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 fourth quarter and the full year 2021.
BUSINESS HIGHLIGHTS
- Revenue growth in the fourth
quarter was driven by strong fundamentals across all three product
categories, which is expected to further fuel performance in
2022
- Tightness in the market is driving
pricing to unprecedented levels, primarily silicon metal and
ferrosilicon
- Yearly fixed price contracts in
silicon metal have expired at year-end 2021, driving a step-change
in realized prices in Q1 due to higher market prices and heavier
weighting towards index-based contracts
- Outperformed 2021 targets set in
turnaround plan with momentum into 2022; repositioning the Company
to deliver stronger results through the cycle
FINANCIAL HIGHLIGHTS
- Q4 2021 sales were $569.8 million,
up 33% from $429.2 million in the prior quarter
- Record Adjusted EBITDA of $92.8
million in Q4, up 146.9% from $37.6 million in the prior
quarter
- Adjusted EBITDA margin in Q4 was
16.3%, an increase from 8.8% in Q3
- Returned to profitability in Q4
with profit attributable to the parent of $66.3 million, compared
to a loss of ($96.6 million) in Q3
- Returned to positive free cash
flow, generating $14.2 million of free cash-flow in the fourth
quarter, up from negative $42.9 million in the prior quarter
- Improved liquidity with total cash
of $116.7 million in Q4, up $21.6 million from the prior
quarter
Dr. Marco Levi, Ferroglobe’s Chief Executive
Officer, commented, “The past year represented an important
inflection point for the company as we made significant progress in
improving the business operationally and financially, all with the
objective of creating a company that can remain competitive through
the cycle. The acceleration of performance in Q4 highlights strong
momentum across all of our core product categories driving
significant top line growth, well ahead of the lingering headwinds
caused by energy and other inflation related costs. This market
backdrop, coupled with the resetting of our silicon metal
contracts, is expected to help fuel a further acceleration in our
overall performance into 2022.
“While the current pricing environment is one
that benefits Ferroglobe in the near-term, we are not counting
solely on elevated prices to drive value creation for our
stakeholders. Our comprehensive turnaround plan, which was
implemented in 2021, is running ahead of schedule and exceeding our
stated targets. While we have made great progress to date, we
continue to work towards improving our overall competitiveness in
the market,” concluded Dr. Levi.
Fourth Quarter and Full Year 2021 Financial
Highlights
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Quarter Ended |
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Quarter Ended |
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Quarter Ended |
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Year Ended |
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Year Ended |
$,000
(unaudited) |
|
December 31, 2021 |
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September 30, 2021 |
|
December 31, 2020 |
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December 31, 2021 |
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December 31, 2020 |
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Sales |
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$ |
569,771 |
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$ |
429,210 |
|
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$ |
320,535 |
|
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$ |
1,778,908 |
|
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$ |
1,144,434 |
|
Cost of sales |
|
$ |
(371,519 |
) |
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$ |
(295,273 |
) |
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$ |
(272,603 |
) |
|
$ |
(1,184,896 |
) |
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$ |
(835,486 |
) |
Operating profit (loss) |
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$ |
64,860 |
|
|
$ |
11,260 |
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$ |
(91,343 |
) |
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$ |
40,361 |
|
|
$ |
(184,350 |
) |
Operating margin |
|
|
11.4 |
% |
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|
2.6 |
% |
|
|
(28.5 |
)% |
|
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2.3 |
% |
|
|
(16.1 |
)% |
Adjusted net income (loss)
attributable to the parent |
|
$ |
45,922 |
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|
$ |
(64,214 |
) |
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$ |
(40,563 |
) |
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$ |
(33,502 |
) |
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$ |
(98,671 |
) |
Adjusted diluted EPS |
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$ |
0.23 |
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$ |
(0.36 |
) |
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$ |
(0.23 |
) |
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$ |
(0.18 |
) |
|
$ |
(0.59 |
) |
Adjusted EBITDA |
|
$ |
92,825 |
|
|
$ |
37,592 |
|
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$ |
5,483 |
|
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$ |
186,575 |
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$ |
32,510 |
|
Adjusted EBITDA margin |
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16.3 |
% |
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8.8 |
% |
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1.7 |
% |
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10.5 |
% |
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2.8 |
% |
Operating cash flow |
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$ |
21,707 |
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$ |
(34,677 |
) |
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$ |
3,527 |
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$ |
(1,341 |
) |
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$ |
154,268 |
|
Free cash flow1 |
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$ |
14,249 |
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$ |
(42,845 |
) |
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$ |
(10,680 |
) |
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$ |
(25,189 |
) |
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$ |
122,328 |
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Working Capital |
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$ |
464,870 |
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$ |
395,867 |
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$ |
339,610 |
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$ |
464,870 |
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$ |
339,610 |
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Working Capital as % of
Sales2 |
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20.4 |
% |
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23.1 |
% |
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26.5 |
% |
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26.1 |
% |
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29.7 |
% |
Cash and Restricted Cash |
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$ |
116,663 |
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$ |
95,043 |
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$ |
131,557 |
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$ |
116,663 |
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$ |
131,557 |
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Adjusted Gross Debt3 |
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$ |
507,711 |
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$ |
499,270 |
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$ |
455,110 |
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$ |
507,711 |
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$ |
455,110 |
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Equity |
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$ |
335,068 |
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$ |
281,910 |
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$ |
365,719 |
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|
$ |
335,068 |
|
|
$ |
365,719 |
|
(1) |
Free cash flow
is calculated as operating cash flow plus investing cash flow |
(2) |
Working capital based on annualized quarterly sales
respectively |
(3) |
Adjusted gross debt excludes bank borrowings on factoring
program and impact of leasing standard IFRS16 at Dec. 31, 2021
& Dec. 31, 2020 |
Sales
In the fourth quarter of 2021, Ferroglobe
reported net sales of $569.8 million, up 33% over the prior quarter
and up 78% over the year-ago period. For the full year 2021, sales
of $1.78 billion were 55.4% higher than the full year 2020 sales of
$1.14 billion. The improvement in both our quarter and annual
results is attributable to higher shipments and higher realized
prices across the product portfolio.
Cost of Sales
Cost of sales was $371.5 million in Q4 2021
versus $295.3 million in the prior quarter and $272.6 million in
the fourth quarter of 2020. Cost of sales as a percentage of sales
was 65.2% in the fourth quarter of 2021 versus 68.8% in the prior
quarter. The improvement in the cost of sales in Q4 was primarily
driven by improved utilization of our asset base, reallocation of
orders to optimize economics, stronger operational performance at
the furnace level, and continued cost cutting. These costs were
partially offset by continued headwinds, particularly higher energy
costs in Spain, which increased $25.9 million over the third
quarter. For the full year 2021, cost of sales as a percentage of
sales was 66.6%, compared to 73.0% during full year 2020.
Net Income (Loss) Attributable to the
Parent
In Q4 2021, net profit attributable to the
Parent was $66.3 million, or $0.35 per diluted share, compared to a
net loss attributable to the Parent of ($96.6) million, or ($0.54)
per diluted share in Q3 2021. For the full year 2021, net loss
attributable to the Parent was ($95.7) million, or ($0.54) per
diluted share, compared to a net loss attributable to the Parent of
($246.4) million during the full year 2020. During Q3 2021 we had
significant one-time costs ($90.8) million relating to the
refinancing of the senior notes.
Adjusted EBITDA
In Q4 2021, adjusted EBITDA was $92.8 million,
or 16.3% of sales, up 146.8% compared to adjusted EBITDA of $37.6
million, or 8.8% of sales in Q3 2021. The increase in the Q4 2021
Adjusted EBITDA is attributable to volumes ($7.9 million) and
higher realized prices ($89.6) million. Costs had an adverse impact
of ($30.6) million, primarily attributable to higher energy costs
($26.0 million), of which $25.9 million were in Spain, higher raw
material prices ($5.7 million), the CO2 accrual ($5.5 million), and
lower fixed cost absorption in Spain ($1.6 million). Partially
offsetting these costs was a positive impact of the pension plan in
France ($3.9 million), proceeds from the sale of the Niagara
facility ($1.4 million), and asset disposals ($0.3 million).
Furthermore, there was an adverse impact of ($10.5 million)
relating to overhead expense. This is due to a bonus accrual charge
of ($8.0 million) and an accounting accrual relating to audit
charges totaling ($2.0 million).
For the full year 2021, Adjusted EBITDA was
$186.6 million, or 10.5% of sales, compared to Adjusted EBITDA of
$32.5 million, or 2.8% of sales, for the full year 2020.
Total Cash
The total cash balance was $116.7 million as of
December 31, 2021, up $21.6 million, from $95.1 million as of
September 30, 2021. The total cash balance was $131.6 million as of
December 31, 2020.
During Q4 2021, we generated positive operating
cash flow of $21.7 million; had cash flows from investing
activities of negative $7.5 million, and had cash flow from
financing activities of $7.4 million. Total net cash flow for the
period was $21.6 million.
Total Working Capital
Total working capital was $464.9 million in the
fourth quarter of 2021, increasing from $395.9 million at September
30, 2021. The $69.0 million increase in working capital was
impacted by a $11 million increase in inventory and a $83.4 million
increase in accounts receivable as a result of higher sales. On a
relative basis, our working capital as a percentage of sales was
20.4% during the fourth quarter, compared to 23.1% during the prior
quarter and 29.7% at the end of 2020.
Beatriz García-Cos, Ferroglobe’s Chief Financial
Officer, commented, “We ended the year on a strong note, with
revenue growing 33% and record setting Adjusted EBITDA increasing
by 147%, sequentially. While we continue to be impacted by the high
energy costs in Spain and inflationary impact on other costs, we
partially offset this by enhancing operational efficiencies and
through our cost cutting measures, resulting in a significant
improvement in margins. Furthermore, we were able to improve our
liquidity from cash generated in the business during this
quarter.”
Mrs. Garcia-Cos continued, “2021 was marked by a
number of one-off events which consumed a significant amount of
cash. With these now behind us, coupled with more efficient working
capital management, we are well positioned to accelerate our cash
generation. Going forward, we will look to deleverage the balance
sheet, reducing overall gross debt and investing in our asset base
to a normalized level of approximately $75 million per annum. We
think these are critical areas of focus on to ensure the long-term
competitiveness of our company and to provide a healthy level of
performance throughout the cycle.”
Product Category Highlights
Silicon Metal
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Quarter Ended |
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Quarter Ended |
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Quarter Ended |
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Twelve MonthsEnded |
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Twelve MonthsEnded |
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December 31,2021 |
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September 30,2021 |
|
Change |
|
December 31,2020 |
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Change |
|
December 31,2021 |
|
December 31,2020 |
|
Change |
Shipments in metric tons: |
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63,681 |
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61,713 |
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3.2 |
% |
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54,912 |
|
16.0 |
% |
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253,991 |
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207,332 |
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22.5 |
% |
Average selling price ($/MT): |
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2,944 |
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2,467 |
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19.3 |
% |
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2,260 |
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30.3 |
% |
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2,511 |
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2,234 |
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12.4 |
% |
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Silicon Metal Revenue
($,000) |
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187,477 |
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152,218 |
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124,089 |
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637,695 |
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463,217 |
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Silicon Metal
Adj.EBITDA ($,000) |
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32,501 |
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11,428 |
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1,950 |
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72,346 |
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27,365 |
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Silicon metal revenue in the fourth quarter was
$187.5 million, an increase of 23.2% over the prior quarter. Total
shipments of silicon metal increased 3.2%, primarily as a result of
continued strength in chemicals and to a lesser extent, the
aluminum market in Europe which continues to lag due to continued
supply chain issues. Overall tightness in the market, attributable
to strong end market demand and ongoing reforms in China, propelled
U.S. and European index prices to unprecedented levels during the
fourth quarter. Adjusted EBITDA for silicon metal increased to
$32.5 million during the fourth quarter, up 184.4% from $11.4
million the prior quarter.
Silicon-Based Alloys
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Quarter Ended |
|
Quarter Ended |
|
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|
Quarter Ended |
|
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|
Twelve MonthsEnded |
|
Twelve MonthsEnded |
|
|
December 31,2021 |
|
September 30,2021 |
|
Change |
|
December 31,2020 |
|
Change |
|
December 31,2021 |
|
December 31,2020 |
|
Change |
Shipments in metric tons: |
|
60,078 |
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|
55,863 |
|
7.5 |
% |
|
|
57,351 |
|
4.8 |
% |
|
|
242,766 |
|
|
200,212 |
|
21.3 |
% |
Average selling price ($/MT): |
|
2,770 |
|
|
1,992 |
|
39.1 |
% |
|
|
1,528 |
|
81.3 |
% |
|
|
2,058 |
|
|
1,515 |
|
35.8 |
% |
|
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Silicon-based Alloys
Revenue ($,000) |
|
166,439 |
|
|
111,256 |
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|
87,614 |
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|
499,584 |
|
|
303,265 |
|
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Silicon-based Alloys
Adj.EBITDA ($,000) |
|
51,174 |
|
|
8,375 |
|
|
|
|
7,086 |
|
|
|
|
81,022 |
|
|
11,664 |
|
|
Silicon-based alloy revenue in the fourth
quarter was $166.4 million, an increase of 49.6% over the prior
quarter. Total shipments increased 7.5% due to the continued
recovery in global steel production. Strong demand for
ferrosilicon, coupled with low levels of inventory, sent the index
higher in the US and Europe, contributing significantly to the
39.1% increase in average realized prices across silicon-based
alloy during the fourth quarter. Adjusted EBITDA for the
silicon-based alloys portfolio increased to $51.17 million, up
511.0% from $8.4 million the prior quarter.
Manganese-Based Alloys
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Quarter Ended |
|
Quarter Ended |
|
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|
Quarter Ended |
|
|
|
Twelve MonthsEnded |
|
Twelve MonthsEnded |
|
|
December 31,2021 |
|
September 30,2021 |
|
Change |
|
December 31,2020 |
|
Change |
|
December 31,2021 |
|
December 31,2020 |
|
Change |
Shipments in metric tons: |
|
97,053 |
|
|
76,454 |
|
26.9 |
% |
|
|
78,611 |
|
|
23.5 |
% |
|
|
314,439 |
|
|
261,605 |
|
20.2 |
% |
Average selling price ($/MT): |
|
1,720 |
|
|
1,574 |
|
9.3 |
% |
|
|
1,031 |
|
|
66.8 |
% |
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|
1,492 |
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|
1,022 |
|
46.0 |
% |
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Manganese-based Alloys
Revenue ($,000) |
|
166,953 |
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|
120,347 |
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|
81,076 |
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|
469,138 |
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|
267,469 |
|
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Manganese-based Alloys
Adj.EBITDA ($,000) |
|
28,620 |
|
|
22,494 |
|
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(108 |
) |
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76,950 |
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|
13,159 |
|
|
Manganese-based alloy revenue in the fourth
quarter was $166.9 million, an increase of 38.7% over the prior
quarter. Total shipments increased 26.9% due to continued recovery
in global steel production, and some seasonal spillover of orders
from the third quarter. During the quarter, Adjusted EBITDA from
our manganese-based alloys portfolio was $28.6 million, up 27.2%
over the prior quarter. In addition to the pricing and volume
improvement, there was also a shift in the overall product mix
which contributed to the quarterly results.
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. Throughout 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 February 15, 2022, the Company announced that
the Spanish Fund for supporting strategic companies, on a proposal
of the Sociedad Estatal de Participaciones Industriales (“SEPI”), a
Spanish state-owned industrial holding company affiliated with the
Ministry of Finance and Administration, has approved €34.5 million
in loans to Grupo Ferroatlántica, S.A.U. and Grupo Ferroátlantica
de Servicios, S.L.U., wholly owned subsidiaries of the Company.
These loans are part of the SEPI fund intended to provide
assistance to non-financial companies operating in strategically
important sectors within Spain in the wake of the COVID-19
pandemic.
The €34.5M is expected to be funded using a
dual-tranche loan, with €17.25M maturing in February 2025 and
€17.25M maturing in June 2025. €16.9M of the loan carries a fixed
interest rate of 2% per annum, and interest on the remaining €17.6M
is calculated as IBOR plus a spread of 2.5% in the first year, 3.5%
in the second and third years and 5.0% in the fourth year, plus an
additional 1.0% payable if the net result of the Beneficiaries is
positive. The loans are guaranteed by the Company and certain of
its subsidiaries.
Trading Update
Ferroglobe’s estimated unaudited Adjusted EBITDA for January
2022 is approximately $74 million.
Ferroglobe’s portfolio of products benefited from a strong
pricing environment in January, particularly with the reset of
silicon metal contracts. On the cost side, the business continues
to face a number of uncertainties, some of which have been ongoing
headwinds for several quarters, such as the high cost and
volatility of energy in Spain and inflation across other
inputs.
Other emerging developments, such as those stemming from the
conflict in Ukraine, could also impact our operations. Russia and
Ukraine are meaningful producers of silicon metal, ferroalloys and
manganese based alloys, and are also significant suppliers of raw
materials for our business and industry. The inability of
Russian and Ukrainian producers to meet their customer obligations
could potentially create tightness in the market in the immediate
term. Likewise, we rely on a number of inputs from Russia and the
CIS region, including metcoke, anthracite and carbon and graphite
electrodes. Our inability to procure these material can adversely
impact our operations.
Management continually tracks developments in the nascent
conflict in Ukraine and is committed to actively managing our
response to potential distributions to the business, but can
provide no assurance that the conflict in Ukraine or other ongoing
headwinds will not have a material adverse effect on our business,
operations and financial results. Investors should also consider
the risk factors and other disclosures in our annual reports on
Form 20-F and other filings with the US Securities and Exchange
Commission.
Conference Call
Ferroglobe management will review the fourth
quarter and full year 2021 results during a conference call at
08:30 a.m. U.S Eastern Standard Time on March 3, 2022.
The dial-in number for participants in the
United States is + 1 877-870-9135 (conference ID: 7689183).
International callers should dial + 44 (0)-2071-928338 (conference
ID: 7689183). 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/w3fff64p
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
This document may contain summarised,
non-audited or non-GAAP financial information. The information
contained herein should therefore be considered as a whole and in
conjunction with all the public information regarding the Company
available, including any other documents released by the Company
that may contain more detailed information.Adjusted EBITDA,
adjusted EBITDA margin, adjusted net profit, adjusted profit per
share, working capital and net debt, are non-IFRS financial metrics
that management uses in its decision making. Ferroglobe has
included these financial metrics to provide supplemental measures
of its performance. The Company believes these metrics are
important and useful to investors 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 |
|
Year Ended |
|
Year Ended |
|
December 31, 2021 |
|
September 30, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
Sales |
$ |
569,771 |
|
|
$ |
429,210 |
|
|
$ |
320,535 |
|
|
$ |
1,778,908 |
|
|
$ |
1,144,434 |
|
Cost of sales |
|
(371,519 |
) |
|
|
(295,273 |
) |
|
|
(272,603 |
) |
|
|
(1,184,896 |
) |
|
|
(835,486 |
) |
Other operating income |
|
39,619 |
|
|
|
31,447 |
|
|
|
8,100 |
|
|
|
110,085 |
|
|
|
33,627 |
|
Staff costs |
|
(72,068 |
) |
|
|
(50,386 |
) |
|
|
(54,444 |
) |
|
|
(280,917 |
) |
|
|
(214,782 |
) |
Other operating expense |
|
(79,770 |
) |
|
|
(79,785 |
) |
|
|
(29,143 |
) |
|
|
(289,564 |
) |
|
|
(132,059 |
) |
Depreciation and amortization
charges, operating allowances and write-downs |
|
(24,549 |
) |
|
|
(23,971 |
) |
|
|
(25,538 |
) |
|
|
(97,328 |
) |
|
|
(108,189 |
) |
Impairment gain (loss) |
|
2,227 |
|
|
|
(363 |
) |
|
|
(39,074 |
) |
|
|
1,867 |
|
|
|
(73,344 |
) |
Other gain |
|
1,149 |
|
|
|
381 |
|
|
|
824 |
|
|
|
2,206 |
|
|
|
1,449 |
|
Operating profit
(loss) |
|
64,860 |
|
|
|
11,260 |
|
|
|
(91,343 |
) |
|
|
40,361 |
|
|
|
(184,350 |
) |
Net finance expense |
|
(12,445 |
) |
|
|
(103,379 |
) |
|
|
(19,630 |
) |
|
|
(142,865 |
) |
|
|
(66,791 |
) |
Financial derivatives
gain |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,168 |
|
Exchange differences |
|
9,874 |
|
|
|
(6,180 |
) |
|
|
7,327 |
|
|
|
(2,384 |
) |
|
|
25,553 |
|
Profit (loss) before
tax |
|
62,289 |
|
|
|
(98,299 |
) |
|
|
(103,646 |
) |
|
|
(104,888 |
) |
|
|
(222,420 |
) |
Income tax benefit (loss) |
|
2,789 |
|
|
|
680 |
|
|
|
(36,185 |
) |
|
|
4,562 |
|
|
|
(21,939 |
) |
(Loss) profit for the
period from continuing operations |
|
65,078 |
|
|
|
(97,619 |
) |
|
|
(139,831 |
) |
|
|
(100,326 |
) |
|
|
(244,359 |
) |
Loss for the period from
discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,399 |
) |
Profit (loss) for the
period |
|
65,078 |
|
|
|
(97,619 |
) |
|
|
(139,831 |
) |
|
|
(100,326 |
) |
|
|
(249,758 |
) |
Profit attributable to
non-controlling interest |
|
1,242 |
|
|
|
1,023 |
|
|
|
781 |
|
|
|
4,580 |
|
|
|
3,419 |
|
Profit (loss)
attributable to the parent |
$ |
66,320 |
|
|
$ |
(96,596 |
) |
|
$ |
(139,050 |
) |
|
$ |
(95,746 |
) |
|
$ |
(246,339 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
89,409 |
|
|
$ |
35,231 |
|
|
$ |
(65,805 |
) |
|
$ |
137,689 |
|
|
$ |
(76,161 |
) |
Adjusted EBITDA |
$ |
92,825 |
|
|
$ |
37,592 |
|
|
$ |
5,483 |
|
|
$ |
186,575 |
|
|
$ |
32,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
187,358 |
|
|
|
179,849 |
|
|
|
169,262 |
|
|
|
176,508 |
|
|
|
169,269 |
|
Diluted |
|
188,587 |
|
|
|
179,849 |
|
|
|
169,262 |
|
|
|
176,508 |
|
|
|
169,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) per
ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.35 |
|
|
$ |
(0.54 |
) |
|
$ |
(0.82 |
) |
|
$ |
(0.54 |
) |
|
$ |
(1.46 |
) |
Diluted |
$ |
0.35 |
|
|
$ |
(0.54 |
) |
|
$ |
(0.82 |
) |
|
$ |
(0.54 |
) |
|
$ |
(1.46 |
) |
|
Ferroglobe PLC and SubsidiariesUnaudited
Condensed Consolidated Statement of Financial
Position(in thousands of U.S.
dollars) |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31 |
|
2021 |
|
2021 |
|
2020 |
ASSETS |
Non-current
assets |
|
|
|
|
|
|
|
|
|
Goodwill |
$ |
|
29,702 |
|
$ |
29,702 |
|
$ |
29,702 |
Other intangible assets |
|
|
101,790 |
|
|
89,698 |
|
|
20,756 |
Property, plant and equipment |
|
|
555,485 |
|
|
567,876 |
|
|
620,034 |
Other non-current financial assets |
|
|
4,091 |
|
|
5,198 |
|
|
5,057 |
Deferred tax assets |
|
|
7,010 |
|
|
150 |
|
|
— |
Non-current receivables from related parties |
|
|
1,699 |
|
|
2,316 |
|
|
2,454 |
Other non-current assets |
|
|
18,734 |
|
|
17,916 |
|
|
11,904 |
Non-current restricted cash and cash equivalents |
|
|
2,272 |
|
|
— |
|
|
— |
Total non-current
assets |
|
|
720,783 |
|
|
712,856 |
|
|
689,907 |
Current
assets |
|
|
|
|
|
|
|
|
|
Inventories |
|
|
289,797 |
|
|
284,488 |
|
|
246,549 |
Trade and other receivables |
|
|
381,073 |
|
|
305,453 |
|
|
242,262 |
Current receivables from related parties |
|
|
2,841 |
|
|
3,025 |
|
|
3,076 |
Current income tax assets |
|
|
7,660 |
|
|
8,195 |
|
|
12,072 |
Other current financial assets |
|
|
104 |
|
|
903 |
|
|
1,008 |
Other current assets |
|
|
8,408 |
|
|
10,352 |
|
|
20,714 |
Current restricted cash and cash equivalents |
|
|
— |
|
|
5,996 |
|
|
28,843 |
Cash and cash equivalents |
|
|
114,391 |
|
|
89,047 |
|
|
102,714 |
Total current
assets |
|
|
804,274 |
|
|
707,459 |
|
|
657,238 |
Total
assets |
$ |
|
1,525,057 |
|
$ |
1,420,315 |
|
$ |
1,347,145 |
|
|
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
Equity |
$ |
|
335,068 |
|
$ |
281,910 |
|
$ |
365,719 |
Non-current
liabilities |
|
|
|
|
|
|
|
|
|
Deferred income |
|
|
895 |
|
|
16,275 |
|
|
620 |
Provisions |
|
|
60,958 |
|
|
98,607 |
|
|
108,487 |
Bank borrowings |
|
|
3,670 |
|
|
3,998 |
|
|
5,277 |
Lease liabilities |
|
|
9,968 |
|
|
11,199 |
|
|
13,994 |
Debt instruments |
|
|
404,938 |
|
|
405,171 |
|
|
346,620 |
Other financial liabilities |
|
|
36,843 |
|
|
37,630 |
|
|
29,094 |
Other non-current liabilities |
|
|
37,506 |
|
|
13,035 |
|
|
16,767 |
Deferred tax liabilities |
|
|
25,145 |
|
|
22,868 |
|
|
27,781 |
Total non-current
liabilities |
|
|
579,923 |
|
|
608,783 |
|
|
548,640 |
Current
liabilities |
|
|
|
|
|
|
|
|
|
Provisions |
|
|
137,625 |
|
|
109,552 |
|
|
55,296 |
Bank borrowings |
|
|
95,297 |
|
|
86,262 |
|
|
102,330 |
Lease liabilities |
|
|
8,390 |
|
|
9,255 |
|
|
8,542 |
Debt instruments |
|
|
35,359 |
|
|
25,822 |
|
|
10,888 |
Other financial liabilities |
|
|
24,087 |
|
|
24,155 |
|
|
34,802 |
Payables to related parties |
|
|
9,545 |
|
|
9,079 |
|
|
3,196 |
Trade and other payables |
|
|
206,000 |
|
|
194,074 |
|
|
149,201 |
Current income tax liabilities |
|
|
1,775 |
|
|
1,464 |
|
|
2,538 |
Other current liabilities |
|
|
91,988 |
|
|
69,959 |
|
|
65,993 |
Total current
liabilities |
|
|
610,066 |
|
|
529,622 |
|
|
432,786 |
Total equity and
liabilities |
$ |
|
1,525,057 |
|
$ |
1,420,315 |
|
$ |
1,347,145 |
|
|
|
|
|
|
|
|
|
|
|
Ferroglobe PLC and SubsidiariesUnaudited
Condensed Consolidated Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
Year Ended |
|
|
Year Ended |
|
December 31,2021 |
|
September 30,2021 |
|
December 31,2020 |
|
December 31,2021 |
|
|
December 31,2020 |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
$ |
65,078 |
|
|
$ |
(97,619 |
) |
|
$ |
(139,831 |
) |
|
$ |
(100,326 |
) |
|
|
$ |
(249,758 |
) |
Adjustments to
reconcile net (loss) profit to net cash used by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense |
|
(2,789 |
) |
|
|
(680 |
) |
|
|
36,185 |
|
|
|
(4,562 |
) |
|
|
|
21,939 |
|
Depreciation and amortization charges, operating allowances and
write-downs |
|
24,549 |
|
|
|
23,971 |
|
|
|
25,538 |
|
|
|
97,328 |
|
|
|
|
108,189 |
|
Net finance expense |
|
12,445 |
|
|
|
103,379 |
|
|
|
19,630 |
|
|
|
142,865 |
|
|
|
|
66,791 |
|
Financial derivatives loss (gain) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(3,168 |
) |
Exchange differences |
|
(9,874 |
) |
|
|
6,180 |
|
|
|
(7,327 |
) |
|
|
2,384 |
|
|
|
|
(25,553 |
) |
Impairment losses |
|
(2,227 |
) |
|
|
363 |
|
|
|
39,074 |
|
|
|
(1,867 |
) |
|
|
|
73,344 |
|
Net loss (gain) due to changes in the value of asset |
|
(70 |
) |
|
|
(424 |
) |
|
|
158 |
|
|
|
(758 |
) |
|
|
|
— |
|
Bargain purchase gain |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
Gain on disposal of discontinued operation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
5,399 |
|
Gain on disposal of non-current assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(351 |
) |
|
|
|
— |
|
Share-based compensation |
|
1,464 |
|
|
|
1,269 |
|
|
|
347 |
|
|
|
3,627 |
|
|
|
|
2,017 |
|
Other adjustments |
|
(1,080 |
) |
|
|
43 |
|
|
|
(8,932 |
) |
|
|
(1,097 |
) |
|
|
|
(1,450 |
) |
Changes in operating
assets and liabilities |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
(Increase) decrease in inventories |
|
(11,137 |
) |
|
|
(51,835 |
) |
|
|
3,725 |
|
|
|
(60,296 |
) |
|
|
|
114,585 |
|
(Increase) decrease in trade receivables |
|
(83,434 |
) |
|
|
(27,683 |
) |
|
|
(4,731 |
) |
|
|
(161,434 |
) |
|
|
|
71,034 |
|
Increase (decrease) in trade payables |
|
12,908 |
|
|
|
9,138 |
|
|
|
(20,359 |
) |
|
|
64,382 |
|
|
|
|
(55,405 |
) |
Other |
|
18,792 |
|
|
|
(1,138 |
) |
|
|
60,683 |
|
|
|
22,558 |
|
|
|
|
14,473 |
|
Income taxes paid |
|
(2,918 |
) |
|
|
359 |
|
|
|
(633 |
) |
|
|
(3,794 |
) |
|
|
|
11,831 |
|
Interest paid |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
Net cash provided
(used) by operating activities |
|
21,707 |
|
|
|
(34,677 |
) |
|
|
3,527 |
|
|
|
(1,341 |
) |
|
|
|
154,268 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and finance income
received |
|
23 |
|
|
|
21 |
|
|
|
13 |
|
|
|
207 |
|
|
|
|
630 |
|
Payments due to
investments: |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
Acquisition of subsidiary |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
Other intangible assets |
|
— |
|
|
|
— |
|
|
|
(2,654 |
) |
|
|
— |
|
|
|
|
(2,654 |
) |
Property, plant and equipment |
|
(10,480 |
) |
|
|
(8,189 |
) |
|
|
(11,861 |
) |
|
|
(27,597 |
) |
|
|
|
(30,257 |
) |
Other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
Disposals: |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
Disposal of subsidiaries |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
Other non-current assets |
|
1,376 |
|
|
|
— |
|
|
|
295 |
|
|
|
1,919 |
|
|
|
|
341 |
|
Other |
|
1,623 |
|
|
|
— |
|
|
|
— |
|
|
|
1,623 |
|
|
|
|
— |
|
Net cash (used)
provided by investing activities |
|
(7,458 |
) |
|
|
(8,168 |
) |
|
|
(14,207 |
) |
|
|
(23,848 |
) |
|
|
|
(31,940 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
Payment for debt and equity
issuance costs |
|
— |
|
|
|
(26,064 |
) |
|
|
(2,077 |
) |
|
|
(43,755 |
) |
|
|
|
(4,540 |
) |
Proceeds from equity
issuance |
|
— |
|
|
|
40,000 |
|
|
|
— |
|
|
|
40,000 |
|
|
|
|
— |
|
Proceeds from debt
issuance |
|
— |
|
|
|
20,000 |
|
|
|
|
|
|
60,000 |
|
|
|
|
|
Increase/(decrease) in
bank borrowings: |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
Borrowings |
|
221,587 |
|
|
|
159,861 |
|
|
|
169,571 |
|
|
|
659,083 |
|
|
|
|
177,593 |
|
Payments |
|
(210,902 |
) |
|
|
(158,118 |
) |
|
|
(161,936 |
) |
|
|
(671,467 |
) |
|
|
|
(235,296 |
) |
Proceeds from stock option
exercises |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
Amounts paid due to
leases |
|
(2,617 |
) |
|
|
(2,602 |
) |
|
|
(2,973 |
) |
|
|
(11,232 |
) |
|
|
|
(10,315 |
) |
Other amounts received/(paid)
due to financing activities |
|
— |
|
|
|
— |
|
|
|
(6,471 |
) |
|
|
— |
|
|
|
|
(2,863 |
) |
Payments to acquire or redeem
own shares |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
Interest paid |
|
(704 |
) |
|
|
(1,125 |
) |
|
|
(827 |
) |
|
|
(22,177 |
) |
|
|
|
(37,912 |
) |
Net cash (used)
provided by financing activities |
|
7,364 |
|
|
|
31,952 |
|
|
|
(4,713 |
) |
|
|
10,452 |
|
|
|
|
(113,333 |
) |
Total net cash flows
for the period |
|
21,613 |
|
|
|
(10,893 |
) |
|
|
(15,393 |
) |
|
|
(14,737 |
) |
|
|
|
8,995 |
|
Beginning balance of cash and cash equivalents |
|
95,043 |
|
|
|
106,089 |
|
|
|
147,425 |
|
|
|
131,557 |
|
|
|
|
123,175 |
|
Exchange differences on cash and cash equivalents in foreign
currencies |
|
7 |
|
|
|
(153 |
) |
|
|
(475 |
) |
|
|
(157 |
) |
|
|
|
(613 |
) |
Ending balance of cash
and cash equivalents |
$ |
116,663 |
|
|
$ |
95,043 |
|
|
$ |
131,557 |
|
|
$ |
116,663 |
|
|
|
$ |
131,557 |
|
Cash from continuing
operations |
|
114,391 |
|
|
|
89,047 |
|
|
|
102,714 |
|
|
|
114,391 |
|
|
|
|
102,714 |
|
Current/Non-current restricted
cash and cash equivalents |
|
2,272 |
|
|
|
5,996 |
|
|
|
28,843 |
|
|
|
2,272 |
|
|
|
|
28,843 |
|
Cash and restricted
cash in the statement of financial position |
$ |
116,663 |
|
|
$ |
95,043 |
|
|
$ |
131,557 |
|
|
$ |
116,663 |
|
|
|
$ |
131,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA ($,000):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
Year Ended |
|
Year Ended |
|
December 31, 2021 |
|
September 30, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
Profit (loss) attributable to the parent |
$ |
66,320 |
|
|
$ |
(96,596 |
) |
|
$ |
(139,050 |
) |
|
$ |
(95,746 |
) |
|
$ |
(246,339 |
) |
Profit (loss) for the period
from discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,399 |
|
Profit (loss) attributable to
non-controlling interest |
|
(1,242 |
) |
|
|
(1,023 |
) |
|
|
(781 |
) |
|
|
(4,580 |
) |
|
|
(3,419 |
) |
Income tax (benefit)
expense |
|
(2,789 |
) |
|
|
(680 |
) |
|
|
36,185 |
|
|
|
(4,562 |
) |
|
|
21,939 |
|
Net finance expense |
|
12,445 |
|
|
|
103,379 |
|
|
|
19,630 |
|
|
|
142,865 |
|
|
|
66,791 |
|
Financial derivatives loss
(gain) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,168 |
) |
Exchange differences |
|
(9,874 |
) |
|
|
6,180 |
|
|
|
(7,327 |
) |
|
|
2,384 |
|
|
|
(25,553 |
) |
Depreciation and amortization
charges, operating allowances and write-downs |
|
24,549 |
|
|
|
23,971 |
|
|
|
25,538 |
|
|
|
97,328 |
|
|
|
108,189 |
|
EBITDA |
|
89,409 |
|
|
|
35,231 |
|
|
|
(65,805 |
) |
|
|
137,689 |
|
|
|
(76,161 |
) |
Impairment |
|
(2,227 |
) |
|
|
363 |
|
|
|
39,074 |
|
|
|
(1,867 |
) |
|
|
73,344 |
|
Restructuring and termination
costs |
|
455 |
|
|
|
(9,960 |
) |
|
|
3,772 |
|
|
|
27,368 |
|
|
|
3,770 |
|
New strategy
implementation |
|
5,188 |
|
|
|
11,273 |
|
|
|
— |
|
|
|
22,700 |
|
|
|
— |
|
Energy: France |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70 |
|
Staff Costs: South
Africa |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
158 |
|
Other Idling Costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,887 |
|
Pension Plan buyout |
|
— |
|
|
|
685 |
|
|
|
— |
|
|
|
685 |
|
|
|
|
Provision Ithaka |
|
— |
|
|
|
— |
|
|
|
28,442 |
|
|
|
— |
|
|
|
28,442 |
|
Adjusted
EBITDA |
$ |
92,825 |
|
|
$ |
37,592 |
|
|
$ |
5,483 |
|
|
$ |
186,575 |
|
|
$ |
32,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted profit attributable to
Ferroglobe ($,000):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
Year Ended |
|
Year Ended |
|
December 31, 2021 |
|
September 30, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
Profit (loss) attributable to the parent |
$ |
66,320 |
|
|
$ |
(96,596 |
) |
|
$ |
(139,050 |
) |
|
$ |
(95,746 |
) |
|
$ |
(246,339 |
) |
Tax rate adjustment |
|
(22,721 |
) |
|
|
30,776 |
|
|
|
69,352 |
|
|
|
29,002 |
|
|
|
93,112 |
|
Impairment |
|
(1,514 |
) |
|
|
247 |
|
|
|
26,570 |
|
|
|
(1,270 |
) |
|
|
49,874 |
|
Restructuring and termination costs |
|
309 |
|
|
|
(6,773 |
) |
|
|
2,565 |
|
|
|
18,610 |
|
|
|
2,564 |
|
New strategy implementation |
|
3,528 |
|
|
|
7,666 |
|
|
|
— |
|
|
|
15,436 |
|
|
|
— |
|
Energy: France |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48 |
|
Energy: South Africa |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Staff Costs: South Africa |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
107 |
|
Other Idling Costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
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 |
$ |
45,922 |
|
|
$ |
(64,214 |
) |
|
$ |
(40,563 |
) |
|
$ |
(33,502 |
) |
|
$ |
(98,671 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted profit per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
Year Ended |
|
Year Ended |
|
December 31, 2021 |
|
September 30, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
Diluted profit (loss) per ordinary share |
$ |
0.35 |
|
|
$ |
(0.54 |
) |
|
$ |
(0.82 |
) |
|
$ |
(0.54 |
) |
|
$ |
(1.46 |
) |
Tax rate adjustment |
|
(0.13 |
) |
|
|
0.18 |
|
|
|
0.41 |
|
|
|
0.17 |
|
|
|
0.55 |
|
Impairment |
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.16 |
|
|
|
(0.01 |
) |
|
|
0.29 |
|
Restructuring and termination costs |
|
0.00 |
|
|
|
(0.04 |
) |
|
|
0.02 |
|
|
|
0.11 |
|
|
|
0.02 |
|
New strategy implementation |
|
0.02 |
|
|
|
0.04 |
|
|
|
— |
|
|
|
0.09 |
|
|
|
— |
|
Energy: France |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.00 |
|
Staff Costs: South Africa |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.00 |
|
Other Idling Costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
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 |
$ |
0.23 |
|
|
$ |
(0.36 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferroglobe (NASDAQ:GSM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ferroglobe (NASDAQ:GSM)
Historical Stock Chart
From Sep 2023 to Sep 2024