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.
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Quarter Ended |
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Quarter Ended |
|
Quarter Ended |
|
Year Ended |
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Year Ended |
$,000
(unaudited) |
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
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|
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-19COVID-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 $361.4 million in Q1 2021.
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Quarter Ended |
|
Quarter Ended |
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Quarter Ended |
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|
Six months Ended |
|
Six months Ended |
|
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|
June 30, 2021 |
|
March 31, 2021 |
|
Change |
|
June 30, 2020 |
|
Change |
|
June 30, 2021 |
|
June 30, 2020 |
|
Change |
Shipments in metric
tons: |
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|
|
|
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|
|
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|
|
|
|
|
|
Silicon Metal |
|
|
67,322 |
|
|
61,275 |
|
9.9 |
% |
|
|
47,884 |
|
40.6 |
% |
|
|
128,597 |
|
|
101,205 |
|
27.1 |
% |
Silicon-based Alloys |
|
|
65,222 |
|
|
61,604 |
|
5.9 |
% |
|
|
39,479 |
|
65.2 |
% |
|
|
126,826 |
|
|
100,411 |
|
26.3 |
% |
Manganese-based Alloys |
|
|
68,323 |
|
|
72,609 |
|
(5.9 |
)% |
|
|
55,290 |
|
23.6 |
% |
|
|
140,932 |
|
|
129,014 |
|
9.2 |
% |
Total shipments* |
|
|
200,867 |
|
|
195,488 |
|
2.8 |
% |
|
|
142,653 |
|
40.8 |
% |
|
|
396,355 |
|
|
330,630 |
|
19.9 |
% |
|
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|
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Average selling price
($/MT): |
|
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|
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|
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|
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|
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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
Average selling price
($/lb.): |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 MehtaExecutive Vice President – Investor
Relations Email: investor.relations@ferroglobe.com
MEDIA CONTACT:
Cristina Feliu RoigExecutive Director – Communications &
Public
AffairsEmail: corporate.comms@ferroglobe.com
|
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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 |
) |
|
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