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Ferroglobe Reports Results for Fourth Quarter and Full Year 2019

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:   investor.relations@ferroglobe.com

Louie Toma
Managing Director
Hayden IR
Tel:       1-774-291-6000
Email:   louie@haydenir.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   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 Subsidiaries
Unaudited 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 Subsidiaries
Unaudited 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  

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