GlobeNewswire Inc | Mar 1, 2021 05:15PM EST

March 01, 2021

Adjusted EBITDA of $5.7 million in Q4 2020 and $32.8 million in Full Year 2020

-- Q4 2020 results: Sales of $320.5 million, up 22% compared to $262.7 million in Q3 2020, and $376.6 million in Q4 2019Net loss of ($84.1) million compared to ($46.8) million in Q3 2020, and ($73.3) million in Q4 2019Adjusted EBITDA of $5.7 million compared to $22.2 million in Q3 2020, and ($30.4) million in Q4 2019 -- Full Year 2020 results: Sales of $1.14 billion, down 29%, compared to $1.62 billion in 2019Net loss of ($194.1) million, including an impairment charge of $36.8 million, compared to a net loss of ($285.6) million in 2019Adjusted EBITDA of $32.8 million in 2020, compared to ($29.2) million in 2019 -- Continued working capital reduction of $15 million in Q4 2020, and total reduction of $135 million for the full year 2020 -- Improved available cash balance by $25 million during the quarter by successful refinancing of the prior accounts receivable securitization program with a new factoring program, at improved terms and lower cost -- Strategic plan currently in execution stage across all value creation areas; initial financial benefits being realized

LONDON, March 01, 2021 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (Ferroglobe, the Company, or the Parent), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announced results for the fourth quarter and the full year 2020.

Q4 2020 Earnings Highlights

In Q4 2020, Ferroglobe posted a net loss of ($84.1) million, or ($0.49) per share on a fully diluted basis. On an adjusted basis, the Q4 2020 net loss was ($30.8) million, or ($0.47) per share on a fully diluted basis.

Q4 2020 reported EBITDA was ($0.6) million, up from ($12.2) million in the prior quarter. On an adjusted basis, Q4 2020 EBITDA was $5.7 million, down from Q3 2020 adjusted EBITDA of $22.2 million. The Company reported an adjusted EBITDA margin of 1.8% for Q4 2020, compared to an adjusted EBITDA margin of 8.5% for Q3 2020.

Full Year 2020 Earnings Highlights

For Full Year 2020, Ferroglobe posted a net loss of $(194.1) million, or $(1.13) per share. On an adjusted basis, Full Year 2020 net loss was $(92.6) million, or $(0.98) per share.

For the Full Year 2020, reported EBITDA was $(11.0) million, versus $(235.4) million in the prior year. Full Year 2020 Adjusted EBITDA was $32.8 million, versus $(29.2) million in the prior year. The Company reported an adjusted EBITDA margin of 2.9% for Full Year 2020, compared to an adjusted EBITDA margin of (1.8)% for Full Year 2019.

QuarterEnded QuarterEnded QuarterEnded Year Ended Year Ended($000, December 31, September 30, December 31, December 31, December 31,unaudited 2020 2020 2019 2020 2019 Sales $ 320,535 $ 262,673 $ 376,607 $ 1,144,434 $ 1,615,222 Net (loss) $ (84,141 ) $ (46,834 ) $ (73,291 ) $ (194,067 ) $ (285,640 )profitDiluted EPS $ (0.49 ) $ (0.28 ) $ (0.43 ) $ (1.13 ) $ (1.66 )Adjusted net(loss)income $ (30,798 ) $ (13,002 ) $ (47,845 ) $ (92,577 ) $ (108,288 )attributableto theparentAdjusted $ (0.47 ) $ (0.16 ) $ (0.28 ) $ (0.98 ) $ (0.65 )diluted EPSAdjusted $ 5,737 $ 22,231 $ (30,391 ) $ 32,765 $ (29,239 )EBITDAAdjustedEBITDA 1.8 % 8.5 % (8.1 )% 2.9 % (1.8 )%margin

Marco Levi, Ferroglobes Chief Executive Officer, commented, Despite a challenging year, Ferroglobe delivered stronger financial results in 2020, and continued to generate positive EBITDA during the fourth quarter. Throughout the year we progressed on addressing near-term priorities, while also diligently developing a multi-year strategic plan aimed at turning around the Company. Dr. Levi added, The collective efforts and actions of our global employees helped us successfully navigage 2020 and positions the Company well to capitalize on a pivotal 2021. We certainly look forward to executing the turnaround plan and start delivering value to all our stakeholders in the near term.

Cash Flow and Balance Sheet

Cash generated from operations during Q4 2020 was$3.5 million.

Working capital decreased by $15 million, from $354 million as of September 30, 2020 to $339 million at December 31, 2020. The decrease is mainly driven by a reduction in inventories, partially offset by strengthening of the Euro relative to the US Dollar.

Gross debt was $473 million as of December 31, 2020, up from $442 million as of September 30, 2020, primarily as a result of coupon payment interest accrued, and the impact of the Tribunal Superior de Galicia decision.

Beatriz Garca-Cos, Ferroglobes Chief Financial Officer, commented, 2020 tested our Company in many ways and despite all the financial pressures, we successfully navigated a turbulent year by making quick adjustments and driving cost savings across the all areas of the organization. Ms. Garca-Cos added, We have been exploring various financing options for some time now, and are excited to work towards closing the proposed financing. This financing would eliminate any risks of near-term debt maturities, and the new capital contribution would provide adequate support to fund our strategic plan.

COVID-19

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

During the fourth quarter demand for our products was adversely impacted by COVID-19 It is difficult to forecast all the impacts of the COVID-19 pandemic, and such impacts might have a material adverse effect on our business, results of operations and financial condition. The Company is continuously evaluating how evolving customer demand and sales price evolution stand to affect the Companys 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 Companys ability to continue as a going concern in the one year period after the date of the issuance of these interim financial statements. For this interim financial statement, the evaluation was updated. Given the speed and frequency of continuously evolving developments with respect to this pandemic and the uncertainties this may bring for the Company and the demand for its products, it is difficult to forecast the level of trading activity and hence cash flow in the next twelve months. Developing a reliable estimate of the potential impact on the results of operations and cash flow at this time is difficult as markets and industries react to the pandemic and the measures implemented in response to it, but our downside scenario analysis supports an expectation that the Company will have cash headroom to continue to operate throughout the next twelve months.

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

Subsequent events

On February 1, 2021, the Company announced that it was in discussions with certain holders of the 9.375% Senior Notes due 2022 and key financial partners.

Discussion of Fourth Quarter 2020 Results

The Company has concluded that there are indications for potential impairment of goodwill, property, plant and equipment and deferred tax assets. During the third quarter, the Company registered an impairment relating to the Niagara Falls facility as there are no plans to restart production. During the fourth quarter the Company registered an impairment the spare parts associated to the Niagara Falls facility.Additionally, during the fourth quarter the Company impaired the deferred tax assets related to tax losses in Spain, France and Argentina.The financial results presented for the fourth quarter and fiscal year ended as of December 31, 2020 are unaudited and may be subsequently materially adjusted, including as a result of the final conclusions on the impairment analysis, and the impact of the Tribunal Superior de Galicia decision.

Sales

Sales for Q4 2020 were $320.5 million, an increase of 22.0% compared to $262.7 million in Q3 2020. For Q4 2020, total shipments were up 29.3% and the average selling price was down 3.5% compared with Q3 2020.

QuarterEnded QuarterEnded QuarterEnded Year Ended Year Ended December 31, September 30, Change December 31, Change December December Change 2020 2020 2019 31, 2020 31, 2019Shipments in metric tons:Silicon Metal 54,912 51,215 7.2 % 61,613 (10.9 )% 207,332 239,692 (13.5 )%Silicon-based 57,351 42,449 35.1 % 64,485 (11.1 )% 200,212 295,429 (32.2 )%AlloysManganese-based 78,611 53,980 45.6 % 95,235 (17.5 )% 261,605 392,456 (33.3 )%AlloysTotal 190,874 147,644 29.3 % 221,333 (13.8 )% 669,149 927,577 (27.9 )%shipments* Average selling price ($/MT):Silicon Metal $ 2,260 $ 2,248 0.5 % $ 2,175 3.9 % $ 2,234 $ 2,252 (0.8 )%Silicon-based $ 1,528 $ 1,534 (0.4 )% $ 1,424 7.3 % $ 1,515 $ 1,547 (2.1 )%AlloysManganese-based $ 1,031 $ 1,009 2.2 % $ 1,054 (2.2 )% $ 1,022 $ 1,140 (10.4 )%AlloysTotal* $ 1,534 $ 1,590 (3.5 )% $ 1,474 4.1 % $ 1,545 $ 1,557 (0.8 )% Average selling price ($/lb.):Silicon Metal $ 1.03 $ 1.02 0.5 % $ 0.99 3.9 % $ 1.01 $ 1.02 (0.8 )%Silicon-based $ 0.69 $ 0.70 (0.4 )% $ 0.65 7.3 % $ 0.69 $ 0.70 (2.1 )%AlloysManganese-based $ 0.47 $ 0.46 2.2 % $ 0.48 (2.2 )% $ 0.46 $ 0.52 (10.4 )%AlloysTotal* $ 0.70 $ 0.72 (3.5 )% $ 0.67 4.1 % $ 0.70 $ 0.71 (0.8 )%

_______________* Excludes by-products and other

Sales Prices & Volumes By Product

During Q4 2020, total product average selling prices decreased by 3.5% versus Q3 2020. Q4 average selling prices of silicon metal increased 0.5%, silicon-based alloys prices decreased 0.4%, and manganese-based alloys prices increased 2.2%.

Sales volumes in Q4 growth by 29.3% versus the prior quarter. Q4 sales volumes of silicon metal increased 7.2%, silicon-based alloys increased 35.1%, and manganese-based alloys increased 45.6% versus Q3 2020.

Cost of Sales

Cost of sales was $225.9 million in Q4 2020, an increase from $166.2 million in the prior quarter. Cost of sales as a percentage of sales increased to 70.5% in Q4 2020 versus 63.3% for Q3 2020, the increase is mainly due to higher sales volume, lower sales prices, higher energy prices in Europe, lower fixed cost absorption due to decreased production levels and the negative impact of planned production stop in a plant in Spain.

Other Operating Expenses

Other operating expenses amounted to $47.1 million in Q4 2020, an increase from $26.9 million in the prior quarter. This increase is primarily attributable to the accrual for the purchase of CO2 emission rights, the realized benefit from the removal of liability relating to an R&D project in France in Q3, and the increase in commercial expenses resulting from higher sales volume.

Net Loss Attributable to the Parent

In Q4 2020, net loss attributable to the Parent was $83.4 million, or ($0.49) per diluted share, compared to a net loss attributable to the Parent of $47.3 million, or ($0.28) per diluted share in Q3 2020.

Adjusted EBITDA

In Q4 2020, adjusted EBITDA was $5.7 million, or 1.8% of sales, compared to adjusted EBITDA of $22.2 million, or 8.5% of sales in Q3 2020, primarily due to higher costs incurred in Q4 2020.

Conference Call

Ferroglobemanagement will review the fourth quarter and full year results of 2020 during a conference call at 9:00a.m. Eastern Time on March 2, 2021.

The dial-in number for participants inthe United Statesis +1 646-741-3167 (conference ID: 6866274). International callers should dial +1 877-870-9135 (conference ID: 6866274). 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/td6yky7q

AboutFerroglobe

Ferroglobeis one of the worlds 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 inLondon. 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 Companys 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 andwords 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, Ferroglobes 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 Companys control.

Forward-looking financial information and other metrics presented herein represent the Companys 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.Ferroglobedoes 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 Ferroglobes 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 Companys 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.

INVESTORCONTACT:

Gaurav MehtaExecutive Vice President Investor RelationsEmail:investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu RoigExecutive Director Communications & Public AffairsEmail:corporate.comms@ferroglobe.com

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

QuarterEnded QuarterEnded QuarterEnded Year Ended Year Ended December 31, September 30, December 31, December 31, December 31, 2020 2020 2019 2020 2019Sales $ 320,535 $ 262,673 $ 376,607 $ 1,144,434 $ 1,615,222 Cost of sales (225,956 ) (166,231 ) (314,905 ) (788,839 ) (1,214,397 )Other operating 8,100 7,598 12,446 33,627 54,213 incomeStaff costs (54,428 ) (56,329 ) (63,379 ) (214,765 ) (285,029 )Other operating (47,112 ) (26,896 ) (58,804 ) (150,027 ) (225,705 )expenseDepreciationandamortizationcharges, (25,538 ) (26,524 ) (30,029 ) (108,189 ) (120,194 )operatingallowances andwrite-downsImpairment (2,593 ) (34,269 ) (546 ) (36,863 ) (175,899 )lossesOther gain 824 1,212 98 1,449 (3,797 )(loss)Operating (26,168 ) (38,766 ) (78,512 ) (119,173 ) (355,586 )(loss) profitNet finance (33,963 ) (13,985 ) (16,484 ) (81,124 ) (61,845 )expenseFinancialderivatives ? ? (1,153 ) 3,168 2,729 (loss) gainExchange 7,327 13,157 4,366 25,553 2,884 differences(Loss) profit (52,804 ) (39,594 ) (91,783 ) (171,576 ) (411,818 )before taxIncome taxbenefit (31,337 ) (1,841 ) 14,120 (17,092 ) 41,541 (expense)(Loss) profitfor the period (84,141 ) (41,435 ) (77,663 ) (188,668 ) (370,277 )from continuingoperationsProfit for theperiod from ? (5,399 ) 4,372 (5,399 ) 84,637 discontinuedoperations(Loss) profit (84,141 ) (46,834 ) (73,291 ) (194,067 ) (285,640 )for the periodLoss (profit)attributable to 779 (450 ) 866 3,417 5,039 non-controllinginterest(Loss) profitattributable to $ (83,362 ) $ (47,284 ) $ (72,425 ) $ (190,650 ) $ (280,601 )the parent EBITDA $ (630 ) $ (12,242 ) $ (48,483 ) $ (10,984 ) $ (235,392 )Adjusted EBITDA $ 5,737 $ 22,231 $ (30,391 ) $ 32,765 $ (29,239 ) Weightedaverage shares outstandingBasic 169,262 169,261 169,182 169,257 169,153 Diluted 169,262 169,261 169,182 169,257 169,153 (Loss) profitper ordinary shareBasic $ (0.49 ) $ (0.28 ) $ (0.43 ) $ (1.13 ) $ (1.66 )Diluted $ (0.49 ) $ (0.28 ) $ (0.43 ) $ (1.13 ) $ (1.66 )

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

December September December 31, 30, 31, 2020 2020 2019ASSETSNon-current assets Goodwill $ 29,702 $ 29,702 $ 29,702Other intangible assets 20,756 18,876 51,267Property, plant and equipment 656,806 640,211 740,906Other non-current financial assets 5,057 6,227 2,618Deferred tax assets 8,521 50,939 59,551Non-current receivables from related 2,454 2,343 2,247partiesOther non-current assets 11,904 4,960 1,597Non-current restricted cash and cash 22,707 28,551 28,323equivalentsTotal non-current assets 757,907 781,809 916,211Current assets Inventories 245,954 311,269 354,121Trade and other receivables 242,262 179,432 309,064Current receivables from related 3,076 3,055 2,955partiesCurrent income tax assets 12,072 11,264 27,930Other current financial assets 1,008 2,360 5,544Other current assets 20,714 18,199 23,676Current restricted cash and cash 6,136 ? ?equivalentsCash and cash equivalents * 102,714 118,874 94,852Total current assets 633,936 644,453 818,142Total assets $ 1,391,843 $ 1,426,262 $ 1,734,353 EQUITY AND LIABILITIESEquity $ 421,060 $ 483,488 $ 602,297Non-current liabilities Deferred income 620 7,454 1,253Provisions 79,133 84,779 84,852Bank borrowings 32,513 31,958 144,388Lease liabilities 29,399 12,655 16,972Debt instruments 346,620 345,941 344,014Other financial liabilities 39,126 32,554 43,157Other non-current liabilities 16,767 16,678 25,906Deferred tax liabilities 31,717 47,633 74,057Total non-current liabilities 575,895 579,652 734,599Current liabilities Provisions 52,491 38,121 46,091Bank borrowings 75,093 59,318 14,611Lease liabilities 10,032 7,960 8,900Debt instruments 10,888 2,697 10,937Other financial liabilities 25,466 28,016 23,382Payables to related parties 3,196 4,162 4,830Trade and other payables 149,201 136,371 189,229Current income tax liabilities 2,538 140 3,048Other current liabilities 65,983 86,337 96,429Total current liabilities 394,888 363,122 397,457Total equity and liabilities $ 1,391,843 $ 1,426,262 $ 1,734,353

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

QuarterEnded QuarterEnded QuarterEnded Year Ended Year Ended * * December 31, September 30, December 31, December 31, December 31, 2020 2020 2019 2020 2019Cash flowsfrom operatingactivities:(Loss)profit for $ (84,141 ) $ (46,834 ) $ (73,291 ) $ (194,067 ) $ (285,640 )the periodAdjustmentsto reconcilenet (loss)profitto ? net cashused byoperatingactivities:Income tax(benefit) 31,337 1,841 (14,120 ) 17,092 (40,528 )expenseDepreciationandamortizationcharges, 25,538 26,524 30,029 108,189 123,024 operatingallowancesandwrite-downsNet finance 33,963 13,985 16,484 81,124 68,279 expenseFinancialderivatives ? ? 1,153 (3,168 ) (2,729 )loss (gain)Exchange (7,327 ) (13,157 ) (4,366 ) (25,553 ) (2,884 )differencesImpairment 2,593 34,269 546 36,863 175,899 lossesNet loss(gain) dueto changes (242 ) (246 ) 1,574 (158 ) 1,574 in the valueof assetGain ondisposal of ? 5,399 (4,372 ) 5,399 (85,101 )discontinuedoperationGain ondisposal of ? ? 2,223 ? 2,223 non-currentassetsShare-based 244 323 1,599 1,993 4,879 compensationOther (581 ) (967 ) (3,896 ) (1,292 ) ? adjustmentsChanges inoperating assets andliabilities(Increase)decrease in 71,754 3,725 132,493 114,585 91,531 inventories(Increase)decrease in (53,604 ) (4,731 ) 29,310 71,034 30,933 tradereceivablesIncrease(decrease) (4,667 ) (20,359 ) (51,152 ) (55,405 ) (63,187 )in tradepayablesOther (10,163 ) 23,849 (24,448 ) (14,199 ) (45,878 )Income taxes (1,177 ) (633 ) (523 ) 11,831 (3,589 )paidNet cashprovided(used) by 3,527 22,988 39,243 154,268 (31,194 )operatingactivitiesCash flowsfrom investingactivities:Interest andfinance 13 278 171 630 1,673 incomereceivedPayments dueto investments:Acquisitionof ? ? ? ? 9,088 subsidiaryOtherintangible (2,654 ) ? ? (2,654 ) (184 )assetsProperty,plant and (11,861 ) (8,734 ) (5,600 ) (30,257 ) (32,445 )equipmentOther ? ? (621 ) ? (1,248 )Disposals: ? Disposal of ? ? 5,532 ? 176,590 subsidiariesOthernon-current 295 46 8,668 341 8,668 assetsOther ? ? 353 ? 3,768 Net cash(used)provided by (14,207 ) (8,410 ) 8,503 (31,940 ) 165,910 investingactivitiesCash flowsfrom financingactivities:Dividends ? ? ? ? ? paidPayment fordebt (2,077 ) (608 ) (12,319 ) (4,540 ) (15,117 )issuancecostsRepayment of ? ? ? ? (55,352 )hydro leasesRepayment ofother ? ? ? ? ? financialliabilitiesIncrease/(decrease) in bankborrowings:Borrowings 169,571 8,022 174,130 177,593 245,629 Payments (161,936 ) (7,800 ) (269,399 ) (235,296 ) (329,501 )Proceedsfrom stock ? ? ? ? ? optionexercisesAmounts paiddue to (3,414 ) (2,463 ) ? (10,756 ) (26,631 )leasesOtheramountsreceived/ (6,030 ) ? (4,363 ) (2,422 ) ? (paid) dueto financingactivitiesPayments toacquire or ? ? ? ? ? redeem ownsharesInterest (827 ) (17,130 ) (2,471 ) (37,912 ) (43,033 )paidNet cash(used)provided by (4,713 ) (19,979 ) (114,422 ) (113,333 ) (224,005 )financingactivitiesTotal netcash flows (15,393 ) (5,401 ) (66,676 ) 8,995 (89,289 )for theperiodBeginningbalance ofcash and 147,425 153,242 188,043 123,175 216,647 cashequivalentsExchangedifferenceson cashandcash (475 ) (416 ) 1,808 (613 ) (4,183 )equivalentsin foreigncurrenciesEndingbalance ofcash and $ 131,557 $ 147,425 $ 123,175 $ 131,557 $ 123,175 cashequivalentsCash fromcontinuing 102,714 118,874 94,852 102,714 94,852 operationsCurrent/Non-currentrestricted 28,843 28,551 28,323 28,843 28,323 cash andcashequivalentsCash andrestrictedcash in the $ 131,557 $ 147,425 $ 123,175 $ 131,557 $ 123,175 statement offinancialposition

* 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 fairer 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):

QuarterEnded QuarterEnded QuarterEnded Year Ended Year Ended December 31, September 30, December 31, December 31, December 30, 2020 2020 2019 2020 2019(Loss) profitattributable to $ (83,362 ) $ (47,284 ) $ (72,425 ) $ (190,650 ) $ (280,601 )the parent(Loss) profitfor the periodfrom ? 5,399 (4,372 ) 5,399 (84,637 )discontinuedoperationsLoss (profit)attributable to (779 ) 450 (866 ) (3,417 ) (5,039 )non-controllinginterestIncome tax(benefit) 31,337 1,841 (14,120 ) 17,092 (41,541 )expenseNet finance 33,963 13,985 16,484 81,124 61,845 expenseFinancialderivatives ? ? 1,153 (3,168 ) (2,729 )loss (gain)Exchange (7,327 ) (13,157 ) (4,366 ) (25,553 ) (2,884 )differencesDepreciationandamortizationcharges, 25,538 26,524 30,029 108,189 120,194 operatingallowances andwrite-downsEBITDA (630 ) (12,242 ) (48,483 ) (10,984 ) (235,392 )Impairment 2,593 34,269 456 36,863 174,464 Revaluation ofbiological ? ? (550 ) ? 527 assetsContracttermination ? ? ? ? 9,260 costsRestructuringand termination 3,774 ? 3,000 3,774 5,894 costsEnergy: France ? ? 9,682 70 9,682 Energy: South ? ? 3,645 ? 3,645 AfricaStaff Costs: ? ? 327 155 327 South AfricaOther Idling ? 204 1,532 2,887 1,532 Costs(Loss) profiton disposal of ? ? ? ? 822 non-corebusinessesAdjusted EBITDA $ 5,737 $ 22,231 $ (30,391 ) $ 32,765 $ (29,239 )

Adjusted profit attributable to Ferroglobe ($,000):

QuarterEnded QuarterEnded QuarterEnded Year Ended Year Ended December 31, September 30, December 31, December 31, December 31, 2020 2020 2019 2020 2019(Loss) profitattributable $ (83,362 ) $ (47,284 ) $ (72,425 ) $ (190,650 ) $ (280,601 )to the parentTax rate 48,234 14,511 15,251 71,995 90,241 adjustmentImpairment 1,763 23,303 310 25,067 118,636 Revaluationof biological ? ? (374 ) ? 358 assetsContracttermination ? ? ? ? 6,297 costsRestructuringand 2,566 ? 2,040 2,566 4,008 terminationcostsEnergy: ? ? 6,584 48 6,584 FranceEnergy: South ? ? 2,479 ? 2,479 AfricaStaff Costs: ? ? 222 105 222 South AfricaOther Idling ? 139 1,042 1,963 1,042 Costs(Loss) profiton disposal ? (3,671 ) (2,973 ) (3,671 ) (57,553 )of non-corebusinessesAdjusted(loss) profit $ (30,798 ) $ (13,002 ) $ (47,845 ) $ (92,577 ) $ (108,288 )attributableto the parent

Adjusted diluted profit per share:

QuarterEnded QuarterEnded QuarterEnded Year Year Ended Ended December 31, September 30, December 31, December December 2020 2020 2019 31, 2020 31, 2019Diluted(loss) profit $ (0.49 ) $ (0.28 ) $ (0.43 ) $ (1.13 ) $ (1.66 )per ordinaryshareTax rate ? (0.00 ) 0.09 ? 0.53 adjustmentImpairment 0.01 0.14 0.00 0.15 0.70 Revaluationof biological ? ? (0.00 ) ? 0.00 assetsContracttermination ? ? ? ? 0.04 costsRestructuringand 0.02 ? 0.01 0.02 0.02 terminationcostsEnergy: ? ? 0.04 0.00 0.04 FranceEnergy: South ? ? 0.01 ? 0.01 AfricaStaff Costs: ? ? 0.00 0.00 0.00 South AfricaOther Idling ? 0.00 0.01 0.01 0.01 Costs(Loss) profiton disposal ? (0.02 ) (0.02 ) (0.02 ) (0.34 )of non-corebusinessesAdjusteddiluted(loss) profit $ (0.47 ) $ (0.16 ) $ (0.28 ) $ (0.98 ) $ (0.65 )per ordinaryshare