SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

 

For the Month of September, 2021

 

Commission File Number: 001-37668

 

FERROGLOBE PLC

(Name of Registrant)

5 Fleet Place

London, EC4M7RD

(Address of Principal Executive Office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F 

Form 40-F 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):     

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):     

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes 

No  

 

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  N/A

 



This Form 6-K consists of the following materials, which appear immediately following this page:

Press release dated November 16, 2021 announcing results for the quarter ended September 30, 2021
Thrid quarter 2021 earnings call presentation


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

Date: November 16, 2021

  

FERROGLOBE PLC

 

 

 

 

by

/s/ Marco Levi

 

 

Name: Marco Levi

 

 

Title: Chief Executive Officer (Principal Executive Officer)


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, November 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 segmets driven by operational issues at certain facilities and delayed deliveries requested by some customers given the seasonsal 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 opportunites, 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

13,157

(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

$

(12,242)

$

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)

(13,157)

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)

31,410

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)

(13,157)

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

(12,242)

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

204

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