175		0.0	%		$	2,429		-10.5	%		$	2,256		$	2,647		-14.8	%
Silicon-based Alloys		$	1,424		$	1,490		-4.4	%		$	1,719		-17.2	%		$	1,547		$	1,845		-16.2	%
Manganese-based Alloys		$	1,054		$	1,140		-7.5	%		$	1,158		-9.0	%		$	1,140		$	1,244		-8.4	%
Total*		$	1,474		$	1,527		-3.5	%		$	1,668		-11.6	%		$	1,557		$	1,870		-16.8	%
Average selling price ($/lb.):
Silicon Metal		$	0.99		$	0.99		0.0	%		$	1.10		-10.5	%		$	1.02		$	1.20		-14.8	%
Silicon-based Alloys		$	0.65		$	0.68		-4.4	%		$	0.78		-17.2	%		$	0.70		$	0.84		-16.2	%
Manganese-based Alloys		$	0.48		$	0.52		-7.5	%		$	0.53		-9.0	%		$	0.52		$	0.56		-8.4	%
Total*		$	0.67		$	0.69		-3.5	%		$	0.76		-11.6	%		$	0.71		$	0.85		-16.8	%

* Excludes by-products and other

Sales Prices & Volumes By Product

During Q4 2019, total product average selling prices decreased by 3.5% versus Q3 2019. Q4 average selling prices of silicon metal remained unchanged, silicon-based alloys prices decreased  4.4%, and manganese-based alloys prices decreased  7.5%.

Sales volumes in Q4 declined by 1.2% versus the prior quarter.  Q4 sales volumes of silicon metal increased 2.3%, silicon-based alloys decreased 7.7%, and manganese-based alloys increased 1.3% versus Q4 2019.

Cost of Sales

Cost of sales was $300.6 million in Q4 2019, an increase from $277.7 million in the prior quarter. Cost of sales as a percentage of sales increased to 82.5% in Q4 2019 versus 72.8% for Q3 2019, linked primarily to product mix, costs associated with implementing the temporary curtailments to our operations, and inventory write downs across our product portfolio.

Other Operating Expenses

Other operating expenses was $58.8 million in Q4 2019, an increase from $50.1 million in the prior quarter. This increase is primarily attributable to non recurrent costs associated with the energy contracts at plants in Europe temporarily idled.

Net Loss Attributable to the Parent

In Q4 2019, net loss attributable to the Parent was $74.5 million, or $(0.44) per diluted share, compared to a net loss attributable to the Parent of $140.5 million, or $(0.83) per diluted share in Q3 2019.

Adjusted EBITDA

In Q4 2019, adjusted EBITDA was $(38.1) million, or -10.5% of sales, compared to adjusted EBITDA of $(7.2) million, or -1.9% of sales in Q3 2019, primarily due to weaker pricing and costs incurred in Q4 2019.

Conference Call

Ferroglobe management will review the fourth quarter and full year results of 2019 during a conference call at 9:00 a.m. Eastern Time on March 3, 2020.

The dial-in number for participants in the United States is 877‑293‑5491 (conference ID 4987662). International callers should dial +1 914‑495‑8526 (conference ID 4987662). Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast available at https://edge.media-server.com/mmc/p/ci6ip3a5.

About Ferroglobe

Ferroglobe is one of the world’s leading suppliers of silicon metal, silicon-based and manganese-based specialty alloys and other ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “target”, “will” and words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.

Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release. 

Non-IFRS Measures

Adjusted EBITDA, adjusted EBITDA margin, adjusted net profit, adjusted profit per share, working capital and net debt, are non-IFRS financial metrics that, we believe, are pertinent measures of Ferroglobe’s success. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTOR CONTACT:
Gaurav Mehta
EVP – Investor Relations 
Email:   investor.relations@ferroglobe.com

Louie Toma
Managing Director
Hayden IR
Tel:       1-774-291-6000
Email:   louie@haydenir.com

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Income Statement
(in thousands of U.S. dollars, except per share amounts)

		Quarter Ended				Quarter Ended				Quarter Ended				Year Ended				Year Ended
		December 31, 2019				September 30, 2019				December 31, 2018*				December 31, 2019				December 31, 2018*
Sales		$	364,431			$	381,745			$	591,052			$	1,603,046			$	2,242,002
Cost of sales			(300,611	)			(277,692	)			(448,048	)			(1,200,103	)			(1,446,677	)
Other operating income			8,428				13,215				24,919				50,194				45,844
Staff costs			(69,490	)			(72,536	)			(80,656	)			(291,141	)			(338,862	)
Other operating expense			(58,826	)			(50,060	)			(70,337	)			(225,727	)			(277,560	)
Depreciation and amortization charges, operating allowances and write-downs			(30,016	)			(29,591	)			(28,345	)			(120,181	)			(113,837	)
Bargain purchase gain			—				—				(4,491	)			—				40,142
Other gain (loss)			390				(3,774	)			4,005				(3,506	)			6,941
Operating (loss) profit before impairment losses			(85,694	)			(38,693	)			(11,901	)			(187,418	)			157,993
Impairment losses			(546	)			(174,018	)			(58,919	)			(175,899	)			(58,919	)
Operating (loss) profit			(86,240	)			(212,711	)			(70,820	)			(363,317	)			99,074
Net finance expense			(16,496	)			(16,491	)			(13,915	)			(61,857	)			(52,207	)
Financial derivatives (loss) gain			(1,153	)			2,913				1,383				2,729				2,838
Exchange differences			4,341				(5,083	)			(3,086	)			2,859				(14,136	)
(Loss) profit before tax			(99,548	)			(231,372	)			(86,438	)			(419,586	)			35,569
Income tax benefit (expense)			22,710				14,322				7,891				50,132				(20,459	)
(Loss) profit for the period from continuing operations			(76,838	)			(217,050	)			(78,547	)			(369,454	)			15,110
Profit for the period from discontinued operations			1,092				76,911				4,392				81,357				9,463
(Loss) profit for the period			(75,746	)			(140,139	)			(74,155	)			(288,097	)			24,573
Loss (profit) attributable to non-controlling interest			1,240				(385	)			14,943				5,414				19,088
(Loss) profit attributable to the parent		$	(74,506	)		$	(140,524	)		$	(59,212	)		$	(282,683	)		$	43,661
EBITDA		$	(56,224	)		$	(183,120	)		$	(42,475	)		$	(243,136	)		$	212,911
Adjusted EBITDA		$	(38,132	)		$	(7,210	)		$	23,184			$	(36,980	)		$	230,051
Weighted average shares outstanding
Basic			169,182				169,123				171,935				169,153				171,966
Diluted			169,182				169,123				171,935				169,153				172,104
(Loss) profit per ordinary share
Basic		$	(0.44	)		$	(0.83	)		$	(0.34	)		$	(1.67	)		$	0.25
Diluted		$	(0.44	)		$	(0.83	)		$	(0.34	)		$	(1.67	)		$	0.25

* The amounts for prior periods have been restated to reflect the impact of the profit / (loss) from discontinued operations associated with the sale of the Company’s Spanish hydroelectric plants

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)

		December 31,				September 30,			December 31,
		2019				2019			2018
ASSETS
Non-current assets
Goodwill		$		29,702		$	29,702		$	202,848
Other intangible assets				58,781			63,980			51,822
Property, plant and equipment				741,236			742,752			888,862
Other non-current financial assets				2,601			3,381			70,343
Deferred tax assets				36,387			50,214			14,589
Non-current receivables from related parties				2,247			2,178			2,288
Other non-current assets				1,598			1,780			10,486
Non-current restricted cash and cash equivalents				28,323			10,889			—
Total non-current assets				900,875			904,876			1,241,238
Current assets
Inventories				360,340			479,866			456,970
Trade and other receivables				302,321			332,603			155,996
Current receivables from related parties				2,955			2,839			14,226
Current income tax assets				36,508			41,649			27,404
Other current financial assets				5,544			1,660			2,523
Other current assets				14,457			12,157			8,813
Cash and cash equivalents *				99,235			177,154			216,647
Assets and disposal groups classified as held for sale				—			8,507			—
Total current assets				821,360			1,056,435			882,579
Total assets		$		1,722,235		$	1,961,311		$	2,123,817
EQUITY AND LIABILITIES
Equity		$		599,437		$	664,300		$	884,372
Non-current liabilities
Deferred income				1,592			4,061			1,434
Provisions				86,354			78,272			75,787
Bank borrowings				144,388			130,622			132,821
Lease liabilities				16,972			16,417			53,472
Debt instruments				344,014			343,400			341,657
Other financial liabilities				15,829			10,307			32,788
Other non-current liabilities				29,170			29,982			25,030
Deferred tax liabilities				52,557			82,192			77,379
Total non-current liabilities				690,876			695,253			740,368
Current liabilities
Provisions				52,398			51,667			40,570
Bank borrowings				14,611			130,272			8,191
Lease liabilities				8,900			8,218			12,999
Debt instruments				10,937			2,734			10,937
Other financial liabilities				50,710			49,978			52,524
Payables to related parties				4,830			9,160			11,128
Trade and other payables				181,545			233,811			256,823
Current income tax liabilities				1,736			11,173			2,335
Other current liabilities				106,255			104,745			103,570
Liabilities associated with assets classified as held for sale				—			—			—
Total current liabilities				431,922			601,758			499,077
Total equity and liabilities		$		1,722,235		$	1,961,311		$	2,123,817

*Cash and cash equivalents at December 31, 2019 includes the cash balance of the A/R securitization program of $38,778 ($9,088 and $nil at September 30, 2019 and December 31, 2018, respectively)

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Cash Flows
(in thousands of U.S. dollars)
 

		Quarter Ended				Quarter Ended				Quarter Ended					Year Ended				Year Ended
		December 31, 2019				September 30, 2019				December 31, 2018					December 31, 2019				December 31, 2018
Cash flows from operating activities:
(Loss) profit for the period		$	(75,746	)		$	(140,139	)		$	(74,155	)			$	(288,097	)		$	24,573
Adjustments to reconcile net (loss) profit to net cash used by operating activities:
Income tax (benefit) expense			(22,710	)			(14,489	)			(6,310	)				(49,118	)			24,233
Depreciation and amortization charges, operating allowances and write-downs			30,016				29,591				30,062					123,011				119,137
Net finance expense			16,496				20,893				15,128					68,290				56,648
Financial derivatives loss (gain)			1,154				(2,913	)			(1,383	)				(2,728	)			(2,838	)
Exchange differences			(4,341	)			5,083				3,088					(2,859	)			14,138
Impairment losses			546				174,018				58,919					175,899				58,919
Bargain purchase gain			—				—				4,491					—				(40,142	)
Gain on disposal of discontinued operation			1,107				(80,729	)			—					(79,622	)			—
Share-based compensation			1,599				1,015				1,016					4,879				2,798
Other adjustments			(390	)			3,774				(4,006	)				3,506				(6,942	)
Changes in operating assets and liabilities
(Increase) decrease  in inventories			126,422				5,953				91,180					85,460				(101,017	)
(Increase) decrease in trade receivables			34,036				5,568				(12,261	)				35,659				(25,807	)
Increase (decrease) in trade payables			(58,816	)			(10,693	)			5,772					(70,851	)			55,410
Other			(869	)			(59,689	)			6,508					(22,299	)			(25,901	)
Income taxes paid			(523	)			(846	)			(6,983	)				(3,589	)			(36,408	)
Interest paid			(2,471	)			(18,713	)			(4,360	)				(43,033	)			(43,018	)
Net cash (used) provided by operating activities			45,510				(82,316	)			106,706					(65,492	)			73,783
Cash flows from investing activities:
Interest and finance income received			171				626				843					1,673				3,833
Payments due to investments:
Acquisition of subsidiary			—				9,088				—					9,088				(20,379	)
Other intangible assets			—				—				(240	)				(184	)			(3,313	)
Property, plant and equipment			(5,885	)			(6,269	)			(28,131	)				(32,730	)			(106,136	)
Other			(621	)			—				—					(1,248	)			(8	)
Disposals:
Disposal of subsidiaries			1,111				171,058				20,533					172,169				20,533
Other non-current assets			8,668				—				—					8,668				12,734
Other			353				19				—					3,769				6,861
Net cash used by investing activities			3,797				174,522				(6,995	)				161,205				(85,875	)
Cash flows from financing activities:
Dividends paid			—				—				—					—				(20,642	)
Payment for debt issuance costs			(12,319	)			(2,093	)			(429	)				(15,117	)			(4,905	)
Repayment of hydro leases			—				(55,352	)			—					(55,352	)			—
Repayment of other financial liabilities			—				—				—					—				(33,096	)
Increase/(decrease) in bank borrowings:
Borrowings			174,130				—				6,882					245,629				252,200
Payments			(269,399	)			(21,038	)			—					(329,500	)			(106,514	)
Proceeds from stock option exercises			—				—				—					—				240
Other amounts paid due to financing activities			(4,363	)			(9,324	)			(3,178	)				(26,631	)			(13,879	)
Payments to acquire or redeem own shares			—				—				(16,597	)				—				(20,100	)
Net cash provided (used) by financing activities			(111,951	)			(87,807	)			(13,322	)				(180,971	)			53,304
Total net cash flows for the period			(62,644	)			4,399				86,389					(85,258	)			41,212
Beginning balance of cash and cash equivalents			188,043				188,045				131,671					216,647				184,472
Exchange differences on cash and cash equivalents in foreign currencies			2,159				(4,401	)			(1,413	)				(3,832	)			(9,037	)
Ending balance of cash and cash equivalents		$	127,558			$	188,043			$	216,647				$	127,558			$	216,647
Cash from continuing operations			99,235				177,154				216,647					99,235				216,647
Non-current restricted cash and cash equivalents			28,323				10,889				—					28,323				—
Cash and restricted cash in the statement of financial position		$	127,558			$	188,043			$	216,647				$	127,558			$	216,647

Adjusted EBITDA ($,000):

		Quarter Ended				Quarter Ended				Quarter Ended				Year Ended				Year Ended
		December 31, 2019				September 30, 2019				December 31, 2018 *				December 31, 2019				December 31, 2018 *
(Loss) profit attributable to the parent		$	(74,506	)		$	(140,524	)		$	(59,212	)		$	(282,683	)		$	43,661
(Loss) profit for the period from discontinued operations			(1,092	)			(76,911	)			(4,392	)			(81,357	)			(9,463	)
Loss (profit) attributable to non-controlling interest			(1,240	)			385				(14,943	)			(5,414	)			(19,088	)
Income tax (benefit) expense			(22,710	)			(14,322	)			(7,891	)			(50,132	)			20,459
Net finance expense			16,496				16,491				13,915				61,857				52,207
Financial derivatives loss (gain)			1,153				(2,913	)			(1,383	)			(2,729	)			(2,838	)
Exchange differences			(4,341	)			5,083				3,086				(2,859	)			14,136
Depreciation and amortization charges, operating allowances and write-downs			30,016				29,591				28,345				120,181				113,837
EBITDA			(56,224	)			(183,120	)			(42,475	)			(243,136	)			212,911
Impairment			456				174,008				65,300				174,464				65,300
Revaluation of biological assets			(550	)			1,080				7,615				530				7,615
Contract termination costs			—				—				—				9,260				—
Restructuring and termination costs			3,000				—				—				5,894				—
Energy:  France			9,682				—				—				9,682				—
Energy: South Africa			3,645				—				—				3,645				—
Staff Costs:  South Africa			327				—				—				327				—
Other Idling Costs			1,532				—				—				1,532				—
(Loss)profit on disposal of non-core businesses			—				822				(11,747	)			822				(11,747	)
Bargain purchase gain			—				—				4,491				—				(40,142	)
Share-based compensation			—				—				—				—				(3,886	)
Adjusted EBITDA		$	(38,132	)		$	(7,210	)		$	23,184			$	(36,980	)		$	230,051

Adjusted profit attributable to Ferroglobe ($,000):

		Quarter Ended				Quarter Ended				Quarter Ended				Year Ended				Year Ended
		December 31, 2019				September 30, 2019				December 31, 2018 *				December 31, 2019				December 31, 2018 *
(Loss) profit attributable to the parent		$	(74,506	)		$	(140,524	)		$	(59,212	)		$	(282,683	)		$	43,661
Tax rate adjustment			9,145				59,717				19,769				84,136				9,077
Impairment			310				118,325				44,404				118,636				44,404
Revaluation of biological assets			(374	)			734				5,178				360				5,178
Contract termination costs			—				—				—				6,297				—
Restructuring and termination costs			2,040				—				—				4,008				—
Energy:  France			6,584				—				—				6,584				—
Energy: South Africa			2,479				—				—				2,479				—
Staff Costs:  South Africa			222				—				—				222				—
Other Idling Costs			1,042				—				—				1,042				—
(Loss) profit on disposal of non-core businesses			(743	)			(54,337	)			(7,988	)			(55,079	)			(7,988	)
Bargain purchase gain			—				—				3,054				—				(27,297	)
Share-based compensation			—				—				—				—				(2,642	)
Adjusted (loss) profit attributable to the parent		$	(53,801	)		$	(16,085	)		$	5,205			$	(113,998	)		$	64,392

Adjusted diluted profit per share:

		Quarter Ended				Quarter Ended				Quarter Ended				Year Ended				Year Ended
		December 31, 2019				September 30, 2019				December 31, 2018 *				December 31, 2019				December 31, 2018 *
Diluted (loss) profit per ordinary share		$	(0.44	)		$	(0.83	)		$	(0.34	)		$	(1.67	)		$	0.25
Tax rate adjustment			0.05				0.35				0.11				0.50				0.05
Impairment			0.00				0.70				0.26				0.70				0.26
Revaluation of biological assets			(0.00	)			0.00				0.03				0.00				0.03
Contract termination costs			—				—				—				0.04				—
Restructuring and termination costs			0.01				—				—				0.02				—
Energy:  France			0.04				—				—				0.04				—
Energy: South Africa			0.01				—				—				0.01				—
Staff Costs:  South Africa			0.00				—				—				0.00				—
Other Idling Costs			0.01				—				—				0.01				—
(Loss) profit on disposal of non-core businesses			(0.00	)			(0.32	)			(0.05	)			(0.33	)			(0.05	)
Bargain purchase gain			—				—				0.02				—				(0.16	)
Share-based compensation			—				—				—				—				(0.02	)
Adjusted diluted (loss) profit per ordinary share		$	(0.32	)		$	(0.10	)		$	0.03			$	(0.68	)		$	0.36

 

 

Source: Ferroglobe PLC