GSM Ferroglobe PLC

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	)