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-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, 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 MehtaExecutive Vice President – Investor Relations Email: investor.relations@ferroglobe.com 

MEDIA CONTACT:

Cristina Feliu RoigExecutive Director – Communications & Public AffairsEmail: corporate.comms@ferroglobe.com  

 
Ferroglobe PLC and SubsidiariesUnaudited 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 SubsidiariesUnaudited 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 SubsidiariesUnaudited 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 )
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