Ferroglobe Reports Results for the Second Quarter 2021

Sales of $418.5 million, Adjusted EBITDA of $34.1 million, and return to positive net income

  • Q2 sales of $418.5 million, up 15.8% compared to $361.4 million in Q1 2021, and up 67.4% compared to $250.0 million in Q2 2020
  • Adjusted EBITDA of $34.1 million, up 54.5% compared to $22.1 million in Q1 2021, and up 52.1% compared to $22.4 million in Q2 2020
  • Q2 marks a return to positive net profit of $0.7 million compared to net loss of ($68.5) million in Q1 2021, and ($14.0) million in Q2 2020
  • Positive operating cash flow of $37.8 million and a return to positive net cash flow of $21.6 million
  • Working capital increase of marginally $0.6 million in Q2 2021; increased efficiency supporting flat level of working capital despite the ramp-up in activity
  • Improved production costs mainly driven by higher fixed cost absorption, and focused initiatives targeting key technical metrics
  • Completion and funding of financiang transactions (extension of bond maturity and issuance of the new super senior secured notes and equity) on July 30, 2021

LONDON, Aug. 23, 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 second quarter 2021.

Q2 2021 Earnings Highlights

In Q2 2021, Ferroglobe posted a net profit of $0.7 million, or $0.01 per share on a fully diluted basis. On an adjusted basis, the Q2 2021 net profit was $3.0 million, or $0.02 per share on a fully diluted basis.

Q2 2021 reported EBITDA was $31.9 million, up from ($18.9) million in the prior quarter. On an adjusted basis, Q2 2021 EBITDA was $34.1 million, up from adjusted EBITDA of $22.1 million in Q1 2021. The Company reported an adjusted EBITDA margin of 8.1% for Q2 2021, compared to 6.1% for Q1 2021.

                             
  Quarter Ended      Quarter Ended   Quarter Ended   Year Ended   Year Ended
$,000 (unaudited) June 30, 2021   March 31, 2021   June 30, 2020   June 30, 2021   June 30, 2020
                             
Sales $ 418,538     $ 361,390     $ 250,004     $ 779,928     $ 561,226  
Net profit (loss) $ 730     $ (68,517 )   $ (14,035 )   $ (67,787 )   $ (63,093 )
Diluted EPS $ 0.01     $ (0.40 )   $ (0.07 )   $ (0.39 )   $ (0.35 )
Adjusted net income (loss) attributable to the parent $ 2,964     $ (18,172 )   $ (11,064 )   $ (15,208 )   $ (48,777 )
Adjusted diluted EPS $ 0.02     $ (0.12 )   $ (0.07 )   $ (0.10 )   $ (0.29 )
Adjusted EBITDA $ 34,088     $ 22,069     $ 22,413     $ 56,157     $ 4,796  
Adjusted EBITDA margin   8.1 %     6.1 %     9.0 %     7.2 %     0.9 %

Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “The second quarter results reflect a strong improvement in our overall performance and marks the return to profitability, an important goal for this year. Both the top line and bottom line continue to strengthen due to successful execution of the strategic plan, as well as the overall robustness across our all of our markets.” Dr. Levi added, “As we look towards the back half of the year, we will keep the momentum going on all fronts to capitalize on the market opportunities and successfully execute some critical initiatives underpinning the strategic plan. Collectively, these efforts support the focus on improving the core of our business and ensuring a stronger and more profitable Company.”

Cash Flow and Balance Sheet

Cash generated from operations during Q2 2021 was $37.8 million, and the Company returned to positive net cash flow of $21.6 million during the quarter.

Working capital only increased by $0.6 million, from $334.3 million as of June 30, 2021 to $333.7 million as of March 31, 2021. Increased emphasis on operational and financial efficiencies resulted in this relatively flat level of working capital despite the ramp-up in activity.

Net debt was $358 million as of June 30, 2021, up from $334 million as of March 31, 2021. This is primarily attributable to the initial $40 million tranche raised during the quarter, of an aggregate $60 million of the new super senior secured. The subsequent $20 million tranche was closed and funded in the third quarter.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “This marks an important quarter for the Company. The return to positive net income and positive net cash flow validates the on-going efforts to turnaround our financial performance. However, we remain far from reaching the full potential of this business. Our top line is not fully benefiting from the current market prices across our product portfolio as we have fixed price contracts which begin to roll off during the back half of the year. Furthermore, we had a number of one-off, non-recurring expenses which also adversely impacted our margins. We remain extremely focused on cost management, particularly to off-set inflationary pressures on energy pricing, mainly in Europe. These factors will collectively drive an acceleration in our performance and cash generation during the remainder of the year.” Ms. García-Cos added, “The comprehensive financing we completed in July now provides the financial support to execute on important elements of the transformation plan and ensures a capital structure that provides the operational flexibility to capitalize on this strong market backdrop.”

COVID-19

COVID-19 has been and continues to be a complex and evolving situation, with governments, public institutions and other organizations imposing or recommending, and businesses and individuals implementing, at various times and to varying degrees, restrictions on various activities or other actions to combat its spread, such as restrictions and bans on travel or transportation; limitations on the size of in-person gatherings, restrictions on freight transportations, closures of, or occupancy or other operating limitations on work facilities, and quarantines and lock-downs.

As a result of this pandemic and the strict confinement and other public health measures taken around the world, the demand for our products in the second and third quarters of 2020 was reduced significantly compared with the first and fourth quarters of the year. During the fourth quarter of 2020, demand level for our products increased to levels similar to those prior to the outbreak. In first and second quarter of 2021, demand for our products has increased even further than in the fourth quarter of 2020. However, COVID-19 has negatively impacted, and will in the future negatively impact to an extent we are unable to predict, our revenues.

Subsequent events

On July 30, 2021, the Company announces the occurrence of “Transaction Effective Date” under Lock-up agreement dated March 27, 2021 and completion of the financing transactions. The financing consisted of:

(i)      Extension of the maturity date of the Notes from March 31, 2022 to December 31, 2025

(ii)     Issuance of $60 million of new senior secured notes, and

(iii)     $40 million of equity issuance

Discussion of Second Quarter 2021 Results

The financial results presented for the second quarter are unaudited.

Sales

Sales for Q2 2021 were $418.5 million, an increase of 15.8% compared to $361.4 million in Q1 2021.

                                           
       Quarter Ended      Quarter Ended          Quarter Ended       Six months Ended   Six months Ended  
    June 30, 2021   March 31, 2021   Change   June 30, 2020   Change   June 30, 2021   June 30, 2020   Change
Shipments in metric tons:                                          
Silicon Metal     67,322     61,275   9.9 %     47,884   40.6 %     128,597     101,205   27.1 %
Silicon-based Alloys     65,222     61,604   5.9 %     39,479   65.2 %     126,826     100,411   26.3 %
Manganese-based Alloys     68,323     72,609   (5.9 )%     55,290   23.6 %     140,932     129,014   9.2 %
Total shipments*     200,867     195,488   2.8 %     142,653   40.8 %     396,355     330,630   19.9 %
                                           
Average selling price ($/MT):                                          
Silicon Metal   $ 2,347   $ 2,285   2.7 %   $ 2,215   5.9 %   $ 2,317   $ 2,213   4.7 %
Silicon-based Alloys   $ 1,830   $ 1,665   9.9 %   $ 1,537   19.0 %   $ 1,750   $ 1,499   16.7 %
Manganese-based Alloys   $ 1,414   $ 1,174   20.5 %   $ 1,088   30.0 %   $ 1,290   $ 1,022   26.2 %
Total*   $ 1,862   $ 1,677   11.0 %   $ 1,591   17.0 %   $ 1,770   $ 1,531   15.6 %
                                           
Average selling price ($/lb.):                                          
Silicon Metal   $ 1.06   $ 1.04   2.4 %   $ 1.00   5.9 %   $ 1.05   $ 1.00   4.7 %
Silicon-based Alloys   $ 0.83   $ 0.76   9.2 %   $ 0.70   19.0 %   $ 0.79   $ 0.68   16.7 %
Manganese-based Alloys   $ 0.64   $ 0.53   21.0 %   $ 0.49   30.0 %   $ 0.59   $ 0.46   26.2 %
Total*   $ 0.84   $ 0.76   11.0 %   $ 0.72   17.0 %   $ 0.80   $ 0.69   15.6 %

__________________

* Excludes by-products and other

Sales Prices & Volumes By Product

During Q2 2021, the average selling prices across our product portfolio increased by 11.0% versus Q1 2021. During the quarter, the average selling prices of silicon metal increased 2.7%, silicon-based alloys prices increased 9.9%, and manganese-based alloys prices increased 20.5%.

Overall sales volumes in Q2 increased by 2.8% versus the prior quarter. During the quarter, the shipmentsof silicon metal increased 9.9%, silicon-based alloys shipments increased 5.9%, and manganese-based alloys shipments decreased 5.9% versus Q1 2021.

Cost of Sales

Cost of sales was $267.9 million in Q2 2021, an increase from $250.2 million in the prior quarter. Cost of sales as a percentage of sales decreased to 64.0% in Q2 2021 versus 69.2% for Q1 2021. This improvement is primarily attributable to higher sales and a reclassification from this account to Other operating expenses to conform the group presentation.

Other Operating Expenses

Other operating expenses amounted to $57.6 million in Q2 2021, an increase from $36.8 million in the prior quarter. The increase in these expenses was mainly due to the impact of the European free CO2 rights for 2021. The free allowance of these CO2 rights are recognized in Other Operating Income.        

Net Loss Attributable to the Parent

In Q2 2021, net profit attributable to the Parent was $1.9 million, or $0.01 per diluted share, compared to a net loss attributable to the Parent of $67.4 million million, or ($0.40) per diluted share in Q1 2021.

Adjusted EBITDA

In Q2 2021, adjusted EBITDA was $34.1 million, or 8.1% of sales, up 54.5% compared to adjusted EBITDA of $22.1 million, or 6.1% of sales in Q1 2021. The increase in the Q2 2021 Adjusted EBITDA is primarily driven by the improvement in average realized prices across the product portfolio.

Conference Call

Ferroglobe management will review the first quarter during a conference call at 9:00 a.m. Eastern Time on August 24, 2021.

The dial-in number for participants in the United States is +1-877-293-5491 (conference ID: 7458760). International callers should dial +1-914-495-8526 (conference ID: 7458760). 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/hqshmr5i

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
  June 30, 2021      March 31, 2021   June 30, 2020   June 30, 2021   June 30, 2020
Sales $ 418,538      $ 361,390     $ 250,004     $ 779,928     $ 561,226  
Cost of sales   (267,939 )      (250,165 )     (153,291 )     (518,104 )     (396,651 )
Other operating income   37,105        1,913       10,160       39,018       17,928  
Staff costs   (63,197 )      (95,267 )     (48,912 )     (158,464 )     (104,009 )
Other operating expense   (93,171 )      (36,835 )     (35,953 )     (130,006 )     (76,020 )
Depreciation and amortization charges, operating allowances and write-downs   (23,523 )      (25,285 )     (27,459 )     (48,808 )     (56,127 )
Other (loss) gain   608       66       86       674       (586 )
Operating profit (loss)   8,421       (44,183 )     (5,365 )     (35,762 )     (54,239 )
Net finance expense   (11,178 )      (15,864 )     (16,693 )     (27,042 )     (33,177 )
Financial derivatives gain                           3,168  
Exchange differences   3,237        (9,314 )     2,634       (6,077 )     5,069  
Profit (loss) before tax   480        (69,361 )     (19,425 )     (68,881 )     (79,179 )
Income tax benefit   250        844       5,390       1,094       16,086  
Profit (loss) for the period   730       (68,517 )     (14,035 )     (67,787 )     (63,093 )
Profit attributable to non-controlling interest   1,180        1,135       1,928       2,315       3,087  
Profit (loss) attributable to the parent $ 1,910      $ (67,382 )   $ (12,107 )   $ (65,472 )   $ (60,006 )
                              
                             
EBITDA $ 31,944     $ (18,898 )   $ 22,094     $ 13,046     $ 1,888  
Adjusted EBITDA $ 34,088     $ 22,069     $ 22,413     $ 56,157     $ 4,796  
                             
Weighted average shares outstanding                            
Basic   169,298       169,291       169,254       169,295       169,252  
Diluted   169,298       169,291       169,254       169,295       169,252  
                             
Profit (loss) per ordinary share                            
Basic $ 0.01     $ (0.40 )   $ (0.07 )   $ (0.39 )   $ (0.35 )
Diluted $ 0.01     $ (0.40 )   $ (0.07 )   $ (0.39 )   $ (0.35 )
                                       

 

 
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)
                   
    June 30,   March 31,   December 31
       2021      2021      2020
ASSETS
Non-current assets                  
Goodwill   $ 29,702   $ 29,702   $ 29,702
Other intangible assets     87,556     25,891     20,756
Property, plant and equipment     587,602     593,355     620,034
Other non-current financial assets     5,329     4,984     5,057
Deferred tax assets     62     620    
Non-current receivables from related parties     2,377     2,345     2,454
Other non-current assets     13,960     11,765     11,904
Total non-current assets     726,588     668,662     689,907
Current assets                  
Inventories     239,750     228,145     246,549
Trade and other receivables     283,990     276,633     242,262
Current receivables from related parties     3,105     3,063     3,076
Current income tax assets     8,826     12,277     12,072
Other current financial assets     1,003     1,004     1,008
Other current assets     57,219     45,028     20,714
Current restricted cash and cash equivalents     6,149     6,069     28,843
Cash and cash equivalents     99,940     78,298     102,714
Total current assets     699,982     650,517     657,238
Total assets   $ 1,426,570   $ 1,319,179   $ 1,347,145
                   
EQUITY AND LIABILITIES
Equity   $ 299,469   $ 298,974   $ 365,719
Non-current liabilities                  
Deferred income     37,570     2,733     620
Provisions     107,501     106,220     108,487
Bank borrowings     4,871     5,042     5,277
Lease liabilities     12,995     11,942     13,994
Debt instruments     386,060     347,310     346,620
Other financial liabilities     37,608     37,530     29,094
Other non-current liabilities     16,955     16,727     16,767
Deferred tax liabilities     23,956     26,834     27,781
Total non-current liabilities     627,516     554,338     548,640
Current liabilities                  
Provisions     102,269     97,521     55,296
Bank borrowings     85,015     73,965     102,330
Lease liabilities     8,709     7,596     8,542
Debt instruments     10,858     2,656     10,888
Other financial liabilities     23,732     24,983     34,802
Payables to related parties     6,131     5,042     3,196
Trade and other payables     189,449     171,052     149,201
Current income tax liabilities     513     3,947     2,538
Other current liabilities     72,909     79,105     65,993
Total current liabilities     499,585     465,867     432,786
Total equity and liabilities   $ 1,426,570   $ 1,319,179   $ 1,347,145
 

 

 
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
  June 30, 2021   March 31, 2021   June 30, 2020   June 30, 2021   June 30, 2020
Cash flows from operating activities:                            
Profit (loss) for the period $ 730     $ (68,517 )   $ (14,035 )   $ (67,787 )   $ (63,093 )
Adjustments to reconcile net (loss) profit
to net cash used by operating activities:
                           
Income tax (benefit) expense   (250 )     (844 )     (5,390 )     (1,094 )     (16,086 )
Depreciation and amortization charges,
operating allowances and write-downs
  23,523       25,285       27,459       48,808       56,127  
Net finance expense   11,178       15,864       16,693       27,042       33,177  
Financial derivatives loss (gain)                           (3,168 )
Exchange differences   (3,237 )     9,314       (2,634 )     6,077       (5,069 )
Net loss (gain) due to changes in the value of asset   (243 )     (21 )           (264 )      
Gain on disposal of non-current assets         (43 )           (43 )      
Share-based compensation   673       213       704       886       1,426  
Other adjustments   (366 )     (2 )     (85 )     (368 )     586  
Changes in operating assets and liabilities                            
(Increase) decrease in inventories   (8,770 )     11,446       (12,471 )     2,676       39,106  
(Increase) decrease in trade receivables   (8,625 )     (41,692 )     45,537       (50,317 )     129,369  
Increase (decrease) in trade payables   16,184       26,152       (4,875 )     42,336       (30,379 )
Other   8,214       41,179       (16,286 )     49,393       (27,884 )
Income taxes paid   (1,178 )     (57 )     3,522       (1,235 )     13,641  
Net cash provided (used) by operating activities   37,833       18,277       38,139       56,110       127,753  
Cash flows from investing activities:                            
Interest and finance income received   128       35       85       163       339  
Payments due to investments:                     -        
Acquisition of subsidiary                            
Other intangible assets   (40,997 )     (3,486 )           (44,483 )      
Property, plant and equipment   (3,245 )     (5,683 )     (5,056 )     (8,928 )     (9,662 )
Other                            
Disposals:                            
Disposal of subsidiaries                            
Other non-current assets   543                   543        
Other                            
Net cash (used) provided by investing activities   (43,571 )     (9,134 )     (4,971 )     (52,705 )     (9,323 )
Cash flows from financing activities:                            
Dividends paid                            
Payment for debt issuance costs   (11,093 )     (6,598 )     (279 )     (17,691 )     (1,855 )
Repayment of hydro leases                            
Proceeds from debt issuance   40,000                   40,000        
Increase/(decrease) in bank borrowings:                            
Borrowings   149,945       127,690             277,635        
Payments   (144,983 )     (157,464 )     (20,680 )     (302,447 )     (65,560 )
Proceeds from stock option exercises                            
Amounts paid due to leases   (3,157 )     (2,856 )     (2,418 )     (6,013 )     (4,879 )
Other amounts received/(paid) due to financing activities                           3,608  
Payments to acquire or redeem own shares                            
Interest paid   (3,333 )     (17,015 )     (1,131 )     (20,348 )     (19,955 )
Net cash (used) provided by financing activities   27,379       (56,243 )     (24,508 )     (28,864 )     (88,641 )
Total net cash flows for the period   21,641       (47,100 )     8,660       (25,459 )     29,789  
Beginning balance of cash and cash equivalents   84,367       131,557       144,489       131,557       123,175  
Exchange differences on cash and
cash equivalents in foreign currencies
  81       (90 )     93       (9 )     278  
Ending balance of cash and cash equivalents $ 106,089     $ 84,367     $ 153,242     $ 106,089     $ 153,242  
Cash from continuing operations   99,940       78,298       124,876       99,940       124,876  
Current/Non-current restricted cash and cash equivalents   6,149       6,069       28,366       6,149       28,366  
Cash and restricted cash in the statement of financial position $ 106,089     $ 84,367     $ 153,242     $ 106,089     $ 153,242  
 

 

 
Adjusted EBITDA ($,000):
                             
  Quarter Ended      Quarter Ended      Quarter Ended   Year Ended   Year Ended
  June 30, 2021   March 31, 2021   June 30, 2020   June 30, 2021   June 30, 2020
Profit (loss) attributable to the parent $ 1,910     $ (67,382 )   $ (12,107 )   $ (65,472 )   $ (60,006 )
Profit (loss) attributable to non-controlling interest   (1,180 )     (1,135 )     (1,928 )     (2,315 )     (3,087 )
Income tax (benefit) expense   (250 )     (844 )     (5,390 )     (1,094 )     (16,086 )
Net finance expense   11,178       15,864       16,693       27,042       33,177  
Financial derivatives loss (gain)                           (3,168 )
Exchange differences   (3,237 )     9,314       (2,634 )     6,077       (5,069 )
Depreciation and amortization charges, operating allowances and write-downs   23,523       25,285       27,459       48,808       56,127  
EBITDA   31,944       (18,898 )     22,093       13,046       1,888  
Restructuring and termination costs   2,144       40,967             43,111        
Energy:  France               (55 )           70  
Staff Costs:  South Africa                           155  
Other Idling Costs               375             2,683  
Adjusted EBITDA $ 34,088     $ 22,069     $ 22,413     $ 56,157     $ 4,796  
 

 

 
Adjusted profit attributable to Ferroglobe ($,000):
                             
  Quarter Ended      Quarter Ended      Quarter Ended   Year Ended   Year Ended
  June 30, 2021   March 31, 2021   June 30, 2020   June 30, 2021   June 30, 2020
Profit (loss) attributable to the parent $ 1,910     $ (67,382 )   $ (12,107 )   $ (65,472 )   $ (60,006 )
Tax rate adjustment   (404 )     21,352       826       20,948       9,250  
Impairment                            
Restructuring and termination costs   1,458       27,858             29,315        
Energy:  France               (37 )           48  
Energy: South Africa                            
Staff Costs:  South Africa                           105  
Other Idling Costs               255             1,824  
Tolling agreement                            
Adjusted profit (loss) attributable to the parent $ 2,964     $ (18,172 )   $ (11,064 )   $ (15,208 )   $ (48,777 )
 

 

 
Adjusted diluted profit per share:
                             
  Quarter Ended      Quarter Ended      Quarter Ended   Year Ended   Year Ended
  June 30, 2021   March 31, 2021   June 30, 2020   June 30, 2021   June 30, 2020
Diluted profit (loss) per ordinary share $ 0.01     $ (0.40 )   $ (0.07 )   $ (0.39 )   $ (0.35 )
Tax rate adjustment   (0.00 )     0.12       0.00       0.12       0.05  
Restructuring and termination costs   0.01       0.16             0.17        
Energy:  France               (0.00 )           0.00  
Energy: South Africa                            
Staff Costs:  South Africa                           0.00  
Other Idling Costs               0.00             0.01  
Tolling agreement                            
Adjusted diluted profit (loss) per ordinary share $ 0.02     $ (0.12 )   $ (0.07 )   $ (0.10 )   $ (0.29 )