Adjusted EBITDA of $(38.1) million in Q4 2019 and of $(37.0) million in Full Year 2019
- Q4 2019 results:
- Sales of $364.4 million compared to $381.7 million in Q3 2019, and $591.1 million in Q4 2018
- Net loss of $(75.7) million compared to $(140.1) million in Q3 2019, and $(74.2) million in Q4 2018
- Adjusted EBITDA of $(38.1) million compared to $(7.2) million in Q3 2019 and $23.2 million in Q4 2018
- Full Year 2019 results:
- Sales of $1.60 billion compared to $2.24 billion in 2018
- Net loss of $(288.1) million, including a goodwill impairment charge of $174.0 million, compared to a net profit of $24.6 million in 2018
- Adjusted net loss attributable to Parent of $(114.0) million compared to a net profit of $64.4 million in 2018
- Adjusted EBITDA of $(37.0) million in 2019 compared to $230.1 million in 2018
- Gross debt of $481 million at the end of Q4 2019, compared to $556 million at the end of Q3 2019
- Successful refinancings, providing additional financial flexibility and liquidity
- North American asset-based revolving credit facility closed on October 11, 2019
- European accounts receivable securitization program closed on December 10, 2019
- Operational changes implemented to the global production platform: adapting production to reduced demand and decreasing inventory levels
LONDON, March 02, 2020 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (throughout, “Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, and a leading silicon- and manganese-based specialty alloys producer, today announced results for the fourth quarter and the full year 2019.
Q4 2019 Earnings Highlights
In Q4 2019, Ferroglobe posted a net loss of $(75.7) million, or $(0.44) per share on a fully diluted basis. On an adjusted basis, Q4 2019 net loss was $(53.8) million, or $(0.32) per share on a fully diluted basis.
Q4 2019 reported EBITDA was $(56.2) million, up from $(183.1) million in the prior quarter. On an adjusted basis, Q4 2019 EBITDA was $(38.1) million, down from Q3 2019 adjusted EBITDA of $(7.2) million. The Company reported an adjusted EBITDA margin of -10.5% for Q4 2019, compared to an adjusted EBITDA margin of -1.9% for Q3 2019.
Full Year 2019 Earnings Highlights
For Full Year 2019, Ferroglobe posted a net loss of $(288.1) million, or $(1.67) per share. On an adjusted basis, Full Year 2019 net loss was $(114.0) million, or $(0.68) per share.
For the Full Year 2019, reported EBITDA was $(243.1) million, versus $212.9 million in the prior year. Full Year 2019 Adjusted EBITDA was $(37.0) million, versus $230.1 million in the prior year. The Company reported an adjusted EBITDA margin of -2.3% for Full Year 2019, compared to an adjusted EBITDA margin of 10.3% for Full Year 2018.
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | Year Ended | ||||||||||||||||
| $,000 (unaudited) | December 31, 2019 | September 30, 2019 | December 31, 2018 * | December 31, 2019 | December 31, 2018 * | |||||||||||||||
| Sales | $ | 364,431 | $ | 381,745 | $ | 591,052 | $ | 1,603,046 | $ | 2,242,002 | ||||||||||
| Net (loss) profit | $ | (75,746 | ) | $ | (140,139 | ) | $ | (74,155 | ) | $ | (288,097 | ) | $ | 24,573 | ||||||
| Diluted EPS | $ | (0.44 | ) | $ | (0.83 | ) | $ | (0.34 | ) | $ | (1.67 | ) | $ | 0.25 | ||||||
| Adjusted net (loss) income attributable to the parent | $ | (53,801 | ) | $ | (16,085 | ) | $ | 5,205 | $ | (113,998 | ) | $ | 64,392 | |||||||
| Adjusted diluted EPS | $ | (0.32 | ) | $ | (0.10 | ) | $ | 0.03 | $ | (0.68 | ) | $ | 0.36 | |||||||
| Adjusted EBITDA | $ | (38,132 | ) | $ | (7,210 | ) | $ | 23,184 | $ | (36,980 | ) | $ | 230,051 | |||||||
| Adjusted EBITDA margin | -10.5 | % | -1.9 | % | 3.9 | % | -2.3 | % | 10.3 | % | ||||||||||
* Throughout the results, the amounts for prior periods have been restated to reflect the impact of the profit / (loss) from discontinued operations associated with the sale of FerroAtlántica S.A.U., owner of the Cee-Dumbria plant and hydroelectric assets in Spain.
Beatriz García-Cos, Ferroglobe’s Chief Financial Officer commented, “The Company’s disappointing fourth quarter results are representative of the challenges faced throughout 2019. We experienced continued pricing and volume pressures during the quarter, with increased costs as a result of the previously announced operational curtailments. To mitigate the impact of these challenges, we successfully executed a number of cash generating initiatives, selling non-core assets, reducing inventory and releasing cash through the refinancing of the Company’s accounts receivable securitization program. Given these headwinds and their impact on our balance sheet, a new strategic plan is being developed aimed at returning the Company to profitability.”
Cash Flow and Balance Sheet
Cash generated from operations during Q4 2019 was $45.5 million, with working capital positively impacted by a decrease in inventories, offset by a decrease in payables. Working capital decreased from $579 million as of September 30, 2019 to $481 million at December 31, 2019.
Gross debt was $481 million as of December 31, 2019, down significantly from $556 million as of September 30, 2019, primarily as a result of refinancing the Company’s former revolving credit facility (“RCF”).
Recent developments
On October 4, 2019, Ferroglobe subsidiary, Silicon Smelters (Pty.) Ltd. completed the sale of its remaining timberlands in South Africa for net proceeds of ZAR 130 million ($8.58 million).
On October 11, 2019, Ferroglobe completed the closing of a new five-year, $100 million North American asset-based revolving loan (“ABL”), with an initial draw of $70 million, which was used, along with cash on hand, to repay in full the RCF. This marked an important step in the Company’s overall strategy to de-risk the balance sheet, as the ABL has no leverage-based or financial-based covenants and has reduced liquidity requirements as compared to the RCF, affording the Company enhanced flexibility.
On December 10, 2019, Ferroglobe refinanced its prior accounts receivable securitization program with a new two-year, $150 million European program (“new A/R Program”), of which $104 million was utilized at closing. Subsequently, the incorporation of a special purpose vehicle (“SPV”) into the program resulted in significant additional receivables qualifying into the program.
Beatriz García-Cos, Ferroglobe’s Chief Financial Officer commented, “The successful closing of the new A/R Program has a significant impact on our cash conversion in Europe. At closing, approximately $23 million of cash was released and another $31.5 million was released on incorporation of the SPV in February 2020. These steps highlight the Company’s continued efforts to optimize the business operationally and financially.”
COVID-19
Marco Levi, Ferroglobe’s Chief Executive Officer commented, “ To date our business has not been directly impacted by the coronavirus. However, given the increasing concerns around the spreading of this virus globally, we continue to monitor the potential impact on our business very closely.”
Subsequent Event
On January 13, 2020, Ferroglobe appointed Dr. Marco Levi as its Chief Executive Officer (“CEO”). As CEO, Dr. Levi was subsequently appointed to the Company’s Board of Directors on January 15, 2020, bringing the number of Directors on the Board to nine.
Discussion of Fourth Quarter 2019 Results
Sales
Sales for Q4 2019 were $364.4 million, a decrease of 4.5% compared to $381.7 million in Q3 2019. For Q4 2019, total shipments were down 1.2% and the average selling price was down 3.5% compared with Q3 2019.
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | Year Ended | ||||||||||||||||||||
| December 31, 2019 | September 30, 2019 | Change | December 31, 2018 | Change | December 31, 2019 | December 31, 2018 | Change | |||||||||||||||||
| Shipments in metric tons: | ||||||||||||||||||||||||
| Silicon Metal | 61,613 | 60,225 | 2.3 | % | 93,364 | -34.0 | % | 238,192 | 352,578 | -32.4 | % | |||||||||||||
| Silicon-based Alloys | 64,485 | 69,879 | -7.7 | % | 81,197 | -20.6 | % | 295,429 | 311,703 | -5.2 | % | |||||||||||||
| Manganese-based Alloys | 95,235 | 93,996 | 1.3 | % | 147,445 | -35.4 | % | 392,456 | 424,358 | -7.5 | % | |||||||||||||
| Total shipments* | 221,333 | 224,100 | -1.2 | % | 322,006 | -31.3 | % | 926,077 | 1,088,639 | -14.9 | % | |||||||||||||
| Average selling price ($/MT): | ||||||||||||||||||||||||
| Silicon Metal | $ | 2,175 | $ | 2,175 | 0.0 | % | $ | 2,429 | -10.5 | % | $ | 2,256 | $ | 2,647 | -14.8 | % | ||||||||
| Silicon-based Alloys | $ | 1,424 | $ | 1,490 | -4.4 | % | $ | 1,719 | -17.2 | % | $ | 1,547 | $ | 1,845 | -16.2 | % | ||||||||
| Manganese-based Alloys | $ | 1,054 | $ | 1,140 | -7.5 | % | $ | 1,158 | -9.0 | % | $ | 1,140 | $ | 1,244 | -8.4 | % | ||||||||
| Total* | $ | 1,474 | $ | 1,527 | -3.5 | % | $ | 1,668 | -11.6 | % | $ | 1,557 | $ | 1,870 | -16.8 | % | ||||||||
| Average selling price ($/lb.): | ||||||||||||||||||||||||
| Silicon Metal | $ | 0.99 | $ | 0.99 | 0.0 | % | $ | 1.10 | -10.5 | % | $ | 1.02 | $ | 1.20 | -14.8 | % | ||||||||
| Silicon-based Alloys | $ | 0.65 | $ | 0.68 | -4.4 | % | $ | 0.78 | -17.2 | % | $ | 0.70 | $ | 0.84 | -16.2 | % | ||||||||
| Manganese-based Alloys | $ | 0.48 | $ | 0.52 | -7.5 | % | $ | 0.53 | -9.0 | % | $ | 0.52 | $ | 0.56 | -8.4 | % | ||||||||
| Total* | $ | 0.67 | $ | 0.69 | -3.5 | % | $ | 0.76 | -11.6 | % | $ | 0.71 | $ | 0.85 | -16.8 | % | ||||||||
* Excludes by-products and other
Sales Prices & Volumes By Product
During Q4 2019, total product average selling prices decreased by 3.5% versus Q3 2019. Q4 average selling prices of silicon metal remained unchanged, silicon-based alloys prices decreased 4.4%, and manganese-based alloys prices decreased 7.5%.
Sales volumes in Q4 declined by 1.2% versus the prior quarter. Q4 sales volumes of silicon metal increased 2.3%, silicon-based alloys decreased 7.7%, and manganese-based alloys increased 1.3% versus Q4 2019.
Cost of Sales
Cost of sales was $300.6 million in Q4 2019, an increase from $277.7 million in the prior quarter. Cost of sales as a percentage of sales increased to 82.5% in Q4 2019 versus 72.8% for Q3 2019, linked primarily to product mix, costs associated with implementing the temporary curtailments to our operations, and inventory write downs across our product portfolio.
Other Operating Expenses
Other operating expenses was $58.8 million in Q4 2019, an increase from $50.1 million in the prior quarter. This increase is primarily attributable to non recurrent costs associated with the energy contracts at plants in Europe temporarily idled.
Net Loss Attributable to the Parent
In Q4 2019, net loss attributable to the Parent was $74.5 million, or $(0.44) per diluted share, compared to a net loss attributable to the Parent of $140.5 million, or $(0.83) per diluted share in Q3 2019.
Adjusted EBITDA
In Q4 2019, adjusted EBITDA was $(38.1) million, or -10.5% of sales, compared to adjusted EBITDA of $(7.2) million, or -1.9% of sales in Q3 2019, primarily due to weaker pricing and costs incurred in Q4 2019.
Conference Call
Ferroglobe management will review the fourth quarter and full year results of 2019 during a conference call at 9:00 a.m. Eastern Time on March 3, 2020.
The dial-in number for participants in the United States is 877‑293‑5491 (conference ID 4987662). International callers should dial +1 914‑495‑8526 (conference ID 4987662). 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/ci6ip3a5.
About Ferroglobe
Ferroglobe is one of the world’s leading suppliers of silicon metal, silicon-based and manganese-based specialty alloys and other 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: [email protected]
Louie Toma Managing Director Hayden IRTel: 1-774-291-6000Email: [email protected]
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, 2019 | September 30, 2019 | December 31, 2018* | December 31, 2019 | December 31, 2018* | ||||||||||||||||
| Sales | $ | 364,431 | $ | 381,745 | $ | 591,052 | $ | 1,603,046 | $ | 2,242,002 | ||||||||||
| Cost of sales | (300,611 | ) | (277,692 | ) | (448,048 | ) | (1,200,103 | ) | (1,446,677 | ) | ||||||||||
| Other operating income | 8,428 | 13,215 | 24,919 | 50,194 | 45,844 | |||||||||||||||
| Staff costs | (69,490 | ) | (72,536 | ) | (80,656 | ) | (291,141 | ) | (338,862 | ) | ||||||||||
| Other operating expense | (58,826 | ) | (50,060 | ) | (70,337 | ) | (225,727 | ) | (277,560 | ) | ||||||||||
| Depreciation and amortization charges, operating allowances and write-downs | (30,016 | ) | (29,591 | ) | (28,345 | ) | (120,181 | ) | (113,837 | ) | ||||||||||
| Bargain purchase gain | — | — | (4,491 | ) | — | 40,142 | ||||||||||||||
| Other gain (loss) | 390 | (3,774 | ) | 4,005 | (3,506 | ) | 6,941 | |||||||||||||
| Operating (loss) profit before impairment losses | (85,694 | ) | (38,693 | ) | (11,901 | ) | (187,418 | ) | 157,993 | |||||||||||
| Impairment losses | (546 | ) | (174,018 | ) | (58,919 | ) | (175,899 | ) | (58,919 | ) | ||||||||||
| Operating (loss) profit | (86,240 | ) | (212,711 | ) | (70,820 | ) | (363,317 | ) | 99,074 | |||||||||||
| Net finance expense | (16,496 | ) | (16,491 | ) | (13,915 | ) | (61,857 | ) | (52,207 | ) | ||||||||||
| Financial derivatives (loss) gain | (1,153 | ) | 2,913 | 1,383 | 2,729 | 2,838 | ||||||||||||||
| Exchange differences | 4,341 | (5,083 | ) | (3,086 | ) | 2,859 | (14,136 | ) | ||||||||||||
| (Loss) profit before tax | (99,548 | ) | (231,372 | ) | (86,438 | ) | (419,586 | ) | 35,569 | |||||||||||
| Income tax benefit (expense) | 22,710 | 14,322 | 7,891 | 50,132 | (20,459 | ) | ||||||||||||||
| (Loss) profit for the period from continuing operations | (76,838 | ) | (217,050 | ) | (78,547 | ) | (369,454 | ) | 15,110 | |||||||||||
| Profit for the period from discontinued operations | 1,092 | 76,911 | 4,392 | 81,357 | 9,463 | |||||||||||||||
| (Loss) profit for the period | (75,746 | ) | (140,139 | ) | (74,155 | ) | (288,097 | ) | 24,573 | |||||||||||
| Loss (profit) attributable to non-controlling interest | 1,240 | (385 | ) | 14,943 | 5,414 | 19,088 | ||||||||||||||
| (Loss) profit attributable to the parent | $ | (74,506 | ) | $ | (140,524 | ) | $ | (59,212 | ) | $ | (282,683 | ) | $ | 43,661 | ||||||
| EBITDA | $ | (56,224 | ) | $ | (183,120 | ) | $ | (42,475 | ) | $ | (243,136 | ) | $ | 212,911 | ||||||
| Adjusted EBITDA | $ | (38,132 | ) | $ | (7,210 | ) | $ | 23,184 | $ | (36,980 | ) | $ | 230,051 | |||||||
| Weighted average shares outstanding | ||||||||||||||||||||
| Basic | 169,182 | 169,123 | 171,935 | 169,153 | 171,966 | |||||||||||||||
| Diluted | 169,182 | 169,123 | 171,935 | 169,153 | 172,104 | |||||||||||||||
| (Loss) profit per ordinary share | ||||||||||||||||||||
| Basic | $ | (0.44 | ) | $ | (0.83 | ) | $ | (0.34 | ) | $ | (1.67 | ) | $ | 0.25 | ||||||
| Diluted | $ | (0.44 | ) | $ | (0.83 | ) | $ | (0.34 | ) | $ | (1.67 | ) | $ | 0.25 | ||||||
* The amounts for prior periods have been restated to reflect the impact of the profit / (loss) from discontinued operations associated with the sale of the Company’s Spanish hydroelectric plants
Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Financial Position(in thousands of U.S. dollars)
| December 31, | September 30, | December 31, | ||||||||
| 2019 | 2019 | 2018 | ||||||||
| ASSETS | ||||||||||
| Non-current assets | ||||||||||
| Goodwill | $ | 29,702 | $ | 29,702 | $ | 202,848 | ||||
| Other intangible assets | 58,781 | 63,980 | 51,822 | |||||||
| Property, plant and equipment | 741,236 | 742,752 | 888,862 | |||||||
| Other non-current financial assets | 2,601 | 3,381 | 70,343 | |||||||
| Deferred tax assets | 36,387 | 50,214 | 14,589 | |||||||
| Non-current receivables from related parties | 2,247 | 2,178 | 2,288 | |||||||
| Other non-current assets | 1,598 | 1,780 | 10,486 | |||||||
| Non-current restricted cash and cash equivalents | 28,323 | 10,889 | — | |||||||
| Total non-current assets | 900,875 | 904,876 | 1,241,238 | |||||||
| Current assets | ||||||||||
| Inventories | 360,340 | 479,866 | 456,970 | |||||||
| Trade and other receivables | 302,321 | 332,603 | 155,996 | |||||||
| Current receivables from related parties | 2,955 | 2,839 | 14,226 | |||||||
| Current income tax assets | 36,508 | 41,649 | 27,404 | |||||||
| Other current financial assets | 5,544 | 1,660 | 2,523 | |||||||
| Other current assets | 14,457 | 12,157 | 8,813 | |||||||
| Cash and cash equivalents * | 99,235 | 177,154 | 216,647 | |||||||
| Assets and disposal groups classified as held for sale | — | 8,507 | — | |||||||
| Total current assets | 821,360 | 1,056,435 | 882,579 | |||||||
| Total assets | $ | 1,722,235 | $ | 1,961,311 | $ | 2,123,817 | ||||
| EQUITY AND LIABILITIES | ||||||||||
| Equity | $ | 599,437 | $ | 664,300 | $ | 884,372 | ||||
| Non-current liabilities | ||||||||||
| Deferred income | 1,592 | 4,061 | 1,434 | |||||||
| Provisions | 86,354 | 78,272 | 75,787 | |||||||
| Bank borrowings | 144,388 | 130,622 | 132,821 | |||||||
| Lease liabilities | 16,972 | 16,417 | 53,472 | |||||||
| Debt instruments | 344,014 | 343,400 | 341,657 | |||||||
| Other financial liabilities | 15,829 | 10,307 | 32,788 | |||||||
| Other non-current liabilities | 29,170 | 29,982 | 25,030 | |||||||
| Deferred tax liabilities | 52,557 | 82,192 | 77,379 | |||||||
| Total non-current liabilities | 690,876 | 695,253 | 740,368 | |||||||
| Current liabilities | ||||||||||
| Provisions | 52,398 | 51,667 | 40,570 | |||||||
| Bank borrowings | 14,611 | 130,272 | 8,191 | |||||||
| Lease liabilities | 8,900 | 8,218 | 12,999 | |||||||
| Debt instruments | 10,937 | 2,734 | 10,937 | |||||||
| Other financial liabilities | 50,710 | 49,978 | 52,524 | |||||||
| Payables to related parties | 4,830 | 9,160 | 11,128 | |||||||
| Trade and other payables | 181,545 | 233,811 | 256,823 | |||||||
| Current income tax liabilities | 1,736 | 11,173 | 2,335 | |||||||
| Other current liabilities | 106,255 | 104,745 | 103,570 | |||||||
| Liabilities associated with assets classified as held for sale | — | — | — | |||||||
| Total current liabilities | 431,922 | 601,758 | 499,077 | |||||||
| Total equity and liabilities | $ | 1,722,235 | $ | 1,961,311 | $ | 2,123,817 | ||||
*Cash and cash equivalents at December 31, 2019 includes the cash balance of the A/R securitization program of $38,778 ($9,088 and $nil at September 30, 2019 and December 31, 2018, respectively)
Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Cash Flows(in thousands of U.S. dollars)
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | Year Ended | |||||||||||||||||
| December 31, 2019 | September 30, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | |||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||||
| (Loss) profit for the period | $ | (75,746 | ) | $ | (140,139 | ) | $ | (74,155 | ) | $ | (288,097 | ) | $ | 24,573 | |||||||
| Adjustments to reconcile net (loss) profit to net cash used by operating activities: | |||||||||||||||||||||
| Income tax (benefit) expense | (22,710 | ) | (14,489 | ) | (6,310 | ) | (49,118 | ) | 24,233 | ||||||||||||
| Depreciation and amortization charges, operating allowances and write-downs | 30,016 | 29,591 | 30,062 | 123,011 | 119,137 | ||||||||||||||||
| Net finance expense | 16,496 | 20,893 | 15,128 | 68,290 | 56,648 | ||||||||||||||||
| Financial derivatives loss (gain) | 1,154 | (2,913 | ) | (1,383 | ) | (2,728 | ) | (2,838 | ) | ||||||||||||
| Exchange differences | (4,341 | ) | 5,083 | 3,088 | (2,859 | ) | 14,138 | ||||||||||||||
| Impairment losses | 546 | 174,018 | 58,919 | 175,899 | 58,919 | ||||||||||||||||
| Bargain purchase gain | — | — | 4,491 | — | (40,142 | ) | |||||||||||||||
| Gain on disposal of discontinued operation | 1,107 | (80,729 | ) | — | (79,622 | ) | — | ||||||||||||||
| Share-based compensation | 1,599 | 1,015 | 1,016 | 4,879 | 2,798 | ||||||||||||||||
| Other adjustments | (390 | ) | 3,774 | (4,006 | ) | 3,506 | (6,942 | ) | |||||||||||||
| Changes in operating assets and liabilities | |||||||||||||||||||||
| (Increase) decrease in inventories | 126,422 | 5,953 | 91,180 | 85,460 | (101,017 | ) | |||||||||||||||
| (Increase) decrease in trade receivables | 34,036 | 5,568 | (12,261 | ) | 35,659 | (25,807 | ) | ||||||||||||||
| Increase (decrease) in trade payables | (58,816 | ) | (10,693 | ) | 5,772 | (70,851 | ) | 55,410 | |||||||||||||
| Other | (869 | ) | (59,689 | ) | 6,508 | (22,299 | ) | (25,901 | ) | ||||||||||||
| Income taxes paid | (523 | ) | (846 | ) | (6,983 | ) | (3,589 | ) | (36,408 | ) | |||||||||||
| Interest paid | (2,471 | ) | (18,713 | ) | (4,360 | ) | (43,033 | ) | (43,018 | ) | |||||||||||
| Net cash (used) provided by operating activities | 45,510 | (82,316 | ) | 106,706 | (65,492 | ) | 73,783 | ||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||||
| Interest and finance income received | 171 | 626 | 843 | 1,673 | 3,833 | ||||||||||||||||
| Payments due to investments: | |||||||||||||||||||||
| Acquisition of subsidiary | — | 9,088 | — | 9,088 | (20,379 | ) | |||||||||||||||
| Other intangible assets | — | — | (240 | ) | (184 | ) | (3,313 | ) | |||||||||||||
| Property, plant and equipment | (5,885 | ) | (6,269 | ) | (28,131 | ) | (32,730 | ) | (106,136 | ) | |||||||||||
| Other | (621 | ) | — | — | (1,248 | ) | (8 | ) | |||||||||||||
| Disposals: | |||||||||||||||||||||
| Disposal of subsidiaries | 1,111 | 171,058 | 20,533 | 172,169 | 20,533 | ||||||||||||||||
| Other non-current assets | 8,668 | — | — | 8,668 | 12,734 | ||||||||||||||||
| Other | 353 | 19 | — | 3,769 | 6,861 | ||||||||||||||||
| Net cash used by investing activities | 3,797 | 174,522 | (6,995 | ) | 161,205 | (85,875 | ) | ||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||||
| Dividends paid | — | — | — | — | (20,642 | ) | |||||||||||||||
| Payment for debt issuance costs | (12,319 | ) | (2,093 | ) | (429 | ) | (15,117 | ) | (4,905 | ) | |||||||||||
| Repayment of hydro leases | — | (55,352 | ) | — | (55,352 | ) | — | ||||||||||||||
| Repayment of other financial liabilities | — | — | — | — | (33,096 | ) | |||||||||||||||
| Increase/(decrease) in bank borrowings: | |||||||||||||||||||||
| Borrowings | 174,130 | — | 6,882 | 245,629 | 252,200 | ||||||||||||||||
| Payments | (269,399 | ) | (21,038 | ) | — | (329,500 | ) | (106,514 | ) | ||||||||||||
| Proceeds from stock option exercises | — | — | — | — | 240 | ||||||||||||||||
| Other amounts paid due to financing activities | (4,363 | ) | (9,324 | ) | (3,178 | ) | (26,631 | ) | (13,879 | ) | |||||||||||
| Payments to acquire or redeem own shares | — | — | (16,597 | ) | — | (20,100 | ) | ||||||||||||||
| Net cash provided (used) by financing activities | (111,951 | ) | (87,807 | ) | (13,322 | ) | (180,971 | ) | 53,304 | ||||||||||||
| Total net cash flows for the period | (62,644 | ) | 4,399 | 86,389 | (85,258 | ) | 41,212 | ||||||||||||||
| Beginning balance of cash and cash equivalents | 188,043 | 188,045 | 131,671 | 216,647 | 184,472 | ||||||||||||||||
| Exchange differences on cash and cash equivalents in foreign currencies | 2,159 | (4,401 | ) | (1,413 | ) | (3,832 | ) | (9,037 | ) | ||||||||||||
| Ending balance of cash and cash equivalents | $ | 127,558 | $ | 188,043 | $ | 216,647 | $ | 127,558 | $ | 216,647 | |||||||||||
| Cash from continuing operations | 99,235 | 177,154 | 216,647 | 99,235 | 216,647 | ||||||||||||||||
| Non-current restricted cash and cash equivalents | 28,323 | 10,889 | — | 28,323 | — | ||||||||||||||||
| Cash and restricted cash in the statement of financial position | $ | 127,558 | $ | 188,043 | $ | 216,647 | $ | 127,558 | $ | 216,647 | |||||||||||
Adjusted EBITDA ($,000):
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | Year Ended | ||||||||||||||||
| December 31, 2019 | September 30, 2019 | December 31, 2018 * | December 31, 2019 | December 31, 2018 * | ||||||||||||||||
| (Loss) profit attributable to the parent | $ | (74,506 | ) | $ | (140,524 | ) | $ | (59,212 | ) | $ | (282,683 | ) | $ | 43,661 | ||||||
| (Loss) profit for the period from discontinued operations | (1,092 | ) | (76,911 | ) | (4,392 | ) | (81,357 | ) | (9,463 | ) | ||||||||||
| Loss (profit) attributable to non-controlling interest | (1,240 | ) | 385 | (14,943 | ) | (5,414 | ) | (19,088 | ) | |||||||||||
| Income tax (benefit) expense | (22,710 | ) | (14,322 | ) | (7,891 | ) | (50,132 | ) | 20,459 | |||||||||||
| Net finance expense | 16,496 | 16,491 | 13,915 | 61,857 | 52,207 | |||||||||||||||
| Financial derivatives loss (gain) | 1,153 | (2,913 | ) | (1,383 | ) | (2,729 | ) | (2,838 | ) | |||||||||||
| Exchange differences | (4,341 | ) | 5,083 | 3,086 | (2,859 | ) | 14,136 | |||||||||||||
| Depreciation and amortization charges, operating allowances and write-downs | 30,016 | 29,591 | 28,345 | 120,181 | 113,837 | |||||||||||||||
| EBITDA | (56,224 | ) | (183,120 | ) | (42,475 | ) | (243,136 | ) | 212,911 | |||||||||||
| Impairment | 456 | 174,008 | 65,300 | 174,464 | 65,300 | |||||||||||||||
| Revaluation of biological assets | (550 | ) | 1,080 | 7,615 | 530 | 7,615 | ||||||||||||||
| Contract termination costs | — | — | — | 9,260 | — | |||||||||||||||
| Restructuring and termination costs | 3,000 | — | — | 5,894 | — | |||||||||||||||
| Energy: France | 9,682 | — | — | 9,682 | — | |||||||||||||||
| Energy: South Africa | 3,645 | — | — | 3,645 | — | |||||||||||||||
| Staff Costs: South Africa | 327 | — | — | 327 | — | |||||||||||||||
| Other Idling Costs | 1,532 | — | — | 1,532 | — | |||||||||||||||
| (Loss)profit on disposal of non-core businesses | — | 822 | (11,747 | ) | 822 | (11,747 | ) | |||||||||||||
| Bargain purchase gain | — | — | 4,491 | — | (40,142 | ) | ||||||||||||||
| Share-based compensation | — | — | — | — | (3,886 | ) | ||||||||||||||
| Adjusted EBITDA | $ | (38,132 | ) | $ | (7,210 | ) | $ | 23,184 | $ | (36,980 | ) | $ | 230,051 | |||||||
Adjusted profit attributable to Ferroglobe ($,000):
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | Year Ended | ||||||||||||||||
| December 31, 2019 | September 30, 2019 | December 31, 2018 * | December 31, 2019 | December 31, 2018 * | ||||||||||||||||
| (Loss) profit attributable to the parent | $ | (74,506 | ) | $ | (140,524 | ) | $ | (59,212 | ) | $ | (282,683 | ) | $ | 43,661 | ||||||
| Tax rate adjustment | 9,145 | 59,717 | 19,769 | 84,136 | 9,077 | |||||||||||||||
| Impairment | 310 | 118,325 | 44,404 | 118,636 | 44,404 | |||||||||||||||
| Revaluation of biological assets | (374 | ) | 734 | 5,178 | 360 | 5,178 | ||||||||||||||
| Contract termination costs | — | — | — | 6,297 | — | |||||||||||||||
| Restructuring and termination costs | 2,040 | — | — | 4,008 | — | |||||||||||||||
| Energy: France | 6,584 | — | — | 6,584 | — | |||||||||||||||
| Energy: South Africa | 2,479 | — | — | 2,479 | — | |||||||||||||||
| Staff Costs: South Africa | 222 | — | — | 222 | — | |||||||||||||||
| Other Idling Costs | 1,042 | — | — | 1,042 | — | |||||||||||||||
| (Loss) profit on disposal of non-core businesses | (743 | ) | (54,337 | ) | (7,988 | ) | (55,079 | ) | (7,988 | ) | ||||||||||
| Bargain purchase gain | — | — | 3,054 | — | (27,297 | ) | ||||||||||||||
| Share-based compensation | — | — | — | — | (2,642 | ) | ||||||||||||||
| Adjusted (loss) profit attributable to the parent | $ | (53,801 | ) | $ | (16,085 | ) | $ | 5,205 | $ | (113,998 | ) | $ | 64,392 | |||||||
Adjusted diluted profit per share:
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | Year Ended | ||||||||||||||||
| December 31, 2019 | September 30, 2019 | December 31, 2018 * | December 31, 2019 | December 31, 2018 * | ||||||||||||||||
| Diluted (loss) profit per ordinary share | $ | (0.44 | ) | $ | (0.83 | ) | $ | (0.34 | ) | $ | (1.67 | ) | $ | 0.25 | ||||||
| Tax rate adjustment | 0.05 | 0.35 | 0.11 | 0.50 | 0.05 | |||||||||||||||
| Impairment | 0.00 | 0.70 | 0.26 | 0.70 | 0.26 | |||||||||||||||
| Revaluation of biological assets | (0.00 | ) | 0.00 | 0.03 | 0.00 | 0.03 | ||||||||||||||
| Contract termination costs | — | — | — | 0.04 | — | |||||||||||||||
| Restructuring and termination costs | 0.01 | — | — | 0.02 | — | |||||||||||||||
| Energy: France | 0.04 | — | — | 0.04 | — | |||||||||||||||
| Energy: South Africa | 0.01 | — | — | 0.01 | — | |||||||||||||||
| Staff Costs: South Africa | 0.00 | — | — | 0.00 | — | |||||||||||||||
| Other Idling Costs | 0.01 | — | — | 0.01 | — | |||||||||||||||
| (Loss) profit on disposal of non-core businesses | (0.00 | ) | (0.32 | ) | (0.05 | ) | (0.33 | ) | (0.05 | ) | ||||||||||
| Bargain purchase gain | — | — | 0.02 | — | (0.16 | ) | ||||||||||||||
| Share-based compensation | — | — | — | — | (0.02 | ) | ||||||||||||||
| Adjusted diluted (loss) profit per ordinary share | $ | (0.32 | ) | $ | (0.10 | ) | $ | 0.03 | $ | (0.68 | ) | $ | 0.36 | |||||||
