Ferroglobe Reports Results for the Third Quarter 2021

Sales of $429.2 million, Adjusted EBITDA of $37.6 million

  • Q3 2021 sales of $429.2 million, up 2.5% compared to $418.5 million in Q2 2021, and up 63.4% compared to $262.7 million in Q3 2020
  • Adjusted EBITDA of $37.6 million, up 10.3% compared to $34.1 million in Q2 2021, and up 69.1% compared to $22.2 million in Q3 2020
  • Net loss of ($97.6) million, compared to net profit of $0.7 million in Q2 2021, and net loss of ($46.8) million in Q3 2020 Net loss includes a one-time charge of $90.8 million related to the debt extinguishment from the refinancing
  • Negative operating cash flow of ($34.7) million driven by an investment in working capital
  • Pricing environment remains strong across all products; 2022 order book well positioned to capitalize on upside

LONDON, Nov. 16, 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 third quarter 2021.

Q3 2021 Earnings Highlights

In the third quarter of 2021, Ferroglobe reported net sales of $429.2 million, up 2.5% from the prior quarter and up 63.4% from the year-ago period.

Ferroglobe reported a net loss of ($97.6) million, or ($0.54) per share on a fully diluted basis in the third quarter 2021. The net loss includes a $90.8 million one-time charge relating to debt extinguishment. On an adjusted basis, the Q3 2021 net loss was ($64.2) million, or ($0.36) per share on a fully diluted basis.

At the completion of the comprehensive refinancing, we recognized a charge of $90.8 million. This relates to all the advisory fees and expenses, including equity granted to the noteholders and underwriters, incurred during the refinancing of the prior 9.375% Senior Notes due 2022, which were deemed to be extinguished at closing and replaced with new 9.375% million Senior Notes due 2025. This $90.8 million charge is deemed to be one-time, but adversely impacted our P&L during the quarter, resulting in a net loss of $97.6 million.        

The Company´s reported Q3 EBITDA of $35.2 million, is up 10.3% from $31.9 million in the prior quarter. On an adjusted basis, Q3 2021 EBITDA was $37.6 million, up 10.3% from the prior quarter adjusted EBITDA of $34.1 million. The Company reported an adjusted EBITDA margin of 8.8% for Q3 2021, up from 8.1% for Q2 2021.

                
  Quarter Ended Quarter Ended Quarter Ended Nine Months Ended  Nine Months Ended
$,000 (unaudited) September 30, 2021 June 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
                
Sales $429,210  $418,538  $262,673  $1,209,137  $823,899 
Net profit (loss) $(97,619) $730  $(46,834) $(165,405) $(109,927)
Diluted EPS $(0.54) $0.01  $(0.28) $(0.94) $(0.63)
Adjusted net income (loss)
attributable to the parent
 $(64,214) $2,964  $(9,331) $(79,424) $(58,109)
Adjusted diluted EPS $(0.36) $0.02  $(0.14) $(0.45) $(0.34)
Adjusted EBITDA $37,592  $34,088  $22,231  $93,747  $27,027 
Adjusted EBITDA margin  8.8%  8.1%  8.5%  7.8%  3.3%

Ferroglobe’s Chief Executive Officer, Marco Levi Ph.D, commented, “During the third quarter, we experienced stronger pricing across each of our segments as the market dynamics reflected very strong demand. Somewhat offsetting the strong pricing environment was higher costs, primarily energy as well as lower volumes in our silicon metal and silicon-based alloys segments driven by operational issues at certain facilities and delayed deliveries requested by some customers given the seasonal slowdown during the summer.” Dr. Levi added, “The end markets for each of our segments remain robust into the fourth quarter, resulting in strong momentum as we negotiate contracts for 2022. We expect to end the year on a favorable note, and are taking measures to ensure a step-change in our financial performance next year.”        

"Throughout the third quarter, we continued to execute on our strategic plan, finalizing the refinancing and focusing on improving Ferroglobe’s efficiencies company-wide. We have made significant progress, but there is more work to be done as we focus on growing our business and increasing our profitability,” concluded Dr. Levi.

Cash Flow and Balance Sheet

Cash used from operations during Q3 2021 was $34.7 million, primarily driven by investments in working capital given the ramp-up in demand we are expecting.

Working capital increased by $61.6 million, from $334.3 million as of June 30, 2021 to $395.9 million as of September 30, 2021. The increase in working capital was driven by a $45 million increase in inventory and a $22 million increase in accounts receivable as a result of increased activity.

Net debt was $404 million as of September 30, 2021, up from $358 million as of June 30, 2021. This is primarily attributable to the issuance of the second tranche of the Super Senior notes amounting $20 million of an aggregate $60 million on July 29, 2021.

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, second and third 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 October 6, 2021, the Company has entered into an equity distribution agreement (the “Equity Distribution Agreement”) with B. Riley Securities, Inc. and Cantor Fitzgerald & Co. relating to an at-the market offering of the ordinary shares, par value $0.01 per share, of Ferroglobe PLC, under which the Company may offer and sell ordinary shares having an aggregate offering price of up to $100,000,000 from time to time through B. Riley Securities, Inc. and Cantor Fitzgerald & Co. as our sales agents. The program expires upon expiry of the Form F-3 on June 15, 2024.

To date, the Company has sold 186,053 ordinary shares with a net proceeds of $1.4 million.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “Ferroglobe is at an interesting inflection point where we see attractive opportunities to position the business for growth going into 2022, on the heels of a strong operating environment. At the same time a number of headwinds, primarily energy prices in Spain and some inflationary pressures in key inputs, is consuming greater than expected cash. As such, this program offers a flexible way to raise capital if/when needed to pursue growth opportunities, but with no obligation to use the program.”

On November 15, 2021 Ferroglobe reached an agreement with the French Government relating to its restructuring process. Under the agreement, Ferroglobe has the support from the government and projects to strengthen its competitiveness across the five manufacturing sites that would continue to operate in France. Specifically, Les Clavaux facility would remain operational with a clear plan to modernize the facility and improve its cost position. This facility would also benefit from a new commercial agreement with a long-standing customer. As planned in the initial project proposed in March 2021, the Château-Feuillet facility would stop production and the calcium silicon production capability would be transferred to Les Clavaux.

Marco Levi, Ferroglobe’s Chief Executive Officer commented, "I would like to acknowledge and thank all the efforts made by the various stakeholders, which have helped reduce the potential social impact in France. This includes the contributions and diligent work of the French government and in particular the Minister of Industry, the Minister of Labor and their respective teams at the national and local levels, the Interministerial Delegate for Restructuring, the Prefects and elected officials, and all Ferroglobe France (FerroPem) employees and social partners. We are collectively encouraged by this outcome and feel confident that the new environment and developments through the process should enable us to strengthen our competitiveness in France.”

Discussion of Third Quarter 2021 Results

The financial results presented for the third quarter are unaudited.

Sales

Sales for Q3 2021 were $429.2 million, an increase of 2.5% compared to $418.5 million in Q2 2021.

                      
  Quarter Ended Quarter Ended   Quarter Ended   Nine Months Ended  Nine Months Ended    
  September 30, 2021 June 30,
2021
 Change September 30, 2020 Change September 30, 2021 September 30, 2020 Change
Shipments in metric tons:                     
Silicon Metal  61,713  67,322 (8.3)%  51,215 20.5%  190,311  152,420 24.9%
Silicon-based Alloys  55,863  65,222 (14.3)%  42,449 31.6%  182,688  142,860 27.9%
Manganese-based Alloys  76,454  68,323 11.9%  53,980 41.6%  217,386  182,995 18.8%
Total shipments*  194,030  200,867 (3.4)%  147,644 31.4%  590,385  478,275 23.4%
                      
Average selling price ($/MT):                     
Silicon Metal $2,467 $2,347 5.1% $2,248 9.7% $2,366 $2,225 6.3%
Silicon-based Alloys $1,992 $1,830 8.9% $1,534 29.9% $1,824 $1,510 20.8%
Manganese-based Alloys $1,574 $1,414 11.3% $1,009 56.0% $1,390 $1,019 36.4%
Total* $1,978 $1,862 6.3% $1,590 24.4% $1,839 $1,550 18.6%
                      
Average selling price ($/lb.):                     
Silicon Metal $1.12 $1.06 5.1% $1.02 9.7% $1.07 $1.01 6.3%
Silicon-based Alloys $0.90 $0.83 8.9% $0.70 29.9% $0.83 $0.68 20.8%
Manganese-based Alloys $0.71 $0.64 11.3% $0.46 56.0% $0.63 $0.46 36.4%
Total* $0.90 $0.84 6.3% $0.72 24.4% $0.83 $0.70 18.6%

_________________
* Excludes by-products and other

Sales Prices & Volumes By Product

During Q3 2021, the average selling prices across our product portfolio increased by 6.3% versus Q2 2021. During the quarter, the average selling prices of silicon metal increased 5.1%, silicon-based alloys prices increased 8.9%, and manganese-based alloys prices increased 11.3%.

Overall sales volumes in Q3 2021 decreased by 3.4% versus the prior quarter. Silicon metal volume in the third quarter was 61,713 tons, down 8.3% from the prior quarter. The decline in Q3 was a result of curtailments at Sabon (Spain) and Alloy, West Virginia (United States). Silicon-based alloys shipments during the third quarter were 55,863 tons, down 14.3% from the prior quarter, driven primarily by a combination of operational disturbances, as well as some seasonality in demand. Manganese-based alloys shipments of 76,787 were up 11.9% in Q3 versus Q2 2021. The strong volume trends in manganese-based alloys were a result of some shipment delays in the second quarter which show up in the third quarter figures.

Cost of Sales

Cost of sales was $295.3 million in Q3 2021, an increase from $267.9 million in the prior quarter. Cost of sales as a percentage of sales increased to 68.8% in Q3 2021 versus 64.0% for Q2 2021. The increase in the percentage of cost of sales in Q3 was mainly driven by higher energy cost in Spain.

Other Operating Expenses

Other operating expenses in Q3 2021 were $79.8 million, down from $93.2 million in Q3 2021. The decrease in other operating expenses was mainly due to the higher impact of the European free CO2 rights in Q2 2021.        

Net Loss Attributable to the Parent

In Q3 2021, net loss attributable to the Parent was ($96.6) million, or ($0.54) per diluted share, compared to a net profit attributable to the Parent of $1.9 million , or $0.01 per diluted share in Q2 2021. The net loss in Q3 included a non-cash charge of ($90.8) million related to the debt extinguishment of the senior notes as part of the refinancing.

Adjusted EBITDA

In Q3 2021, adjusted EBITDA was $37.6 million, or 8.8% of sales, up 10.3% compared to adjusted EBITDA of $34.1 million, or 8.1% of sales in Q2 2021. The increase in the Q3 2021 Adjusted EBITDA is primarily driven by the improvement in average realized prices across the product portfolio.

Net finance expenses

Net finance expense amounted to $103.4 million in Q3 2021, an increase from $11.2 million in the prior quarter. The increase is due to the accounting charge relating to Senior Notes refinancing, amounting $90.8 million.

For accounting purposes the refinancing of the Senior Notes have been considered a debt extinguishment. As a consequence;

(i)The accounting rules do not allow to capitalize the fees incurred in the exchange of the notes, amounting $31.7 million
(ii)Similarly to the transaction fees, the shares paid to bondholders and underwriters cannot be capitalized and has to be considered as a one-off expense, amounting $51.6 million
(iii)In the case of an extinguishment any outstanding upfront fees that were capitalized at the issuance of the original notes needs to be recycled in to P&L, this amounted $1 million. Additionally, the new notes were accounted at fair value amounting $6.5 million as the debt at the exchange date was trading with a premium. After the exchange the Senior notes will be accounted under the amortized cost method.

The transaction fees incurred in the issuance of the Super Senior has been capitalized as required by the accounting rules.

Conference Call

Ferroglobe management will review the third quarter during a conference call at 08:30 a.m. U.S Eastern Standard Time on November 17, 2021.

The dial-in number for participants in the United States is + 1 877-870-9135 (conference ID: 3867903). International callers should dial + 44 (0)-2071-928338 (conference ID: 3867903). 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/8ep3x3fm

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 Nine Months Ended  Nine Months Ended
  September 30, 2021 June 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Sales $429,210  $418,538  $262,673  $1,209,137  $823,899 
Cost of sales  (295,273)  (267,939)  (166,231)  (813,377)  (562,882)
Other operating income  31,447   37,105   7,598   70,466   25,526 
Staff costs  (50,386)  (63,197)  (56,329)  (208,849)  (160,338)
Other operating expense  (79,785)  (93,171)  (26,896)  (209,793)  (102,915)
Depreciation and amortization charges, operating allowances and write-downs  (23,971)  (23,523)  (26,524)  (72,779)  (82,651)
Impairment losses  (363)     (34,269)  (363)  (34,269)
Other (loss) gain  381   608   1,212   1,056   625 
Operating profit (loss)    11,260    8,421    (38,766)   (24,502)   (93,005)
Net finance expense  (103,379)  (11,178)  (13,985)  (130,420)  (47,162)
Financial derivatives gain              3,168 
Exchange differences  (6,180)  3,237   13,158   (12,257)  18,226 
Profit (loss) before tax    (98,299)    480    (39,594)   (167,179)   (118,773)
Income tax benefit  680   250   (1,841)  1,774   14,245 
(Loss) profit for the period from continuing operations   (97,619)   730    (41,435)   (165,405)   (104,528)
Profit for the period from discontinued operations        (5,399)     (5,399)
Profit (loss) for the period   (97,619)   730    (46,834)   (165,405)   (109,927)
Profit attributable to non-controlling interest  1,023   1,180   (450)  3,338   2,638 
Profit (loss) attributable to the parent  $ (96,596)  $ 1,910  $ (47,284) $ (162,067) $ (107,289)
                
                
EBITDA $35,231  $31,944  $(12,243) $48,277  $(10,354)
Adjusted EBITDA $37,592  $34,088  $22,231  $93,747  $27,027 
                
Weighted average shares outstanding               
Basic  179,849   169,298   169,261   172,852   169,261 
Diluted  179,849   169,298   169,261   172,852   169,261 
                
Profit (loss) per ordinary share               
Basic $(0.54) $0.01  $(0.28) $(0.94) $(0.63)
Diluted $(0.54) $0.01  $(0.28) $(0.94) $(0.63)


Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)
 
  September 30, June 30, December 31
  2021 2021 2020
          
ASSETS
Non-current assets         
Goodwill $29,702 $29,702 $29,702
Other intangible assets  89,698  87,556  20,756
Property, plant and equipment  567,876  587,602  620,034
Other non-current financial assets  5,198  5,329  5,057
Deferred tax assets  150  62  
Non-current receivables from related parties  2,316  2,377  2,454
Other non-current assets  17,916  13,960  11,904
Total non-current assets   712,856   726,588   689,907
Current assets         
Inventories  284,488  239,750  246,549
Trade and other receivables  305,453  283,990  242,262
Current receivables from related parties  3,025  3,105  3,076
Current income tax assets  8,195  8,826  12,072
Other current financial assets  903  1,003  1,008
Other current assets  10,352  57,219  20,714
Current restricted cash and cash equivalents  5,996  6,149  28,843
Cash and cash equivalents  89,047  99,940  102,714
Total current assets   707,459   699,982   657,238
Total assets $ 1,420,315 $ 1,426,570 $ 1,347,145
          
EQUITY AND LIABILITIES
Equity $ 281,910 $ 299,469 $ 365,719
Non-current liabilities         
Deferred income  16,275  37,570  620
Provisions  98,607  107,501  108,487
Bank borrowings  3,998  4,061  5,277
Lease liabilities  11,199  12,995  13,994
Debt instruments  405,171  37,600  346,620
Other financial liabilities  37,630  37,608  29,094
Other non-current liabilities  13,035  16,955  16,767
Deferred tax liabilities  22,868  23,956  27,781
Total non-current liabilities   608,783   278,246   548,640
Current liabilities         
Provisions  109,552  102,269  55,296
Bank borrowings  86,262  85,825  102,330
Lease liabilities  9,255  8,709  8,542
Debt instruments  25,822  359,318  10,888
Other financial liabilities  24,155  23,732  34,802
Payables to related parties  9,079  6,131  3,196
Trade and other payables  194,074  189,449  149,201
Current income tax liabilities  1,464  513  2,538
Other current liabilities  69,959  72,909  65,993
Total current liabilities   529,622   848,855   432,786
Total equity and liabilities $ 1,420,315 $ 1,426,570 $ 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  Nine Months Ended  Nine Months Ended
  September 30, 2021 June 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Cash flows from operating activities:               
Profit (loss) for the period $ (97,619) $ 730  $ (46,834) $ (165,405) $ (109,927)
Adjustments to reconcile net (loss) profit
to net cash used by operating activities:
               
Income tax (benefit) expense  (680)  (250)  1,841   (1,774)  (14,245)
Depreciation and amortization charges,
operating allowances and write-downs
  23,971   23,523   26,524   72,779   82,651 
Net finance expense  103,379   11,178   13,985   130,420   47,162 
Financial derivatives loss (gain)              (3,168)
Exchange differences  6,180   (3,237)  (13,158)  12,257   (18,226)
Impairment losses  363      34,269   363   34,269 
Net loss (gain) due to changes in the value of asset  (424)  (243)     (688)   
Bargain purchase gain               
Gain on disposal of discontinued operation        5,399      5,399 
Gain on disposal of non-current assets           (351)   
Share-based compensation  1,269   673   323   2,163   1,749 
Other adjustments  43   (366)  (8,774)  (17)  (8,188)
Changes in operating assets and liabilities               
(Increase) decrease in inventories  (51,835)  (8,770)  3,725   (49,159)  42,831 
(Increase) decrease in trade receivables  (27,683)  (8,625)  (4,731)  (78,000)  124,638 
Increase (decrease) in trade payables  9,138   16,184   (20,359)  51,474   (50,738)
Other  (1,138)  (32,783)  31,411   3,764   3,526 
Income taxes paid  359   (1,178)  (633)  (876)  13,008 
Interest paid               
Net cash provided (used) by operating activities   (34,677)   (3,164)   22,988    (23,050)   150,741 
Cash flows from investing activities:               
Interest and finance income received  21   128   278   184   617 
Payments due to investments:           -     
Acquisition of subsidiary               
Other intangible assets               
Property, plant and equipment  (8,189)  (3,245)  (8,734)  (17,117)  (18,396)
Other               
Disposals:               
Disposal of subsidiaries               
Other non-current assets     543   46   543   46 
Other               
Net cash (used) provided by investing activities   (8,168)   (2,574)   (8,410)   (16,390)   (17,733)
Cash flows from financing activities:               
Dividends paid               
Payment for debt and equity issuance costs  (26,064)  (11,093)  (608)  (43,755)  (2,463)
Proceeds from equity issuance  40,000         40,000    
Proceeds from debt issuance  20,000   40,000      60,000    
Increase/(decrease) in bank borrowings:               
Borrowings  159,861   149,945   8,022   437,496   8,022 
Payments  (158,118)  (144,983)  (7,800)  (460,565)  (73,360)
Proceeds from stock option exercises               
Amounts paid due to leases  (2,602)  (3,157)  (2,463)  (8,615)  (7,342)
Other amounts received/(paid) due to financing activities              3,608 
Payments to acquire or redeem own shares               
Interest paid  (1,125)  (3,333)  (17,130)  (21,473)  (37,085)
Net cash (used) provided by financing activities   31,952    27,379    (19,979)   3,088    (108,620)
Total net cash flows for the period   (10,893)   21,641    (5,401)   (36,352)   24,388 
Beginning balance of cash and cash equivalents  106,089   84,367   153,242   131,557   123,175 
Exchange differences on cash and
cash equivalents in foreign currencies
  (153)  81   (416)  (162)  (138)
Ending balance of cash and cash equivalents $ 95,043  $ 106,089  $ 147,425  $ 95,043  $ 147,425 
Cash from continuing operations  89,047   99,940   118,874   89,047   118,874 
Current/Non-current restricted cash and cash equivalents  5,996   6,149   28,551   5,996   28,551 
Cash and restricted cash in the statement of financial position $ 95,043  $ 106,089  $ 147,425  $ 95,043  $ 147,425 


Adjusted EBITDA ($,000):
                
  Quarter Ended Quarter Ended Quarter Ended Nine Months Ended  Nine Months Ended
  September 30, 2021 June 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Profit (loss) attributable to the parent $ (96,596) $ 1,910  $ (47,284) $ (162,067) $ (107,289)
Profit (loss) for the period from discontinued
operations
        5,399      5,399 
Profit (loss) attributable to non-controlling interest  (1,023)  (1,180)  450   (3,338)  (2,638)
Income tax (benefit) expense  (680)  (250)  1,841   (1,774)  (14,245)
Net finance expense  103,379   11,178   13,985   130,420   47,162 
Financial derivatives loss (gain)              (3,168)
Exchange differences  6,180   (3,237)  (13,158)  12,257   (18,226)
Depreciation and amortization charges, operating
allowances and write-downs
  23,971   23,523   26,524   72,779   82,651 
EBITDA   35,231    31,944    (12,243)   48,277    (10,354)
Impairment  363      34,269   363   34,269 
Restructuring and termination costs  1,313   2,144      44,422    
Energy:  France              70 
Staff Costs:  South Africa              155 
Other Idling Costs        205      2,887 
Pension Plan buyout  685         685    
Adjusted EBITDA $ 37,592  $ 34,088  $ 22,231  $ 93,747  $ 27,027 


Adjusted profit attributable to Ferroglobe ($,000):
                
  Quarter Ended    Quarter Ended    Quarter Ended Nine Months Ended  Nine Months Ended
     September 30, 2021 June 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Profit (loss) attributable to the parent $ (96,596) $ 1,910  $ (47,284) $ (162,067) $ (107,289)
Tax rate adjustment  30,776   (404)  14,511   51,723   23,761 
Impairment  247      23,303   247   23,303 
Restructuring and termination costs  893   1,458      30,207    
Energy:  France              48 
Energy: South Africa               
Staff Costs:  South Africa              105 
Other Idling Costs        139      1,963 
Tolling agreement               
Bargain purchase gain               
Gain on sale of hydro plant assets               
Share-based compensation               
Pension Plan buyout  466         466    
Adjusted profit (loss) attributable to the parent $ (64,214) $ 2,964  $ (9,331) $ (79,424) $ (58,109)


Adjusted diluted profit per share:
                
  Quarter Ended Quarter Ended Quarter Ended Nine Months Ended  Nine Months Ended
  September 30, 2021 June 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Diluted profit (loss) per ordinary share $ (0.54) $ 0.01  $ (0.28) $ (0.94) $ (0.63)
Tax rate adjustment  0.18   (0.00)  (0.00)  0.31   0.14 
Impairment  0.00      0.14   0.00   0.14 
Restructuring and termination costs  0.00   0.01      0.18    
Energy:  France              0.00 
Staff Costs:  South Africa              0.00 
Other Idling Costs        0.00      0.01 
Restructuring and termination costs               
Tolling agreement               
Bargain purchase gain               
Gain on sale of hydro plant assets               
Share-based compensation               
Pension Plan buyout  0.00         0.00    
Adjusted diluted profit (loss) per ordinary share $ (0.36) $ 0.02  $ (0.14) $ (0.45) $ (0.34)