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 second quarter of 2020.

Q2 2020 Earnings Highlights

In Q2 2020, Ferroglobe posted a net loss of $(14.0) million, or $(0.07) per share on a fully diluted basis. On an adjusted basis, the Q2 2020 net loss was $(11.1) million, or $(0.07) per share on a fully diluted basis.

Q2 2020 reported EBITDA was $22.1 million, up from $(20.2) million in the prior quarter. On an adjusted basis, Q2 2020 EBITDA was $22.4 million, up from Q1 2020 adjusted EBITDA of $(17.6) million. The Company reported an adjusted EBITDA margin of 9.0% for Q2 2020, compared to an adjusted EBITDA margin of -5.7% for Q1 2020. The improvement in margins is attributable to operational and financial management, resulting in significant cost improvement.

       Quarter Ended      Quarter Ended   Quarter Ended   Six Months Ended      Six Months Ended
$,000 (unaudited)   June 30, 2020   March 31, 2020   June 30, 2019   June 30, 2020   June 30, 2019
                               
Sales   $  250,004     $  311,223     $  409,479     $  561,226     $  856,870  
Net (loss) profit   $  (14,035 )   $  (49,057 )   $  (43,658 )   $  (63,093 )   $  (72,212 )
Diluted EPS   $  (0.07 )   $  (0.28 )   $  (0.24 )   $  (0.35 )   $  (0.40 )
Adjusted net (loss) income attributable to the parent   $  (11,064 )   $  (37,714 )   $  (22,221 )   $  (48,777 )   $  (44,115 )
Adjusted diluted EPS   $  (0.07 )   $  (0.22 )   $  (0.13 )   $  (0.30 )   $  (0.26 )
Adjusted EBITDA   $  22,413     $  (17,617 )   $  5,035     $  4,796     $  8,362  
Adjusted EBITDA margin     9.0 %     -5.7 %     1.2 %     0.9 %     1.0 %

Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “Given the unprecedented operating environment created by COVID-19, the business has endured a number of challenges during the quarter.  However, our ability to react quickly and leverage our assets to drive down costs, resulted in continued improvement in our financials during the quarter.”  Dr. Levi added, “With the looming uncertainties ahead of us, we will continue to take the actions necessary to navigate these times.  Simultaneously, we are committed to executing our new strategic plan and have commenced with a number of initatives in the near term.  This three year plan is expected to contribute $150 million of incremental EBITDA and improve cash by $70 million.”

Cash Flow and Balance Sheet

Cash generated from operations during Q2 2020 was $38.1 million, with an improvement in working capital positively impacted by a decrease in trade receivables, offset by a decrease in payables and an increase in inventories.  Working capital decreased by $27 million, from $348 million as of March 31, 2020 to $321 million at June 30, 2020.

Gross debt was $451 million as of June 30, 2020, up from $443 million as of March 31, 2020, primarily as a result of the $11 million interest accrued on the group’s senior unsecured notes (the “Notes”), due to be paid on August 31, 2020.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “A slowdown across all of our core product categories resulted in a decline in our second quarter sales by 20% compared to the prior quarter, reflecting the impact of COVID-19 on the business.  By continuing to make operational changes and focusing on cost reduction, however, we managed to return the business to positive EBITDA.  Furthermore, our diligent management of the business led to further working capital reduction and an improvement in our cash balance.”  Ms. García-Cos added, “The new strategic plan provides us a roadmap to drive profitability through the cycle and continued improvement in our cash generation.”

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.

While it is difficult to forecast all the impacts of the COVID-19 pandemic, at the present time the Company’s day-to-day operations continue without being materially affected and the pandemic is not causing disruption in our business and supply chains.  As they evolve, however, such impacts could have a material adverse effect on our business, results of operations and financial condition. 

During the second quarter demand for our products was adversely impacted by COVID-19.  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. The key assumption underlying this assessment is a forecast recovery in trading activity in the latter part of 2020.

Additionally, the Indenture governing the Notes includes provisions which, in the event of a change of control, would require the Company to offer to redeem the outstanding senior Notes at a cash purchase price equal to 101% of the principal amount of the 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

The Company sold CO2 emission rights during July and August. This resulted in proceeds of approximately $33 million. The Company is closely monitoring demand levels to determine appropriate production levels and gauge the quantum of CO2 emission rights that will need to be reacquired in the latter part of 2020 and/or in 2021.

Discussion of Second Quarter 2020 Results

The Company notes that the financial results presented for the second quarter and year to date as of June 30, 2020 are unaudited and may be subsequently adjusted for items including impairment of goodwill and long-lived assets. Management is continually assessing the potential impacts of COVID-19 and the Company’s pending new strategy, and will make such adjustments as and when required.

Sales

Sales for Q2 2020 were $250.0 million, a decrease of 19.7% compared to $311.2 million in Q1 2020. For Q2 2020, total shipments were down 24.1% and the average selling price was up 7.0% compared with Q1 2020.

       Quarter Ended      Quarter Ended          Quarter Ended       Six Months Ended      Six Months Ended    
    June 30, 2020   March 31, 2020   Change   June 30, 2019   Change   June 30, 2020   June 30, 2019   Change
Shipments in metric tons:                                          
Silicon Metal      47,884      53,321   -10.2 %      54,084   -11.5 %      101,205      116,353   -13.0 %
Silicon-based Alloys      39,479      60,932   -35.2 %      79,264   -50.2 %      100,411      161,065   -37.7 %
Manganese-based Alloys      55,290      73,724   -25.0 %      99,555   -44.5 %      129,014      203,224   -36.5 %
Total shipments*      142,653      187,977   -24.1 %      232,903   -38.8 %      330,630      480,642   -31.2 %
                                           
Average selling price ($/MT):                                          
Silicon Metal   $  2,215   $  2,212   0.1 %   $  2,320   -4.5 %   $  2,213   $  2,340   -5.4 %
Silicon-based Alloys   $  1,537   $  1,474   4.3 %   $  1,572   -2.2 %   $  1,499   $  1,621   -7.5 %
Manganese-based Alloys   $  1,088   $  973   11.8 %   $  1,188   -8.4 %   $  1,022   $  1,180   -13.4 %
Total*   $  1,591   $  1,487   7.0 %   $  1,582   0.6 %   $  1,531   $  1,609   -4.8 %
                                           
Average selling price ($/lb.):                                          
Silicon Metal   $  1.00   $  1.00   0.1 %   $  1.05   -4.5 %   $  1.00   $  1.06   -5.4 %
Silicon-based Alloys   $  0.70   $  0.67   4.3 %   $  0.71   -2.2 %   $  0.68   $  0.74   -7.5 %
Manganese-based Alloys   $  0.49   $  0.44   11.8 %   $  0.54   -8.4 %   $  0.46   $  0.54   -13.4 %
Total*   $  0.72   $  0.67   7.0 %   $  0.72   0.6 %   $  0.69   $  0.73   -4.8 %

* Excludes by-products and other

Sales Prices & Volumes By Product

During Q2 2020, total product average selling prices increased by 7.0% versus Q1 2020. Q2 average selling prices of silicon metal increased 0.1%, silicon-based alloys prices increased 4.3%, and manganese-based alloys prices increased 11.8%.

Sales volumes in Q2 declined by 24.1% versus the prior quarter. Q2 sales volumes of silicon metal decreased 10.2%, silicon-based alloys decreased 35.2%, and manganese-based alloys decreased 25.0% versus Q1 2020.

Cost of Sales

Cost of sales was $153.3 million in Q2 2020, a decrease from $243.4 million in the prior quarter. Cost of sales as a percentage of sales decreased to 61.3% in Q2 2020 versus 78.2% for Q1 2020, an improvement mainly due to to lower energy prices in Europe, lower raw material costs including manganese ore, and optimizing economics by allocating production curtailments to the least cost-competitive plants.

Other Operating Expenses

Other operating expenses amounted to $35.9 million in Q2 2020, a decrease from $40.1 million in the prior quarter. This decrease is primarily attributable to a decrease in commercial expenses resulting from lower sales volume.

Net Loss Attributable to the Parent

In Q2 2020, net loss attributable to the Parent was $12.1 million, or $(0.07) per diluted share, compared to a net loss attributable to the Parent of $47.9 million, or $(0.28) per diluted share in Q1 2020.

Adjusted EBITDA

In Q2 2020, adjusted EBITDA was $22.4 million, or 9.0% of sales, compared to adjusted EBITDA of $(17.6) million, or -5.7% of sales in Q1 2020, primarily due to higher pricing and lower costs incurred in Q2 2020.

Conference Call

Ferroglobe management will review the second quarter during a conference call at 9:00 a.m. Eastern Time on September 1, 2020.

The dial-in number for participants in the United States is 877‑293‑5491 (conference ID 3128367). International callers should dial +1 914‑495‑8526 (conference ID 3128367). 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/a4i7n7ab.

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

Louie Toma Managing Director Hayden IRTel:       1-774-291-6000Email:   louie@haydenir.com

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

    Quarter Ended   Quarter Ended      Quarter Ended      Six Months Ended   Six Months Ended
       June 30, 2020      March 31, 2020   June 30, 2019   June 30, 2020   June 30, 2019
Sales    $  250,004      $  311,223     $  409,479     $  561,226     $  856,870  
Cost of sales       (153,291 )       (243,360 )      (292,432 )      (396,651 )      (621,800 )
Other operating income       10,160         7,768        14,530        17,928        28,551  
Staff costs       (48,912 )       (55,097 )      (74,852 )      (104,009 )      (149,115 )
Other operating expense       (35,953 )       (40,067 )      (62,924 )      (76,020 )      (116,841 )
Depreciation and amortization charges, operating allowances and write-downs       (27,459 )       (28,668 )      (30,204 )      (56,127 )      (60,574 )
Impairment losses      —        —        (1,195 )      —        (1,335 )
Other gain (loss)      85        (671 )      275        (586 )      (122 )
Operating (loss) profit      (5,365 )      (48,872 )      (37,323 )      (54,239 )      (64,366 )
Net finance expense       (16,693 )       (16,484 )      (15,047 )      (33,177 )      (28,870 )
Financial derivatives (loss) gain      —        3,168        (295 )      3,168        969  
Exchange differences       2,633         2,436        5,080        5,069        3,601  
(Loss) profit before tax       (19,425 )       (59,753 )      (47,585 )      (79,179 )      (88,666 )
Income tax benefit (expense)       5,390         10,696        4,890        16,086        13,100  
(Loss) profit for the period from continuing operations      (14,035 )      (49,057 )      (42,695 )      (63,093 )      (75,566 )
Profit for the period from discontinued operations      —        —        (963 )      —        3,354  
(Loss) profit for the period      (14,035 )      (49,057 )      (43,658 )      (63,093 )      (72,212 )
Loss (profit) attributable to non-controlling interest       1,928         1,159        2,835        3,087        4,559  
(Loss) profit attributable to the parent    $  (12,107 )    $  (47,898 )   $  (40,823 )   $  (60,006 )   $  (67,653 )
                                 
                               
EBITDA   $  22,093     $  (20,204 )   $  (7,119 )   $  1,888     $  (3,792 )
Adjusted EBITDA   $  22,413     $  (17,617 )   $  5,035     $  4,796     $  8,362  
                               
Weighted average shares outstanding                              
Basic      169,254        169,249        169,123        169,252        169,123  
Diluted      169,254        169,249        169,123        169,252        169,123  
                               
(Loss) profit per ordinary share                              
Basic   $  (0.07 )   $  (0.28 )   $  (0.24 )   $  (0.35 )   $  (0.40 )
Diluted   $  (0.07 )   $  (0.28 )   $  (0.24 )   $  (0.35 )   $  (0.40 )

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

    June 30,   March 31,   December 31,
       2020      2020      2019
ASSETS
Non-current assets                        
Goodwill   $  29,702     $  29,702     $  29,702  
Other intangible assets      45,655        50,373        51,267  
Property, plant and equipment      677,081        689,383        740,906  
Other non-current financial assets      6,404        5,683        2,618  
Deferred tax assets      43,102        65,360        59,551  
Non-current receivables from related parties      2,240        2,191        2,247  
Other non-current assets      4,228        1,520        1,597  
Non-current restricted cash and cash equivalents      28,366        28,173        28,323  
Total non-current assets      836,778        872,385        916,211  
Current assets                        
Inventories      305,438        287,258        354,121  
Trade and other receivables      172,036        216,970        309,064  
Current receivables from related parties      2,955        2,895        2,955  
Current income tax assets      12,151        16,298        27,930  
Other current financial assets      4,791        5,062        5,544  
Other current assets      22,602        16,113        23,676  
Cash and cash equivalents *      124,876        116,316        94,852  
Total current assets      644,849        660,912        818,142  
Total assets   $  1,481,627     $  1,533,297     $  1,734,353  
                         
EQUITY AND LIABILITIES
Equity   $  519,974     $  525,117     $  602,297  
Non-current liabilities                        
Deferred income      4,983        9,081        1,253  
Provisions      81,659        79,135        84,852  
Bank borrowings      92,552        111,583        144,388  
Lease liabilities      13,512        14,642        16,972  
Debt instruments      345,284        344,639        344,014  
Other financial liabilities      33,316        32,702        43,157  
Other non-current liabilities      25,785        26,817        25,906  
Deferred tax liabilities      40,162        69,084        74,057  
Total non-current liabilities      637,252        687,683        734,599  
Current liabilities                        
Provisions      37,367        34,853        46,091  
Bank borrowings      245        1,369        14,611  
Lease liabilities      8,592        8,932        8,900  
Debt instruments      10,994        2,820        10,937  
Other financial liabilities      26,318        23,101        23,382  
Payables to related parties      2,056        4,572        4,830  
Trade and other payables      156,053        156,634        189,229  
Current income tax liabilities      2,146        1,485        3,048  
Other current liabilities      80,630        86,731        96,429  
Liabilities associated with assets classified as held for sale      —        —        —  
Total current liabilities      324,401        320,497        397,457  
Total equity and liabilities   $  1,481,627     $  1,533,297     $  1,734,353  

*Cash and cash equivalents at June 30, 2020 includes the cash balance of the group’s European A/R securitization program of $38,961 ($38,745 and $38,778 at March 31, 2020 and December 31, 2019, respectively)

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

    Quarter Ended      Quarter Ended      Quarter Ended   Six Months Ended   Six Months Ended
       June 30, 2020   March 31, 2020   June 30, 2019*   June 30, 2020   June 30, 2019*
Cash flows from operating activities:                              
(Loss) profit for the period   $  (14,035 )   $  (49,057 )   $  (43,658 )   $  (63,092 )   $  (72,212 )
Adjustments to reconcile net (loss) profit to net cash used by operating activities:                              
Income tax (benefit) expense      (5,390 )      (10,696 )      (5,215 )      (16,086 )      (11,919 )
Depreciation and amortization charges, operating allowances and write-downs      27,459        28,668        31,327        56,127        63,404  
Net finance expense      16,693        16,484        16,145        33,177        30,901  
Financial derivatives loss (gain)      —        (3,168 )      295        (3,168 )      (969 )
Exchange differences      (2,633 )      (2,436 )      (5,080 )      (5,069 )      (3,601 )
Impairment losses      —        —        1,195        —        1,335  
Bargain purchase gain      —        —        —        —        —  
Gain on disposal of discontinued operation      —        —        —        —        —  
Share-based compensation      704        722        933        1,426        2,265  
Other adjustments      (85 )      671        (275 )      586        122  
Changes in operating assets and liabilities                        —        
(Increase) decrease  in inventories      (12,471 )      51,577        (46,950 )      39,106        (46,915 )
(Increase) decrease in trade receivables      45,537        83,832        (32,316 )      129,369        (3,945 )
 Increase (decrease) in trade payables      (4,875 )      (25,504 )      21,625        (30,379 )      (1,342 )
Other      (16,287 )      (11,598 )      28,472        (27,885 )      38,259  
Income taxes paid      3,522        10,119        (540 )      13,641        (2,220 )
Net cash provided (used) by operating activities      38,139        89,614        (34,042 )      127,753        (6,837 )
Cash flows from investing activities:                              
Interest and finance income received      85        254        486        339        876  
Payments due to investments:                              
Acquisition of subsidiary      —        —        —        —        —  
Other intangible assets      —        —        (50 )      —        (184 )
Property, plant and equipment      (5,056 )      (4,606 )      (7,128 )      (9,662 )      (20,576 )
Other      —        —        (627 )      —        (627 )
Disposals:                              
Disposal of subsidiaries      —        —        —        —        —  
Other non-current assets      —        —        —        —        —  
Other      —        —        1,638        —        3,397  
Net cash (used) provided by investing activities      (4,971 )      (4,352 )      (5,681 )      (9,323 )      (17,114 )
Cash flows from financing activities:                              
Dividends paid      —        —        —        —        —  
Payment for debt issuance costs      (279 )      (1,576 )      —        (1,855 )      (705 )
Repayment of hydro leases      —        —        —        —        —  
Repayment of other financial liabilities      —        —        —        —        —  
Increase/(decrease) in bank borrowings:                              
Borrowings      —        —        39,649        —        71,499  
Payments      (20,680 )      (44,880 )      (18,252 )      (65,560 )      (39,063 )
Proceeds from stock option exercises      —        —        —        —        —  
Amounts paid due to leases      (2,418 )      (2,461 )      (7,236 )      (4,879 )      (12,944 )
Other amounts received/(paid) due to financing activities      —        3,608        —        3,608        —  
Payments to acquire or redeem own shares      —        —        —        —        —  
Interest paid      (1,131 )      (18,824 )      (3,341 )      (19,955 )      (21,849 )
Net cash (used) provided by financing activities      (24,508 )      (64,133 )      10,820        (88,641 )      (3,062 )
Total net cash flows for the period      8,660        21,129        (28,903 )      29,789        (27,013 )
Beginning balance of cash and cash equivalents      144,489        123,175        216,647        123,175        216,647  
Exchange differences on cash and cash equivalents in foreign currencies      93        185        321        278        (1,589 )
Ending balance of cash and cash equivalents   $  153,242     $  144,489     $  188,065     $  153,242     $  188,045  
Cash from continuing operations      124,876        116,316        188,045        124,876        188,045  
Non-current restricted cash and cash equivalents      28,366        28,173        —        28,366        —  
Cash and restricted cash in the statement of financial position   $  153,242     $  144,489     $  188,045     $  153,242     $  188,045  

* 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   Six Months Ended   Six Months Ended
       June 30, 2020   March 31, 2020   June 30, 2019   June 30, 2020   June 30, 2019
(Loss) profit attributable to the parent   $  (12,107 )   $  (47,898 )   $  (40,823 )   $  (60,006 )   $  (67,653 )
(Loss) profit for the period from discontinued operations      —        —        963        —        (3,354 )
Loss (profit) attributable to non-controlling interest      (1,928 )      (1,159 )      (2,835 )      (3,087 )      (4,559 )
Income tax (benefit) expense      (5,390 )      (10,696 )      (4,890 )      (16,086 )      (13,100 )
Net finance expense      16,693        16,484        15,047        33,177        28,870  
Financial derivatives loss (gain)      —        (3,168 )      295        (3,168 )      (969 )
Exchange differences      (2,633 )      (2,436 )      (5,080 )      (5,069 )      (3,601 )
Depreciation and amortization charges, operating allowances and write-downs      27,459        28,668        30,204        56,127        60,574  
EBITDA      22,093        (20,205 )      (7,119 )      1,888        (3,792 )
Impairment      —        —        —        —        —  
Revaluation of biological assets      —        —        —        —        —  
Contract termination costs      —        —        9,260        —        9,260  
Restructuring and termination costs      —        —        2,894        —        2,894  
Energy:  France      (55 )      125        —        70        —  
Energy: South Africa      —        —        —        —        —  
Staff Costs:  South Africa      —        155        —        155        —  
Other Idling Costs      375        2,308        —        2,683        —  
(Loss)profit on disposal of non-core businesses      —        —        —        —        —  
Adjusted EBITDA   $  22,413     $  (17,617 )   $  5,035     $  4,796     $  8,362  

Adjusted profit attributable to Ferroglobe ($,000):

    Quarter Ended      Quarter Ended      Quarter Ended   Six Months Ended      Six Months Ended
       June 30, 2020   March 31, 2020   June 30, 2019   June 30, 2020   June 30, 2019
(Loss) profit attributable to the parent   $  (12,107 )   $  (47,898 )   $  (40,823 )   $  (60,006 )   $  (67,653 )
Tax rate adjustment      826        8,425        10,337        9,250        15,273  
Impairment      —        —        —        —        —  
Revaluation of biological assets      —        —        —        —        —  
Contract termination costs      —        —        6,297        —        6,297  
Restructuring and termination costs      —        —        1,968        —        1,968  
Energy:  France      (37 )      85        —        48        —  
Energy: South Africa      —        —        —        —        —  
Staff Costs:  South Africa      —        105        —        105        —  
Other Idling Costs      255        1,569        —        1,824        —  
(Loss) profit on disposal of non-core businesses      —        —        —        —        —  
Adjusted (loss) profit attributable to the parent   $  (11,064 )   $  (37,714 )   $  (22,221 )   $  (48,777 )   $  (44,115 )

Adjusted diluted profit per share:

    Quarter Ended      Quarter Ended      Quarter Ended   Six Months Ended      Six Months Ended
       June 30, 2020   March 31, 2020   June 30, 2019   June 30, 2020   June 30, 2019
Diluted (loss) profit per ordinary share   $  (0.07 )   $  (0.28 )   $  (0.24 )   $  (0.35 )   $  (0.40 )
Tax rate adjustment      0.00        0.05        0.06        0.05        0.09  
Impairment      —        —        —        —        —  
Revaluation of biological assets      —        —        —        —        —  
Contract termination costs      —        —        0.04        —        0.04  
Restructuring and termination costs      —        —        0.01        —        0.01  
Energy:  France      (0.00 )      0.00        —        0.00        —  
Energy: South Africa      —        —        —        —        —  
Staff Costs:  South Africa      —        0.00        —        0.00        —  
Other Idling Costs      0.00        0.01        —        0.01        —  
(Loss) profit on disposal of non-core businesses      —        —        —        —        —  
Adjusted diluted (loss) profit per ordinary share   $  (0.07 )   $  (0.22 )   $  (0.13 )   $  (0.30 )   $  (0.26 )

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: August 31, 2020
   FERROGLOBE PLC
     
  by /s/ Marco Levi
    Name: Marco Levi
    Title: Chief Executive Officer (Principal Executive Officer)

 

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