Ferroglobe Reports Results for the Third Quarter of 2020

Tuesday, 24. November 2020 01:00

Sales of $262.7 million; Net loss of $(46.8) million; Adjusted EBITDA of $22.2 million

  • Q3 sales of $262.7 million compared to $250.0 million in Q2 2020, and $381.7 million in Q3 2019
  • Adjusted EBITDA of $22.2 million compared to $22.4 million in Q2 2020 and $(7.2) million in Q3 2019
  • Q3 net loss of $(46.8) million compared to $(14.0) million in Q2 2020, and $(140.1) million in Q3 2019. Q3 net loss includes a property, plant and equipment impairment charge of $34.3 million
  • Gross debt of $442 million at the end of Q3 2020, compared to $451 million at the end of Q2 2020
  • Positive operating cash flow of $23.0 million, partially offset by the senior unsecured notes coupon payment of $(16.4) million and partial ABL paydown of $(7.8) million
  • Successful refinancing of the prior accounts receivable securitization program on October 2, 2020 with the signing of a new factoring program, providing an improvement in financial terms and cash release at closing

LONDON, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announced results for the third quarter of 2020.

Q3 2020 Earnings Highlights

In Q3 2020, Ferroglobe posted a net loss of $(46.8) million, or $(0.28) per share on a fully diluted basis. On an adjusted basis, the Q3 2020 net loss was $(9.3) million, or $(0.14) per share on a fully diluted basis.

Q3 2020 reported EBITDA was $(12.2) million, down from $22.1 million in the prior quarter. On an adjusted basis, Q3 2020 EBITDA was $22.2 million, down slightly from Q2 2020 adjusted EBITDA of $22.4 million. The Company reported an adjusted EBITDA margin of 8.5% for Q3 2020, compared to an adjusted EBITDA margin of 9.0% for Q2 2020.

                
     Quarter Ended    Quarter Ended Quarter Ended Nine Months Ended    Nine Months Ended
$,000 (unaudited) September 30, 2020 June 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
                
Sales $262,673  $250,004  $381,745  $823,899  $1,238,615 
Net (loss) profit $(46,834) $(14,035) $(140,139) $(109,927) $(212,351)
Diluted EPS $(0.28) $(0.07) $(0.83) $(0.63) $(1.23)
Adjusted net (loss) income attributable to the parent $(9,332) $(11,064) $(16,084) $(58,108) $(60,200)
Adjusted diluted EPS $(0.14) $(0.07) $(0.10) $(0.35) $(0.36)
Adjusted EBITDA $22,231  $22,413  $(7,210) $27,027  $1,152 
Adjusted EBITDA margin  8.5%  9.0%  -1.9%  3.3%  0.1%

Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “The third quarter results are a confirmation of the swift actions we have been taking throughout the year to address the unpredictable circumstances created by COVID-19.  By aligning our cost structure with changes in market conditions this quarter’s financial performance remained stable.”  Dr. Levi added, “We continue to seek ways to bolster our agility in the face of the pandemic to ensure the company is well capitalized and positioned for a market recovery.  Our new strategic plan focuses on elements within our control and aims to improve our overall competitiveness.  During the quarter we made significant progress setting the foundation throughout the organization and have started on the execution of specific initiatives across various functional areas.”

Cash Flow and Balance Sheet

Cash generated from operations during Q3 2020 was $23.0 million, including $33 million in respect the sale of CO2 emission rights.

Working capital increased by $33 million, from $321 million as of June 30, 2020 to $354 million at September 30, 2020. The increase is mainly driven by a reduction in accounts payable and strengthening of the Euro relative to the US Dollar.

Gross debt was $442 million as of September 30, 2020, down from $451 million as of June 30, 2020, primarily as a result of the senior unsecured notes coupon payment and partial ABL paydown, partially offset by COVID-19 funding supported by local governments in France and Canada.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “Given the challenging market backdrop and lingering uncertainty we remain focused on cash generation and preservation.   We are making adjustments throughout the business to ensure a sustainable level of cash to support our operations and have managed this through a number of initiatives, including a successful refinancing of the prior accounts receivables securitization program.  At the same time we continued to reduce our debt balance during the quarter.”  Ms. García-Cos added, “The new strategic plan supports our focus on further cost reduction and improvement in cash conversion, while accelerating the Company’s return to profitability.”

COVID-19

Since January 2020, the COVID-19 pandemic has spread to various jurisdictions where the Company does business. The Company has been monitoring the evolving situation, and consequent emerging risk. Among other steps, the Company has implemented a coronavirus crisis management team, which has been meeting regularly to ensure the Company and its subsidiaries take appropriate action to protect all employees and ensure business continuity.

During the third quarter demand for our products was adversely impacted by COVID-19. It is difficult to forecast all the impacts of the COVID-19 pandemic, and such impacts might have a material adverse effect on our business, results of operations and financial condition. The Company is continuously evaluating how evolving customer demand and sales price evolution stand to affect the Company’s business and results in the next twelve months.

In connection with the preparation of our consolidated financial statements, we conducted an evaluation as to whether there were conditions and events, considered in the aggregate, which raise substantial doubt as to the Company’s ability to continue as a going concern in the one year period after the date of the issuance of these interim financial statements. For this interim financial statement, the evaluation was updated. Given the speed and frequency of continuously evolving developments with respect to this pandemic and the uncertainties this may bring for the Company and the demand for its products, it is difficult to forecast the level of trading activity and hence cash flow in the next twelve months. Developing a reliable estimate of the potential impact on the results of operations and cash flow at this time is difficult as markets and industries react to the pandemic and the measures implemented in response to it, but our downside scenario analysis supports an expectation that the Company will have cash headroom to continue to operate throughout the next twelve months.

Additionally, the indenture governing the senior unsecured notes includes provisions which, in the event of a change of control, would require the Company to offer to redeem the outstanding senior unsecured notes at a cash purchase price equal to 101% of the principal amount of the senior unsecured notes, plus any accrued and unpaid interest. Based on the provisions cited above, a change of control as defined in the indenture is unlikely to occur, but the matter it is not within the Company’s control. If a change of control were to occur, the Company may not have sufficient financial resources available to satisfy all of its obligations. Management is pursuing additional sources of financing to increase liquidity to fund operations.

Subsequent events

On October 2, 2020, the Company signed a factoring agreement, replacing the prior accounts receivables securitization program. At closing, there was cash release of $19.7 million from restricted cash relating to a special purpose vehicle under prior securitization program.

On November 1, 2020, the Company announced the appointment of Thomas Wiesner as Chief Legal Officer. Subsequently, Mr. Wiesner was also appointed as the Secretary to the Board of Directors.

On November 16, 2020, the Tribunal Superior de Justicia of Galicia dismissed FerroAtlántica’s claim of petition to separate the metallurgical plants of Cee and Dumbria from the related hydroelectric power plants. According to applicable law, this judgment can be appealed before the Spanish Supreme Court.

Discussion of Third Quarter 2020 Results

The Company has concluded that there are indications for potential impairment of goodwill property, plant and equipment and deferred tax assets. During the third quarter, the Company registered an impairment relating to the Niagara Falls facility as there are no plans to restart production. The Company is conducting, the rest of its impairment analysis and as such further material impairment relating to goodwill and/or the remaining property, plant and equipment and deferred tax assets could be identified and recorded subsequently.  The financial results presented for the third quarter and year to date as of September 30, 2020 are unaudited and may be subsequently adjusted for items including impairment of goodwill and/or property, plant and equipment.

Sales

Sales for Q3 2020 were $262.7 million, an increase of 5.1% compared to $250.0 million in Q2 2020. For Q3 2020, total shipments were up 3.5% and the average selling price was down 0.1% compared with Q2 2020.

                      
     Quarter Ended    Quarter Ended      Quarter Ended   Nine Months Ended     Nine Months Ended   
  September 30, 2020 June 30, 2020 Change September 30, 2019 Change September 30, 2020 September 30, 2019 Change
Shipments in metric tons:                     
Silicon Metal  51,215  47,884 7.0%  60,225 -15.0%  152,420  176,578 -13.7%
Silicon-based Alloys  42,449  39,479 7.5%  69,879 -39.3%  142,860  230,944 -38.1%
Manganese-based Alloys  53,980  55,290 -2.4%  93,996 -42.6%  182,995  297,221 -38.4%
Total shipments*  147,644  142,653 3.5%  224,100 -34.1%  478,275  704,743 -32.1%
                      
Average selling price ($/MT):                     
Silicon Metal $2,248 $2,215 1.5% $2,175 3.3% $2,225 $2,284 -2.6%
Silicon-based Alloys $1,534 $1,537 -0.2% $1,490 3.0% $1,510 $1,582 -4.6%
Manganese-based Alloys $1,009 $1,088 -7.2% $1,140 -11.5% $1,019 $1,167 -12.7%
Total* $1,590 $1,591 -0.1% $1,527 4.1% $1,550 $1,583 -2.1%
                      
Average selling price ($/lb.):                     
Silicon Metal $1.02 $1.00 1.5% $0.99 3.3% $1.01 $1.04 -2.6%
Silicon-based Alloys $0.70 $0.70 -0.2% $0.68 3.0% $0.68 $0.72 -4.6%
Manganese-based Alloys $0.46 $0.49 -7.2% $0.52 -11.5% $0.46 $0.53 -12.7%
Total* $0.72 $0.72 0.0% $0.69 4.1% $0.70 $0.72 -2.1%

* Excludes by-products and other

Sales Prices & Volumes By Product

During Q3 2020, total product average selling prices decreased by 0.1% versus Q2 2020. Q3 average selling prices of silicon metal increased 1.5%, silicon-based alloys prices decreased 0.2%, and manganese-based alloys prices decreased 7.2%.

Sales volumes in Q3 declined by 3.5% versus the prior quarter. Q3 sales volumes of silicon metal increased 7.0%, silicon-based alloys increased 7.5%, and manganese-based alloys decreased 2.4% versus Q2 2020.

Cost of Sales

Cost of sales was $166.2 million in Q3 2020, an increase from $153.3 million in the prior quarter. Cost of sales as a percentage of sales increased to 63.3% in Q3 2020 versus 61.3% for Q2 2020, the increase is mainly due to higher sales volume, lower sales prices, higher energy prices in Europe, lower fixed cost absorption due to decreased production levels and the negative impact of a planned plant shutdown in Spain.

Other Operating Expenses

Other operating expenses amounted to $26.9 million in Q3 2020, a decrease from $36.0 million in the prior quarter. This decrease is primarily attributable to a reduction in consultant fees and removal of the financial liabilities registered in Photosil by $5 million.

Net Loss Attributable to the Parent

In Q3 2020, net loss attributable to the Parent was $47.3 million, or $(0.28) per diluted share, compared to a net loss attributable to the Parent of $12.1 million, or $(0.07) per diluted share in Q2 2020.

Adjusted EBITDA

In Q3 2020, adjusted EBITDA was $22.2 million, or 8.5% of sales, compared to adjusted EBITDA of $22.4 million, or 9.0% of sales in Q2 2020, primarily due to price stability and higher costs incurred in Q3 2020.

Conference Call

Ferroglobe management will review the third quarter during a conference call at 9:00 a.m. Eastern Time on November 24, 2020.

The dial-in number for participants in the United States is 8772935491 (conference ID 9939707). International callers should dial +1 9144958526 (conference ID 9939707). 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/itnuz76f

About Ferroglobe

Ferroglobe is one of the world’s leading suppliers of silicon metal, silicon-based and manganese-based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “target”, “will” and words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.

Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Measures

Adjusted EBITDA, adjusted EBITDA margin, adjusted net profit, adjusted profit per share, working capital and net debt, are non-IFRS financial metrics that, we believe, are pertinent measures of Ferroglobe’s success. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTOR CONTACT:

Gaurav Mehta
EVP – Investor Relations 
Email:   investor.relations@ferroglobe.com

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Income Statement
(in thousands of U.S. dollars, except per share amounts)

                
  Quarter Ended Quarter Ended    Quarter Ended    Nine Months Ended  Nine Months Ended
     September 30, 2020    June 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Sales  $262,673   $250,004  $381,745  $823,899  $1,238,615 
Cost of sales   (166,231)   (153,291)  (277,692)  (562,882)  (899,492)
Other operating income   7,598    10,160   13,215   25,526   41,766 
Staff costs   (56,329)   (48,912)  (72,536)  (160,338)  (221,651)
Other operating expense   (26,896)   (35,953)  (50,060)  (102,915)  (166,901)
Depreciation and amortization charges, operating allowances and write-downs   (26,524)   (27,459)  (29,591)  (82,651)  (90,165)
Impairment losses  (34,269)     (174,018)  (34,269)  (175,353)
Other gain (loss)  1,212   85   (3,774)  625   (3,896)
Operating (loss) profit   (38,766)   (5,365)   (212,711)   (93,005)   (277,077)
Net finance expense   (13,985)   (16,693)  (16,491)  (47,162)  (45,361)
Financial derivatives (loss) gain        2,913   3,168   3,882 
Exchange differences   13,157    2,633   (5,083)  18,226   (1,482)
(Loss) profit before tax    (39,594)    (19,425)   (231,372)   (118,773)   (320,038)
Income tax benefit (expense)   (1,841)   5,390   14,322   14,245   27,422 
(Loss) profit for the period from continuing operations   (41,435)   (14,035)   (217,050)   (104,528)   (292,616)
Profit for the period from discontinued operations  (5,399)     76,911   (5,399)  80,265 
(Loss) profit for the period   (46,834)   (14,035)   (140,139)   (109,927)   (212,351)
Loss (profit) attributable to non-controlling interest   (450)   1,928   (385)  2,638   4,174 
(Loss) profit attributable to the parent  $ (47,284)  $ (12,107) $ (140,524) $ (107,289) $ (208,177)
                  
                
EBITDA $(12,242) $22,093  $(183,120) $(10,354) $(186,912)
Adjusted EBITDA $22,231  $22,413  $(7,210) $27,027  $1,152 
                
Weighted average shares outstanding               
Basic  169,261   169,254   169,123   169,261   169,123 
Diluted  169,261   169,254   169,123   169,261   169,123 
                
(Loss) profit per ordinary share               
Basic $(0.28) $(0.07) $(0.83) $(0.63) $(1.23)
Diluted $(0.28) $(0.07) $(0.83) $(0.63) $(1.23)

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)

           
  September 30, June 30, December 31,
     2020    2020    2019
ASSETS
Non-current assets          
Goodwill $ 29,702 $29,702 $29,702
Other intangible assets   18,876  45,655  51,267
Property, plant and equipment   640,211  677,081  740,906
Other non-current financial assets   6,227  6,404  2,618
Deferred tax assets   50,939  43,102  59,551
Non-current receivables from related parties   2,343  2,240  2,247
Other non-current assets   4,960  4,228  1,597
Non-current restricted cash and cash equivalents   28,551  28,366  28,323
Total non-current assets    781,809   836,778   916,211
Current assets          
Inventories   311,269  305,438  354,121
Trade and other receivables   179,432  172,036  309,064
Current receivables from related parties   3,055  2,955  2,955
Current income tax assets   11,264  12,151  27,930
Other current financial assets   2,360  4,791  5,544
Other current assets   18,199  22,602  23,676
Cash and cash equivalents *   118,874  124,876  94,852
Total current assets    644,453   644,849   818,142
Total assets $  1,426,262 $ 1,481,627 $ 1,734,353
           
EQUITY AND LIABILITIES
Equity $  483,487 $ 519,974 $ 602,297
Non-current liabilities          
Deferred income   7,454  4,983  1,253
Provisions   84,779  81,659  84,852
Bank borrowings   31,958  92,552  144,388
Lease liabilities   12,655  13,512  16,972
Debt instruments   345,941  345,284  344,014
Other financial liabilities   32,554  33,316  43,157
Other non-current liabilities   16,678  25,785  25,906
Deferred tax liabilities   47,633  40,162  74,057
Total non-current liabilities    579,652   637,252   734,599
Current liabilities          
Provisions   38,121  37,367  46,091
Bank borrowings   59,318  245  14,611
Lease liabilities   7,960  8,592  8,900
Debt instruments   2,697  10,994  10,937
Other financial liabilities   28,016  26,318  23,382
Payables to related parties   4,162  2,056  4,830
Trade and other payables   136,371  156,053  189,229
Current income tax liabilities   140  2,146  3,048
Other current liabilities   86,338  80,630  96,429
Liabilities associated with assets classified as held for sale       
Total current liabilities    363,123   324,401   397,457
Total equity and liabilities $  1,426,262 $ 1,481,627 $ 1,734,353

*Cash and cash equivalents at September 30, 2020 includes the cash balance of the group’s European A/R securitization program of $41,016 ($38,961 and $38,778 at June 30, 2020 and December 31, 2019, respectively)

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Cash Flows
(in thousands of U.S. dollars)

                  
  Quarter Ended    Quarter Ended    Quarter Ended *  Nine Months Ended   Nine Months Ended *
     September 30, 2020 June 30, 2020 September 30, 2019  September 30, 2020  September 30, 2019
Cash flows from operating activities:                 
(Loss) profit for the period $ (46,834) $ (14,035) $ (140,139)  $ (109,926)  $ (212,351)
Adjustments to reconcile net (loss) profit
to net cash used by operating activities:
                 
Income tax (benefit) expense  1,841   (5,390)  (14,489)   (14,245)   (26,408)
Depreciation and amortization charges,
operating allowances and write-downs
  26,524   27,459   29,591    82,651    92,995 
Net finance expense  13,985   16,693   20,893    47,162    51,794 
Financial derivatives loss (gain)        (2,913)   (3,168)   (3,882)
Exchange differences  (13,157)  (2,633)  5,083    (18,226)   1,482 
Impairment losses  34,269      174,018    34,269    175,353 
Net loss (gain) due to changes in the value of asset                 
Bargain purchase gain                 
Gain on disposal of discontinued operation  5,399      (80,729)   5,399    (80,729)
Share-based compensation  323   704   1,015    1,749    3,280 
Other adjustments  (8,774)  (85)  3,774    (8,188)   3,896 
Changes in operating assets and liabilities                 
(Increase) decrease in inventories  3,725   (12,471)  5,953    42,831    (40,962)
(Increase) decrease in trade receivables  (4,731)  45,537   5,568    124,638    1,623 
Increase (decrease) in trade payables  (20,359)  (4,875)  (10,693)   (50,738)   (12,035)
Other  31,410   (16,287)  (59,689)   3,525    (21,430)
Income taxes paid  (633)  3,522   (846)   13,008    (3,066)
Net cash provided (used) by operating activities   22,988    38,139    (63,603)    150,741     (70,440)
Cash flows from investing activities:                 
Interest and finance income received  278   85   626    617    1,502 
Payments due to investments:            -      
Acquisition of subsidiary        9,088        9,088 
Other intangible assets                (184)
Property, plant and equipment  (8,734)  (5,056)  (6,269)   (18,396)   (26,845)
Other                (627)
Disposals:                 
Disposal of subsidiaries        171,058        171,058 
Other non-current assets  46          46     
Other        19        3,416 
Net cash (used) provided by investing activities   (8,410)   (4,971)   174,522     (17,733)    157,408 
Cash flows from financing activities:                 
Dividends paid                 
Payment for debt issuance costs  (608)  (279)  (2,093)   (2,463)   (2,798)
Repayment of hydro leases        (55,352)       (55,352)
Repayment of other financial liabilities                 
Increase/(decrease) in bank borrowings:                 
Borrowings  8,022          8,022    71,499 
Payments  (7,800)  (20,680)  (21,038)   (73,360)   (60,101)
Proceeds from stock option exercises                 
Amounts paid due to leases  (2,463)  (2,418)      (7,342)   (22,268)
Other amounts received/(paid) due to financing activities        (9,324)   3,608     
Payments to acquire or redeem own shares                 
Interest paid  (17,130)  (1,131)  (18,713)   (37,085)   (40,562)
Net cash (used) provided by financing activities   (19,979)   (24,508)   (106,520)    (108,620)    (109,582)
Total net cash flows for the period   (5,401)   8,660    4,399     24,388     (22,614)
Beginning balance of cash and cash equivalents  153,242   144,489   188,045    123,175    216,647 
Exchange differences on cash and
cash equivalents in foreign currencies
  (416)  93   (4,401)   (138)   (5,990)
Ending balance of cash and cash equivalents $ 147,425  $ 153,242  $ 188,043   $ 147,425   $ 188,043 
Cash from continuing operations  118,874   124,876   177,154    118,874    177,154 
Non-current restricted cash and cash equivalents  28,551   28,366   10,889    28,551    10,889 
Cash and restricted cash in the statement of financial position $ 147,425  $ 153,242  $ 188,043   $ 147,425   $ 188,043 

* While in previous periods Ferroglobe presented interest paid as cash flows from operating activities, management deems interest paid as among activities that alter the borrowing structure of the Company and therefore most appropriately presented as among financing activities. This change allows for a more fair presentation of cash flow to users of the financial statements. Previous periods have been restated in order to show interest paid as net cash used in financing activities.

Adjusted EBITDA ($,000):

                
  Quarter Ended    Quarter Ended    Quarter Ended Nine Months Ended  Nine Months Ended
     September 30, 2020 June 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
(Loss) profit attributable to the parent $ (47,284) $ (12,107) $ (140,524) $ (107,289) $ (208,177)
(Loss) profit for the period from discontinued operations  5,399      (76,911)  5,399   (80,265)
Loss (profit) attributable to non-controlling interest  450   (1,928)  385   (2,638)  (4,174)
Income tax (benefit) expense  1,841   (5,390)  (14,322)  (14,245)  (27,422)
Net finance expense  13,985   16,693   16,491   47,162   45,361 
Financial derivatives loss (gain)        (2,913)  (3,168)  (3,882)
Exchange differences  (13,157)  (2,633)  5,083   (18,226)  1,482 
Depreciation and amortization charges, operating allowances and write-downs  26,524   27,459   29,591   82,651   90,165 
EBITDA   (12,242)   22,093    (183,120)   (10,354)   (186,912)
Impairment  34,269      174,008   34,269   174,008 
Revaluation of biological assets        1,080      1,080 
Contract termination costs              9,260 
Restructuring and termination costs              2,894 
Energy:  France     (55)     70    
Energy: South Africa               
Staff Costs:  South Africa           155    
Other Idling Costs  204   375      2,887    
(Loss)profit on disposal of non-core businesses        822      822 
Adjusted EBITDA $ 22,231  $ 22,413  $ (7,210) $ 27,027  $ 1,152 

Adjusted profit attributable to Ferroglobe ($,000):

                
  Quarter Ended    Quarter Ended    Quarter Ended Nine Months Ended     Nine Months Ended
     September 30, 2020 June 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
(Loss) profit attributable to the parent $ (47,284) $ (12,107) $ (140,524) $ (107,289) $ (208,177)
Tax rate adjustment  14,511   826   59,717   23,761   74,990 
Impairment  23,303      118,325   23,303   118,325 
Revaluation of biological assets        734      734 
Contract termination costs              6,297 
Restructuring and termination costs              1,968 
Energy:  France     (37)     48    
Energy: South Africa               
Staff Costs:  South Africa           105    
Other Idling Costs  139   255      1,963    
(Loss) profit on disposal of non-core businesses        (54,337)     (54,337)
Adjusted (loss) profit attributable to the parent $ (9,332) $ (11,064) $ (16,084) $ (58,108) $ (60,200)

Adjusted diluted profit per share:

                
  Quarter Ended    Quarter Ended    Quarter Ended Nine Months Ended     Nine Months Ended
     September 30, 2020 June 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Diluted (loss) profit per ordinary share $ (0.28) $ (0.07) $ (0.83) $ (0.63) $ (1.23)
Tax rate adjustment     0.00   0.35   0.14   0.44 
Impairment  0.14      0.70   0.14   0.70 
Revaluation of biological assets        0.00      0.00 
Contract termination costs              0.04 
Restructuring and termination costs              0.01 
Energy:  France     (0.00)     0.00    
Energy: South Africa               
Staff Costs:  South Africa           0.00    
Other Idling Costs  0.00   0.00      0.01    
(Loss) profit on disposal of non-core businesses        (0.32)     (0.32)
Adjusted diluted (loss) profit per ordinary share $ (0.14) $ (0.07) $ (0.10) $ (0.35) $ (0.36)

SIGNATURES

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

   
 Date: November 23, 2020
  FERROGLOBE PLC
   
 by/s/ Marco Levi
  Name: Marco Levi
  Title: Chief Executive Officer (Principal Executive Officer)




























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