Adjusted EBITDA of $5.7 million in Q4 2020 and $32.8 million in Full Year 2020

• Q4 2020 results:
  • Sales of $320.5 million, up 22% compared to $262.7 million in Q3 2020, and $376.6 million in Q4 2019
  • Net loss of ($84.1) million compared to ($46.8) million in Q3 2020, and ($73.3) million in Q4 2019
  • Adjusted EBITDA of $5.7 million compared to $22.2 million in Q3 2020, and ($30.4) million in Q4 2019
• Full Year 2020 results:
  • Sales of $1.14 billion, down 29%, compared to $1.62 billion in 2019
  • Net loss of ($194.1) million, including an impairment charge of $36.8 million, compared to a net loss of ($285.6) million in 2019
  • Adjusted EBITDA of $32.8 million in 2020, compared to ($29.2) million in 2019
• Continued working capital reduction of $15 million in Q4 2020, and total reduction of $135 million for the full year 2020
• Improved available cash balance by $25 million during the quarter by successful refinancing of the prior accounts receivable securitization program with a new factoring program, at improved terms and lower cost
• Strategic plan currently in execution stage across all value creation areas; initial financial benefits being realized

LONDON, March 01, 2021 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announced results for the fourth quarter and the full year 2020.

Q4 2020 Earnings Highlights

In Q4 2020, Ferroglobe posted a net loss of ($84.1) million, or ($0.49) per share on a fully diluted basis. On an adjusted basis, the Q4 2020 net loss was ($30.8) million, or ($0.47) per share on a fully diluted basis.

Q4 2020 reported EBITDA was ($0.6) million, up from ($12.2) million in the prior quarter. On an adjusted basis, Q4 2020 EBITDA was $5.7 million, down from Q3 2020 adjusted EBITDA of $22.2 million. The Company reported an adjusted EBITDA margin of 1.8% for Q4 2020, compared to an adjusted EBITDA margin of 8.5% for Q3 2020.

Full Year 2020 Earnings Highlights

For Full Year 2020, Ferroglobe posted a net loss of $(194.1) million, or $(1.13) per share. On an adjusted basis, Full Year 2020 net loss was $(92.6) million, or $(0.98) per share.

For the Full Year 2020, reported EBITDA was $(11.0) million, versus $(235.4) million in the prior year. Full Year 2020 Adjusted EBITDA was $32.8 million, versus $(29.2) million in the prior year. The Company reported an adjusted EBITDA margin of 2.9% for Full Year 2020, compared to an adjusted EBITDA margin of (1.8)% for Full Year 2019.

		Quarter Ended				Quarter Ended				Quarter Ended				Year Ended				Year Ended
($000, unaudited		December 31, 2020				September 30, 2020				December 31, 2019				December 31, 2020				December 31, 2019
Sales		$	320,535			$	262,673			$	376,607			$	1,144,434			$	1,615,222
Net (loss) profit		$	(84,141	)		$	(46,834	)		$	(73,291	)		$	(194,067	)		$	(285,640	)
Diluted EPS		$	(0.49	)		$	(0.28	)		$	(0.43	)		$	(1.13	)		$	(1.66	)
Adjusted net (loss) income attributable to the parent		$	(30,798	)		$	(13,002	)		$	(47,845	)		$	(92,577	)		$	(108,288	)
Adjusted diluted EPS		$	(0.47	)		$	(0.16	)		$	(0.28	)		$	(0.98	)		$	(0.65	)
Adjusted EBITDA		$	5,737			$	22,231			$	(30,391	)		$	32,765			$	(29,239	)
Adjusted EBITDA margin			1.8	%			8.5	%			(8.1	)%			2.9	%			(1.8	)%

Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “Despite a challenging year, Ferroglobe delivered stronger financial results in 2020, and continued to generate positive EBITDA during the fourth quarter. Throughout the year we progressed on addressing near-term priorities, while also diligently developing a multi-year strategic plan aimed at turning around the Company.” Dr. Levi added, “The collective efforts and actions of our global employees helped us successfully navigage 2020 and positions the Company well to capitalize on a pivotal 2021. We certainly look forward to executing the turnaround plan and start delivering value to all our stakeholders in the near term.”

Cash Flow and Balance Sheet

Cash generated from operations during Q4 2020 was $3.5 million.

Working capital decreased by $15 million, from $354 million as of September 30, 2020 to $339 million at December 31, 2020. The decrease is mainly driven by a reduction in inventories, partially offset by strengthening of the Euro relative to the US Dollar.

Gross debt was $473 million as of December 31, 2020, up from $442 million as of September 30, 2020, primarily as a result of coupon payment interest accrued, and the impact of the Tribunal Superior de Galicia decision.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “2020 tested our Company in many ways and despite all the financial pressures, we successfully navigated a turbulent year by making quick adjustments and driving cost savings across the all areas of the organization.” Ms. García-Cos added, “We have been exploring various financing options for some time now, and are excited to work towards closing the proposed financing. This financing would eliminate any risks of near-term debt maturities, and the new capital contribution would provide adequate support to fund our strategic plan.”

COVID-19

Since January 2020, the COVID-19 pandemic has spread to various jurisdictions where the Company does business. The Company has been monitoring the evolving situation, and consequent emerging risk. Among other steps, the Company has implemented a coronavirus crisis management team, which has been meeting regularly to ensure the Company and its subsidiaries take appropriate action to protect all employees and ensure business continuity.

During the fourth quarter demand for our products was adversely impacted by COVID-19 It is difficult to forecast all the impacts of the COVID-19 pandemic, and such impacts might have a material adverse effect on our business, results of operations and financial condition. The Company is continuously evaluating how evolving customer demand and sales price evolution stand to affect the Company’s business and results in the next twelve months.

In connection with the preparation of our consolidated financial statements, we conducted an evaluation as to whether there were conditions and events, considered in the aggregate, which raise substantial doubt as to the Company’s ability to continue as a going concern in the one year period after the date of the issuance of these interim financial statements. For this interim financial statement, the evaluation was updated. Given the speed and frequency of continuously evolving developments with respect to this pandemic and the uncertainties this may bring for the Company and the demand for its products, it is difficult to forecast the level of trading activity and hence cash flow in the next twelve months. Developing a reliable estimate of the potential impact on the results of operations and cash flow at this time is difficult as markets and industries react to the pandemic and the measures implemented in response to it, but our downside scenario analysis supports an expectation that the Company will have cash headroom to continue to operate throughout the next twelve months.

Additionally, the indenture governing the senior unsecured notes includes provisions which, in the event of a change of control, would require the Company to offer to redeem the outstanding senior unsecured notes at a cash purchase price equal to 101% of the principal amount of the senior unsecured notes, plus any accrued and unpaid interest. Based on the provisions cited above, a change of control as defined in the indenture is unlikely to occur, but the matter it is not within the Company’s control. If a change of control were to occur, the Company may not have sufficient financial resources available to satisfy all of its obligations. Management is pursuing additional sources of financing to increase liquidity to fund operations.

Subsequent events

On February 1, 2021, the Company announced that it was in discussions with certain holders of the 9.375% Senior Notes due 2022 and key financial partners.  

Discussion of Fourth Quarter 2020 Results

The Company has concluded that there are indications for potential impairment of goodwill, property, plant and equipment and deferred tax assets. During the third quarter, the Company registered an impairment relating to the Niagara Falls facility as there are no plans to restart production. During the fourth quarter the Company registered an impairment the spare parts associated to the Niagara Falls facility. Additionally, during the fourth quarter the Company impaired the deferred tax assets related to tax losses in Spain, France and Argentina.The financial results presented for the fourth quarter and fiscal year ended as of December 31, 2020 are unaudited and may be subsequently materially adjusted, including as a result of the final conclusions on the impairment analysis, and the impact of the Tribunal Superior de Galicia decision.

Sales

Sales for Q4 2020 were $320.5 million, an increase of 22.0% compared to $262.7 million in Q3 2020. For Q4 2020, total shipments were up 29.3% and the average selling price was down 3.5% compared with Q3 2020.

		Quarter Ended			Quarter Ended						Quarter Ended						Year Ended			Year Ended
		December 31, 2020			September 30, 2020			Change			December 31, 2019			Change			December 31, 2020			December 31, 2019			Change
Shipments in metric tons:
Silicon Metal			54,912			51,215		7.2	%			61,613		(10.9	)%			207,332			239,692		(13.5	)%
Silicon-based Alloys			57,351			42,449		35.1	%			64,485		(11.1	)%			200,212			295,429		(32.2	)%
Manganese-based Alloys			78,611			53,980		45.6	%			95,235		(17.5	)%			261,605			392,456		(33.3	)%
Total shipments*			190,874			147,644		29.3	%			221,333		(13.8	)%			669,149			927,577		(27.9	)%
Average selling price ($/MT):
Silicon Metal		$	2,260		$	2,248		0.5	%		$	2,175		3.9	%		$	2,234		$	2,252		(0.8	)%
Silicon-based Alloys		$	1,528		$	1,534		(0.4	)%		$	1,424		7.3	%		$	1,515		$	1,547		(2.1	)%
Manganese-based Alloys		$	1,031		$	1,009		2.2	%		$	1,054		(2.2	)%		$	1,022		$	1,140		(10.4	)%
Total*		$	1,534		$	1,590		(3.5	)%		$	1,474		4.1	%		$	1,545		$	1,557		(0.8	)%
Average selling price ($/lb.):
Silicon Metal		$	1.03		$	1.02		0.5	%		$	0.99		3.9	%		$	1.01		$	1.02		(0.8	)%
Silicon-based Alloys		$	0.69		$	0.70		(0.4	)%		$	0.65		7.3	%		$	0.69		$	0.70		(2.1	)%
Manganese-based Alloys		$	0.47		$	0.46		2.2	%		$	0.48		(2.2	)%		$	0.46		$	0.52		(10.4	)%
Total*		$	0.70		$	0.72		(3.5	)%		$	0.67		4.1	%		$	0.70		$	0.71		(0.8	)%

_______________
* Excludes by-products and other

Sales Prices & Volumes By Product

During Q4 2020, total product average selling prices decreased by 3.5% versus Q3 2020. Q4 average selling prices of silicon metal increased 0.5%, silicon-based alloys prices decreased 0.4%, and manganese-based alloys prices increased 2.2%.

Sales volumes in Q4 growth by 29.3% versus the prior quarter. Q4 sales volumes of silicon metal increased 7.2%, silicon-based alloys increased 35.1%, and manganese-based alloys increased 45.6% versus Q3 2020.

Cost of Sales

Cost of sales was $225.9 million in Q4 2020, an increase from $166.2 million in the prior quarter. Cost of sales as a percentage of sales increased to 70.5% in Q4 2020 versus 63.3% for Q3 2020, the increase is mainly due to higher sales volume, lower sales prices, higher energy prices in Europe, lower fixed cost absorption due to decreased production levels and the negative impact of planned production stop in a plant in Spain.

Other Operating Expenses

Other operating expenses amounted to $47.1 million in Q4 2020, an increase from $26.9 million in the prior quarter. This increase is primarily attributable to the accrual for the purchase of CO2 emission rights, the realized benefit from the removal of liability relating to an R&D project in France in Q3, and the increase in commercial expenses resulting from higher sales volume.

Net Loss Attributable to the Parent

In Q4 2020, net loss attributable to the Parent was $83.4 million, or ($0.49) per diluted share, compared to a net loss attributable to the Parent of $47.3 million, or ($0.28) per diluted share in Q3 2020.  

Adjusted EBITDA

In Q4 2020, adjusted EBITDA was $5.7 million, or 1.8% of sales, compared to adjusted EBITDA of $22.2 million, or 8.5% of sales in Q3 2020, primarily due to higher costs incurred in Q4 2020.

Conference Call

Ferroglobe management will review the fourth quarter and full year results of 2020 during a conference call at 9:00 a.m. Eastern Time on March 2, 2021.

The dial-in number for participants in the United States is +1 646-741-3167 (conference ID: 6866274). International callers should dial +1 877-870-9135 (conference ID: 6866274). 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/td6yky7q

About Ferroglobe

Ferroglobe is one of the world’s leading suppliers of silicon metal, silicon-based and manganese-based specialty alloys and 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
Executive Vice President – Investor Relations 
Email: investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu Roig
Executive Director – Communications & Public Affairs
Email: corporate.comms@ferroglobe.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, 2020				September 30, 2020				December 31, 2019				December 31, 2020				December 31, 2019
Sales		$	320,535			$	262,673			$	376,607			$	1,144,434			$	1,615,222
Cost of sales			(225,956	)			(166,231	)			(314,905	)			(788,839	)			(1,214,397	)
Other operating income			8,100				7,598				12,446				33,627				54,213
Staff costs			(54,428	)			(56,329	)			(63,379	)			(214,765	)			(285,029	)
Other operating expense			(47,112	)			(26,896	)			(58,804	)			(150,027	)			(225,705	)
Depreciation and amortization charges, operating allowances and write-downs			(25,538	)			(26,524	)			(30,029	)			(108,189	)			(120,194	)
Impairment losses			(2,593	)			(34,269	)			(546	)			(36,863	)			(175,899	)
Other gain (loss)			824				1,212				98				1,449				(3,797	)
Operating (loss) profit			(26,168	)			(38,766	)			(78,512	)			(119,173	)			(355,586	)
Net finance expense			(33,963	)			(13,985	)			(16,484	)			(81,124	)			(61,845	)
Financial derivatives (loss) gain			—				—				(1,153	)			3,168				2,729
Exchange differences			7,327				13,157				4,366				25,553				2,884
(Loss) profit before tax			(52,804	)			(39,594	)			(91,783	)			(171,576	)			(411,818	)
Income tax benefit (expense)			(31,337	)			(1,841	)			14,120				(17,092	)			41,541
(Loss) profit for the period from continuing operations			(84,141	)			(41,435	)			(77,663	)			(188,668	)			(370,277	)
Profit for the period from discontinued operations			—				(5,399	)			4,372				(5,399	)			84,637
(Loss) profit for the period			(84,141	)			(46,834	)			(73,291	)			(194,067	)			(285,640	)
Loss (profit) attributable to non-controlling interest			779				(450	)			866				3,417				5,039
(Loss) profit attributable to the parent		$	(83,362	)		$	(47,284	)		$	(72,425	)		$	(190,650	)		$	(280,601	)
EBITDA		$	(630	)		$	(12,242	)		$	(48,483	)		$	(10,984	)		$	(235,392	)
Adjusted EBITDA		$	5,737			$	22,231			$	(30,391	)		$	32,765			$	(29,239	)
Weighted average shares outstanding
Basic			169,262				169,261				169,182				169,257				169,153
Diluted			169,262				169,261				169,182				169,257				169,153
(Loss) profit per ordinary share
Basic		$	(0.49	)		$	(0.28	)		$	(0.43	)		$	(1.13	)		$	(1.66	)
Diluted		$	(0.49	)		$	(0.28	)		$	(0.43	)		$	(1.13	)		$	(1.66	)

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

		December 31,			September 30,			December 31,
		2020			2020			2019
ASSETS
Non-current assets
Goodwill		$	29,702		$	29,702		$	29,702
Other intangible assets			20,756			18,876			51,267
Property, plant and equipment			656,806			640,211			740,906
Other non-current financial assets			5,057			6,227			2,618
Deferred tax assets			8,521			50,939			59,551
Non-current receivables from related parties			2,454			2,343			2,247
Other non-current assets			11,904			4,960			1,597
Non-current restricted cash and cash equivalents			22,707			28,551			28,323
Total non-current assets			757,907			781,809			916,211
Current assets
Inventories			245,954			311,269			354,121
Trade and other receivables			242,262			179,432			309,064
Current receivables from related parties			3,076			3,055			2,955
Current income tax assets			12,072			11,264			27,930
Other current financial assets			1,008			2,360			5,544
Other current assets			20,714			18,199			23,676
Current restricted cash and cash equivalents			6,136			—			—
Cash and cash equivalents *			102,714			118,874			94,852
Total current assets			633,936			644,453			818,142
Total assets		$	1,391,843		$	1,426,262		$	1,734,353
EQUITY AND LIABILITIES
Equity		$	421,060		$	483,488		$	602,297
Non-current liabilities
Deferred income			620			7,454			1,253
Provisions			79,133			84,779			84,852
Bank borrowings			32,513			31,958			144,388
Lease liabilities			29,399			12,655			16,972
Debt instruments			346,620			345,941			344,014
Other financial liabilities			39,126			32,554			43,157
Other non-current liabilities			16,767			16,678			25,906
Deferred tax liabilities			31,717			47,633			74,057
Total non-current liabilities			575,895			579,652			734,599
Current liabilities
Provisions			52,491			38,121			46,091
Bank borrowings			75,093			59,318			14,611
Lease liabilities			10,032			7,960			8,900
Debt instruments			10,888			2,697			10,937
Other financial liabilities			25,466			28,016			23,382
Payables to related parties			3,196			4,162			4,830
Trade and other payables			149,201			136,371			189,229
Current income tax liabilities			2,538			140			3,048
Other current liabilities			65,983			86,337			96,429
Total current liabilities			394,888			363,122			397,457
Total equity and liabilities		$	1,391,843		$	1,426,262		$	1,734,353

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, 2020				September 30, 2020				December 31, 2019				December 31, 2020				December 31, 2019
Cash flows from operating activities:
(Loss) profit for the period		$	(84,141	)		$	(46,834	)		$	(73,291	)		$	(194,067	)		$	(285,640	)
Adjustments to reconcile net (loss) profit to net cash used by operating activities:															—
Income tax (benefit) expense			31,337				1,841				(14,120	)			17,092				(40,528	)
Depreciation and amortization charges, operating allowances and write-downs			25,538				26,524				30,029				108,189				123,024
Net finance expense			33,963				13,985				16,484				81,124				68,279
Financial derivatives loss (gain)			—				—				1,153				(3,168	)			(2,729	)
Exchange differences			(7,327	)			(13,157	)			(4,366	)			(25,553	)			(2,884	)
Impairment losses			2,593				34,269				546				36,863				175,899
Net loss (gain) due to changes in the value of asset			(242	)			(246	)			1,574				(158	)			1,574
Gain on disposal of discontinued operation			—				5,399				(4,372	)			5,399				(85,101	)
Gain on disposal of non-current assets			—				—				2,223				—				2,223
Share-based compensation			244				323				1,599				1,993				4,879
Other adjustments			(581	)			(967	)			(3,896	)			(1,292	)			—
Changes in operating assets and liabilities
(Increase) decrease in inventories			71,754				3,725				132,493				114,585				91,531
(Increase) decrease in trade receivables			(53,604	)			(4,731	)			29,310				71,034				30,933
Increase (decrease) in trade payables			(4,667	)			(20,359	)			(51,152	)			(55,405	)			(63,187	)
Other			(10,163	)			23,849				(24,448	)			(14,199	)			(45,878	)
Income taxes paid			(1,177	)			(633	)			(523	)			11,831				(3,589	)
Net cash provided (used) by operating activities			3,527				22,988				39,243				154,268				(31,194	)
Cash flows from investing activities:
Interest and finance income received			13				278				171				630				1,673
Payments due to investments:
Acquisition of subsidiary			—				—				—				—				9,088
Other intangible assets			(2,654	)			—				—				(2,654	)			(184	)
Property, plant and equipment			(11,861	)			(8,734	)			(5,600	)			(30,257	)			(32,445	)
Other			—				—				(621	)			—				(1,248	)
Disposals:															—
Disposal of subsidiaries			—				—				5,532				—				176,590
Other non-current assets			295				46				8,668				341				8,668
Other			—				—				353				—				3,768
Net cash (used) provided by investing activities			(14,207	)			(8,410	)			8,503				(31,940	)			165,910
Cash flows from financing activities:
Dividends paid			—				—				—				—				—
Payment for debt issuance costs			(2,077	)			(608	)			(12,319	)			(4,540	)			(15,117	)
Repayment of hydro leases			—				—				—				—				(55,352	)
Repayment of other financial liabilities			—				—				—				—				—
Increase/(decrease) in bank borrowings:
Borrowings			169,571				8,022				174,130				177,593				245,629
Payments			(161,936	)			(7,800	)			(269,399	)			(235,296	)			(329,501	)
Proceeds from stock option exercises			—				—				—				—				—
Amounts paid due to leases			(3,414	)			(2,463	)			—				(10,756	)			(26,631	)
Other amounts received/(paid) due to financing activities			(6,030	)			—				(4,363	)			(2,422	)			—
Payments to acquire or redeem own shares			—				—				—				—				—
Interest paid			(827	)			(17,130	)			(2,471	)			(37,912	)			(43,033	)
Net cash (used) provided by financing activities			(4,713	)			(19,979	)			(114,422	)			(113,333	)			(224,005	)
Total net cash flows for the period			(15,393	)			(5,401	)			(66,676	)			8,995				(89,289	)
Beginning balance of cash and cash equivalents			147,425				153,242				188,043				123,175				216,647
Exchange differences on cash and cash equivalents in foreign currencies			(475	)			(416	)			1,808				(613	)			(4,183	)
Ending balance of cash and cash equivalents		$	131,557			$	147,425			$	123,175			$	131,557			$	123,175
Cash from continuing operations			102,714				118,874				94,852				102,714				94,852
Current/Non-current restricted cash and cash equivalents			28,843				28,551				28,323				28,843				28,323
Cash and restricted cash in the statement of financial position		$	131,557			$	147,425			$	123,175			$	131,557			$	123,175

* While in previous periods Ferroglobe presented interest paid as cash flows from operating activities, management deems interest paid as among activities that alter the borrowing structure of the Company and therefore most appropriately presented as among financing activities. This change allows for a fairer presentation of cash flow to users of the financial statements. Previous periods have been restated in order to show interest paid as net cash used in financing activities.

Adjusted EBITDA ($,000):

		Quarter Ended				Quarter Ended				Quarter Ended				Year Ended				Year Ended
		December 31, 2020				September 30, 2020				December 31, 2019				December 31, 2020				December 30, 2019
(Loss) profit attributable to the parent		$	(83,362	)		$	(47,284	)		$	(72,425	)		$	(190,650	)		$	(280,601	)
(Loss) profit for the period from discontinued operations			—				5,399				(4,372	)			5,399				(84,637	)
Loss (profit) attributable to non-controlling interest			(779	)			450				(866	)			(3,417	)			(5,039	)
Income tax (benefit) expense			31,337				1,841				(14,120	)			17,092				(41,541	)
Net finance expense			33,963				13,985				16,484				81,124				61,845
Financial derivatives loss (gain)			—				—				1,153				(3,168	)			(2,729	)
Exchange differences			(7,327	)			(13,157	)			(4,366	)			(25,553	)			(2,884	)
Depreciation and amortization charges, operating allowances and write-downs			25,538				26,524				30,029				108,189				120,194
EBITDA			(630	)			(12,242	)			(48,483	)			(10,984	)			(235,392	)
Impairment			2,593				34,269				456				36,863				174,464
Revaluation of biological assets			—				—				(550	)			—				527
Contract termination costs			—				—				—				—				9,260
Restructuring and termination costs			3,774				—				3,000				3,774				5,894
Energy:  France			—				—				9,682				70				9,682
Energy: South Africa			—				—				3,645				—				3,645
Staff Costs:  South Africa			—				—				327				155				327
Other Idling Costs			—				204				1,532				2,887				1,532
(Loss) profit on disposal of non-core businesses			—				—				—				—				822
Adjusted EBITDA		$	5,737			$	22,231			$	(30,391	)		$	32,765			$	(29,239	)

Adjusted profit attributable to Ferroglobe ($,000):

		Quarter Ended				Quarter Ended				Quarter Ended				Year Ended				Year Ended
		December 31, 2020				September 30, 2020				December 31, 2019				December 31, 2020				December 31, 2019
(Loss) profit attributable to the parent		$	(83,362	)		$	(47,284	)		$	(72,425	)		$	(190,650	)		$	(280,601	)
Tax rate adjustment			48,234				14,511				15,251				71,995				90,241
Impairment			1,763				23,303				310				25,067				118,636
Revaluation of biological assets			—				—				(374	)			—				358
Contract termination costs			—				—				—				—				6,297
Restructuring and termination costs			2,566				—				2,040				2,566				4,008
Energy:  France			—				—				6,584				48				6,584
Energy: South Africa			—				—				2,479				—				2,479
Staff Costs:  South Africa			—				—				222				105				222
Other Idling Costs			—				139				1,042				1,963				1,042
(Loss) profit on disposal of non-core businesses			—				(3,671	)			(2,973	)			(3,671	)			(57,553	)
Adjusted (loss) profit attributable to the parent		$	(30,798	)		$	(13,002	)		$	(47,845	)		$	(92,577	)		$	(108,288	)

Adjusted diluted profit per share:

		Quarter Ended				Quarter Ended				Quarter Ended				Year Ended				Year Ended
		December 31, 2020				September 30, 2020				December 31, 2019				December 31, 2020				December 31, 2019
Diluted (loss) profit per ordinary share		$	(0.49	)		$	(0.28	)		$	(0.43	)		$	(1.13	)		$	(1.66	)
Tax rate adjustment			—				(0.00	)			0.09				—				0.53
Impairment			0.01				0.14				0.00				0.15				0.70
Revaluation of biological assets			—				—				(0.00	)			—				0.00
Contract termination costs			—				—				—				—				0.04
Restructuring and termination costs			0.02				—				0.01				0.02				0.02
Energy:  France			—				—				0.04				0.00				0.04
Energy: South Africa			—				—				0.01				—				0.01
Staff Costs:  South Africa			—				—				0.00				0.00				0.00
Other Idling Costs			—				0.00				0.01				0.01				0.01
(Loss) profit on disposal of non-core businesses			—				(0.02	)			(0.02	)			(0.02	)			(0.34	)
Adjusted diluted (loss) profit per ordinary share		$	(0.47	)		$	(0.16	)		$	(0.28	)		$	(0.98	)		$	(0.65	)

 

Ferroglobe PLC