GlobeNewswire Inc | Aug 23, 2021 05:00PM EDT

August 23, 2021

-- Q2 sales of $418.5 million, up 15.8% compared to $361.4 million in Q1 2021, and up 67.4% compared to $250.0 million in Q2 2020 -- Adjusted EBITDA of $34.1 million, up 54.5% compared to $22.1 million in Q1 2021, and up 52.1% compared to $22.4 million in Q2 2020 -- Q2 marks a return to positive net profit of $0.7 million compared to net loss of ($68.5) million in Q1 2021, and ($14.0) million in Q2 2020 -- Positive operating cash flow of $37.8 million and a return to positive net cash flow of $21.6 million -- Working capital increase of marginally $0.6 million in Q2 2021; increased efficiency supporting flat level of working capital despite the ramp-up in activity -- Improved production costs mainly driven by higher fixed cost absorption, and focused initiatives targeting key technical metrics -- Completion and funding of financiang transactions (extension of bond maturity and issuance of the new super senior secured notes and equity) on July 30, 2021

LONDON, Aug. 23, 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 second quarter 2021.

Q2 2021 Earnings Highlights

In Q2 2021, Ferroglobe posted a net profit of $0.7 million, or $0.01 per share on a fully diluted basis. On an adjusted basis, the Q2 2021 net profit was $3.0 million, or $0.02 per share on a fully diluted basis.

Q2 2021 reported EBITDA was $31.9 million, up from ($18.9) million in the prior quarter. On an adjusted basis, Q2 2021 EBITDA was $34.1 million, up from adjusted EBITDA of $22.1 million in Q1 2021. The Company reported an adjusted EBITDA margin of 8.1% for Q2 2021, compared to 6.1% for Q1 2021.

QuarterEnded QuarterEnded QuarterEnded Year Ended Year Ended$,000 June 30, 2021 March 31, 2021 June 30, 2020 June 30, 2021 June 30, 2020(unaudited) Sales $ 418,538 $ 361,390 $ 250,004 $ 779,928 $ 561,226 Net profit $ 730 $ (68,517 ) $ (14,035 ) $ (67,787 ) $ (63,093 )(loss)Diluted EPS $ 0.01 $ (0.40 ) $ (0.07 ) $ (0.39 ) $ (0.35 )Adjusted netincome(loss) $ 2,964 $ (18,172 ) $ (11,064 ) $ (15,208 ) $ (48,777 )attributableto theparentAdjusted $ 0.02 $ (0.12 ) $ (0.07 ) $ (0.10 ) $ (0.29 )diluted EPSAdjusted $ 34,088 $ 22,069 $ 22,413 $ 56,157 $ 4,796 EBITDAAdjustedEBITDA 8.1 % 6.1 % 9.0 % 7.2 % 0.9 %margin

Marco Levi, Ferroglobes Chief Executive Officer, commented, The second quarter results reflect a strong improvement in our overall performance and marks the return to profitability, an important goal for this year. Both the top line and bottom line continue to strengthen due to successful execution of the strategic plan, as well as the overall robustness across our all of our markets. Dr. Levi added, As we look towards the back half of the year, we will keep the momentum going on all fronts to capitalize on the market opportunities and successfully execute some critical initiatives underpinning the strategic plan. Collectively, these efforts support the focus on improving the core of our business and ensuring a stronger and more profitable Company.

Cash Flow and Balance Sheet

Cash generated from operations during Q2 2021 was$37.8 million, and the Company returned to positive net cash flow of $21.6 million during the quarter.

Working capital only increased by $0.6 million, from $334.3 million as of June 30, 2021 to $333.7 million as of March 31, 2021. Increased emphasis on operational and financial efficiencies resulted in this relatively flat level of working capital despite the ramp-up in activity.

Net debt was $358 million as of June 30, 2021, up from $334 million as of March 31, 2021. This is primarily attributable to the initial $40 million tranche raised during the quarter, of an aggregate $60 million of the new super senior secured. The subsequent $20 million tranche was closed and funded in the third quarter.

Beatriz Garca-Cos, Ferroglobes Chief Financial Officer, commented, This marks an important quarter for the Company. The return to positive net income and positive net cash flow validates the on-going efforts to turnaround our financial performance. However, we remain far from reaching the full potential of this business. Our top line is not fully benefiting from the current market prices across our product portfolio as we have fixed price contracts which begin to roll off during the back half of the year. Furthermore, we had a number of one-off, non-recurring expenses which also adversely impacted our margins. We remain extremely focused on cost management, particularly to off-set inflationary pressures on energy pricing, mainly in Europe. These factors will collectively drive an acceleration in our performance and cash generation during the remainder of the year. Ms. Garca-Cos added, The comprehensive financing we completed in July now provides the financial support to execute on important elements of the transformation plan and ensures a capital structure that provides the operational flexibility to capitalize on this strong market backdrop.

COVID-19

COVID-19 has been and continues to be a complex and evolving situation, with governments, public institutions and other organizations imposing or recommending, and businesses and individuals implementing, at various times and to varying degrees, restrictions on various activities or other actions to combat its spread, such as restrictions and bans on travel or transportation; limitations on the size of in-person gatherings, restrictions on freight transportations, closures of, or occupancy or other operating limitations on work facilities, and quarantines and lock-downs.

As a result of this pandemic and the strict confinement and other public health measures taken around the world, the demand for our products in the second and third quarters of 2020 was reduced significantly compared with the first and fourth quarters of the year. During the fourth quarter of 2020, demand level for our products increased to levels similar to those prior to the outbreak. In first and second quarter of 2021, demand for our products has increased even further than in the fourth quarter of 2020. However, COVID-19 has negatively impacted, and will in the future negatively impact to an extent we are unable to predict, our revenues.

Subsequent events

On July 30, 2021, the Company announces the occurrence of Transaction Effective Date under Lock-up agreement dated March 27, 2021 and completion of the financing transactions. The financing consisted of:

(i)Extension of the maturity date of the Notes from March 31, 2022 to December 31, 2025

(ii) Issuance of $60 million of new senior secured notes, and

(iii) $40 million of equity issuance

Discussion of Second Quarter 2021 Results

The financial results presented for the second quarter are unaudited.

Sales

Sales for Q2 2021 were $418.5 million, an increase of 15.8% compared to $361.4 million in Q1 2021.

QuarterEnded QuarterEnded QuarterEnded Six months Six months Ended Ended June 30, 2021 March 31, 2021 Change June 30, 2020 Change June 30, June 30, Change 2021 2020Shipments in metric tons:Silicon Metal 67,322 61,275 9.9 % 47,884 40.6 % 128,597 101,205 27.1 %Silicon-based 65,222 61,604 5.9 % 39,479 65.2 % 126,826 100,411 26.3 %AlloysManganese-based 68,323 72,609 (5.9 ) 55,290 23.6 % 140,932 129,014 9.2 %Alloys %Total 200,867 195,488 2.8 % 142,653 40.8 % 396,355 330,630 19.9 %shipments* Average selling price ($/MT):Silicon Metal $ 2,347 $ 2,285 2.7 % $ 2,215 5.9 % $ 2,317 $ 2,213 4.7 %Silicon-based $ 1,830 $ 1,665 9.9 % $ 1,537 19.0 % $ 1,750 $ 1,499 16.7 %AlloysManganese-based $ 1,414 $ 1,174 20.5 % $ 1,088 30.0 % $ 1,290 $ 1,022 26.2 %AlloysTotal* $ 1,862 $ 1,677 11.0 % $ 1,591 17.0 % $ 1,770 $ 1,531 15.6 % Average selling price ($/lb.):Silicon Metal $ 1.06 $ 1.04 2.4 % $ 1.00 5.9 % $ 1.05 $ 1.00 4.7 %Silicon-based $ 0.83 $ 0.76 9.2 % $ 0.70 19.0 % $ 0.79 $ 0.68 16.7 %AlloysManganese-based $ 0.64 $ 0.53 21.0 % $ 0.49 30.0 % $ 0.59 $ 0.46 26.2 %AlloysTotal* $ 0.84 $ 0.76 11.0 % $ 0.72 17.0 % $ 0.80 $ 0.69 15.6 %

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* Excludes by-products and other

Sales Prices & Volumes By Product

During Q2 2021, the average selling prices across our product portfolio increased by 11.0% versus Q1 2021. During the quarter, the average selling prices of silicon metal increased 2.7%, silicon-based alloys prices increased 9.9%, and manganese-based alloys prices increased 20.5%.

Overall sales volumes in Q2 increased by 2.8% versus the prior quarter. During the quarter, the shipmentsof silicon metal increased 9.9%, silicon-based alloys shipments increased 5.9%, and manganese-based alloys shipments decreased 5.9% versus Q1 2021.

Cost of Sales

Cost of sales was $267.9 million in Q2 2021, an increase from $250.2 million in the prior quarter. Cost of sales as a percentage of sales decreased to 64.0% in Q2 2021 versus 69.2% for Q1 2021. This improvement is primarily attributable to higher sales and a reclassification from this account to Other operating expenses to conform the group presentation.

Other Operating Expenses

Other operating expenses amounted to $57.6 million in Q2 2021, an increase from $36.8 million in the prior quarter. The increase in these expenses was mainly due to the impact of the European free CO2 rights for 2021. The free allowance of these CO2 rights are recognized in Other Operating Income.

Net Loss Attributable to the Parent

In Q2 2021, net profit attributable to the Parent was $1.9 million, or $0.01 per diluted share, compared to a net loss attributable to the Parent of $67.4 million million, or ($0.40) per diluted share in Q1 2021.

Adjusted EBITDA

In Q2 2021, adjusted EBITDA was $34.1 million, or 8.1% of sales, up 54.5% compared to adjusted EBITDA of $22.1 million, or 6.1% of sales in Q1 2021. The increase in the Q2 2021 Adjusted EBITDA is primarily driven by the improvement in average realized prices across the product portfolio.

Conference Call

Ferroglobemanagement will review the first quarter during a conference call at 9:00a.m. Eastern Time on August 24, 2021.

The dial-in number for participants inthe United Statesis +1-877-293-5491 (conference ID: 7458760). International callers should dial +1-914-495-8526 (conference ID: 7458760). 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/hqshmr5i

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 June 30, 2021 March 31, 2021 June 30, 2020 June 30, June 30, 2021 2020Sales $ 418,538 $ 361,390 $ 250,004 $ 779,928 $ 561,226 Cost of sales (267,939 ) (250,165 ) (153,291 ) (518,104 ) (396,651 )Other operating 37,105 1,913 10,160 39,018 17,928 incomeStaff costs (63,197 ) (95,267 ) (48,912 ) (158,464 ) (104,009 )Other operating (93,171 ) (36,835 ) (35,953 ) (130,006 ) (76,020 )expenseDepreciationandamortizationcharges, (23,523 ) (25,285 ) (27,459 ) (48,808 ) (56,127 )operatingallowances andwrite-downsOther (loss) 608 66 86 674 (586 )gainOperating 8,421 (44,183 ) (5,365 ) (35,762 ) (54,239 )profit (loss)Net finance (11,178 ) (15,864 ) (16,693 ) (27,042 ) (33,177 )expenseFinancialderivatives ? ? ? ? 3,168 gainExchange 3,237 (9,314 ) 2,634 (6,077 ) 5,069 differencesProfit (loss) 480 (69,361 ) (19,425 ) (68,881 ) (79,179 )before taxIncome tax 250 844 5,390 1,094 16,086 benefitProfit (loss) 730 (68,517 ) (14,035 ) (67,787 ) (63,093 )for the periodProfitattributable to 1,180 1,135 1,928 2,315 3,087 non-controllinginterestProfit (loss)attributable to $ 1,910 $ (67,382 ) $ (12,107 ) $ (65,472 ) $ (60,006 )the parent EBITDA $ 31,944 $ (18,898 ) $ 22,094 $ 13,046 $ 1,888 Adjusted EBITDA $ 34,088 $ 22,069 $ 22,413 $ 56,157 $ 4,796 Weightedaverage shares outstandingBasic 169,298 169,291 169,254 169,295 169,252 Diluted 169,298 169,291 169,254 169,295 169,252 Profit (loss)per ordinary shareBasic $ 0.01 $ (0.40 ) $ (0.07 ) $ (0.39 ) $ (0.35 )Diluted $ 0.01 $ (0.40 ) $ (0.07 ) $ (0.39 ) $ (0.35 )

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Financial Position(in thousands of U.S. dollars) June 30, March 31, December 31 2021 2021 2020ASSETSNon-current assets Goodwill $ 29,702 $ 29,702 $ 29,702Other intangible assets 87,556 25,891 20,756Property, plant and 587,602 593,355 620,034equipmentOther non-current financial 5,329 4,984 5,057assetsDeferred tax assets 62 620 ?Non-current receivables from 2,377 2,345 2,454related partiesOther non-current assets 13,960 11,765 11,904Total non-current assets 726,588 668,662 689,907Current assets Inventories 239,750 228,145 246,549Trade and other receivables 283,990 276,633 242,262Current receivables from 3,105 3,063 3,076related partiesCurrent income tax assets 8,826 12,277 12,072Other current financial 1,003 1,004 1,008assetsOther current assets 57,219 45,028 20,714Current restricted cash and 6,149 6,069 28,843cash equivalentsCash and cash equivalents 99,940 78,298 102,714Total current assets 699,982 650,517 657,238Total assets $ 1,426,570 $ 1,319,179 $ 1,347,145 EQUITY AND LIABILITIESEquity $ 299,469 $ 298,974 $ 365,719Non-current liabilities Deferred income 37,570 2,733 620Provisions 107,501 106,220 108,487Bank borrowings 4,871 5,042 5,277Lease liabilities 12,995 11,942 13,994Debt instruments 386,060 347,310 346,620Other financial liabilities 37,608 37,530 29,094Other non-current 16,955 16,727 16,767liabilitiesDeferred tax liabilities 23,956 26,834 27,781Total non-current 627,516 554,338 548,640liabilitiesCurrent liabilities Provisions 102,269 97,521 55,296Bank borrowings 85,015 73,965 102,330Lease liabilities 8,709 7,596 8,542Debt instruments 10,858 2,656 10,888Other financial liabilities 23,732 24,983 34,802Payables to related parties 6,131 5,042 3,196Trade and other payables 189,449 171,052 149,201Current income tax 513 3,947 2,538liabilitiesOther current liabilities 72,909 79,105 65,993Total current liabilities 499,585 465,867 432,786Total equity and liabilities $ 1,426,570 $ 1,319,179 $ 1,347,145

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Cash Flows(in thousands of U.S. dollars) QuarterEnded QuarterEnded QuarterEnded Year Ended Year Ended June 30, 2021 March 31, 2021 June 30, 2020 June 30, June 30, 2021 2020Cash flowsfrom operatingactivities:Profit(loss) for $ 730 $ (68,517 ) $ (14,035 ) $ (67,787 ) $ (63,093 )the periodAdjustmentsto reconcilenet (loss)profit to net cashused byoperatingactivities:Income tax(benefit) (250 ) (844 ) (5,390 ) (1,094 ) (16,086 )expenseDepreciationandamortizationcharges, 23,523 25,285 27,459 48,808 56,127 operatingallowancesandwrite-downsNet finance 11,178 15,864 16,693 27,042 33,177 expenseFinancialderivatives ? ? ? ? (3,168 )loss (gain)Exchange (3,237 ) 9,314 (2,634 ) 6,077 (5,069 )differencesNet loss(gain) dueto changes (243 ) (21 ) ? (264 ) ? in the valueof assetGain ondisposal of ? (43 ) ? (43 ) ? non-currentassetsShare-based 673 213 704 886 1,426 compensationOther (366 ) (2 ) (85 ) (368 ) 586 adjustmentsChanges inoperating ? ? assets andliabilities(Increase)decrease in (8,770 ) 11,446 (12,471 ) 2,676 39,106 inventories(Increase)decrease in (8,625 ) (41,692 ) 45,537 (50,317 ) 129,369 tradereceivablesIncrease(decrease) 16,184 26,152 (4,875 ) 42,336 (30,379 )in tradepayablesOther 8,214 41,179 (16,286 ) 49,393 (27,884 )Income taxes (1,178 ) (57 ) 3,522 (1,235 ) 13,641 paidNet cashprovided(used) by 37,833 18,277 38,139 56,110 127,753 operatingactivitiesCash flowsfrom investingactivities:Interest andfinance 128 35 85 163 339 incomereceivedPayments dueto - investments:Acquisitionof ? ? ? ? ? subsidiaryOtherintangible (40,997 ) (3,486 ) ? (44,483 ) ? assetsProperty,plant and (3,245 ) (5,683 ) (5,056 ) (8,928 ) (9,662 )equipmentOther ? ? ? ? ? Disposals: ? ? ? Disposal of ? ? ? ? ? subsidiariesOthernon-current 543 ? ? 543 ? assetsOther ? ? ? ? ? Net cash(used)provided by (43,571 ) (9,134 ) (4,971 ) (52,705 ) (9,323 )investingactivitiesCash flowsfrom financingactivities:Dividends ? ? ? ? ? paidPayment fordebt (11,093 ) (6,598 ) (279 ) (17,691 ) (1,855 )issuancecostsRepayment of ? ? ? ? ? hydro leasesProceedsfrom debt 40,000 ? ? 40,000 ? issuanceIncrease/(decrease) ? ? ? in bankborrowings:Borrowings 149,945 127,690 ? 277,635 ? Payments (144,983 ) (157,464 ) (20,680 ) (302,447 ) (65,560 )Proceedsfrom stock ? ? ? ? ? optionexercisesAmounts paiddue to (3,157 ) (2,856 ) (2,418 ) (6,013 ) (4,879 )leasesOtheramountsreceived/ ? ? ? ? 3,608 (paid) dueto financingactivitiesPayments toacquire or ? ? ? ? ? redeem ownsharesInterest (3,333 ) (17,015 ) (1,131 ) (20,348 ) (19,955 )paidNet cash(used)provided by 27,379 (56,243 ) (24,508 ) (28,864 ) (88,641 )financingactivitiesTotal netcash flows 21,641 (47,100 ) 8,660 (25,459 ) 29,789 for theperiodBeginningbalance ofcash and 84,367 131,557 144,489 131,557 123,175 cashequivalentsExchangedifferenceson cash andcash 81 (90 ) 93 (9 ) 278 equivalentsin foreigncurrenciesEndingbalance ofcash and $ 106,089 $ 84,367 $ 153,242 $ 106,089 $ 153,242 cashequivalentsCash fromcontinuing 99,940 78,298 124,876 99,940 124,876 operationsCurrent/Non-currentrestricted 6,149 6,069 28,366 6,149 28,366 cash andcashequivalentsCash andrestrictedcash in the $ 106,089 $ 84,367 $ 153,242 $ 106,089 $ 153,242 statement offinancialposition

Adjusted EBITDA ($,000): QuarterEnded QuarterEnded QuarterEnded Year Ended Year Ended June 30, 2021 March 31, June 30, 2020 June 30, June 30, 2021 2021 2020Profit (loss)attributable to $ 1,910 $ (67,382 ) $ (12,107 ) $ (65,472 ) $ (60,006 )the parentProfit (loss)attributable to (1,180 ) (1,135 ) (1,928 ) (2,315 ) (3,087 )non-controllinginterestIncome tax(benefit) (250 ) (844 ) (5,390 ) (1,094 ) (16,086 )expenseNet finance 11,178 15,864 16,693 27,042 33,177 expenseFinancialderivatives ? ? ? ? (3,168 )loss (gain)Exchange (3,237 ) 9,314 (2,634 ) 6,077 (5,069 )differencesDepreciationandamortizationcharges, 23,523 25,285 27,459 48,808 56,127 operatingallowances andwrite-downsEBITDA 31,944 (18,898 ) 22,093 13,046 1,888 Restructuringand termination 2,144 40,967 ? 43,111 ? costsEnergy: France ? ? (55 ) ? 70 Staff Costs: ? ? ? ? 155 South AfricaOther Idling ? ? 375 ? 2,683 CostsAdjusted EBITDA $ 34,088 $ 22,069 $ 22,413 $ 56,157 $ 4,796

Adjusted profit attributable to Ferroglobe ($,000): QuarterEnded QuarterEnded QuarterEnded Year Ended Year Ended June 30, 2021 March 31, June 30, 2020 June 30, June 30, 2021 2021 2020Profit (loss)attributable $ 1,910 $ (67,382 ) $ (12,107 ) $ (65,472 ) $ (60,006 )to the parentTax rate (404 ) 21,352 826 20,948 9,250 adjustmentImpairment ? ? ? ? ? Restructuringand 1,458 27,858 ? 29,315 ? terminationcostsEnergy: ? ? (37 ) ? 48 FranceEnergy: South ? ? ? ? ? AfricaStaff Costs: ? ? ? ? 105 South AfricaOther Idling ? ? 255 ? 1,824 CostsTolling ? ? ? ? ? agreementAdjustedprofit (loss) $ 2,964 $ (18,172 ) $ (11,064 ) $ (15,208 ) $ (48,777 )attributableto the parent

Adjusted diluted profit per share: QuarterEnded QuarterEnded QuarterEnded Year Year Ended Ended June 30, 2021 March 31, June 30, 2020 June 30, June 30, 2021 2021 2020Dilutedprofit (loss) $ 0.01 $ (0.40 ) $ (0.07 ) $ (0.39 ) $ (0.35 )per ordinaryshareTax rate (0.00 ) 0.12 0.00 0.12 0.05 adjustmentRestructuringand 0.01 0.16 ? 0.17 ? terminationcostsEnergy: ? ? (0.00 ) ? 0.00 FranceEnergy: South ? ? ? ? ? AfricaStaff Costs: ? ? ? ? 0.00 South AfricaOther Idling ? ? 0.00 ? 0.01 CostsTolling ? ? ? ? ? agreementAdjusteddilutedprofit (loss) $ 0.02 $ (0.12 ) $ (0.07 ) $ (0.10 ) $ (0.29 )per ordinaryshare