GlobeNewswire Inc | Aug 31, 2020 05:00PM EDT

August 31, 2020

Sales of $250.0 million; Net loss of $(14.0) million; Adjusted EBITDA of $22.4 million

-- Q2 sales of $250.0 million compared to $311.2 million in Q1 2020, and $409.5 million in Q2 2019 -- Q2 net loss of $(14.0) million compared to $(49.1) million in Q1 2020, and $(43.7) million in Q2 2019 -- Adjusted EBITDA of $22.4 million compared to $(17.6) million in Q1 2020 and $5.0 million in Q2 2019 -- Gross debt of $451 million at the end of Q2 2020, compared to $443 million at the end of Q1 2020 -- Cash generation of $8.7 million driven by positive operating cash flow of $38.1 million -- Continued improvement in working capital during the quarter by $26.2 million

LONDON, Aug. 31, 2020 (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 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.

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

Marco Levi, Ferroglobes 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 groups senior unsecured notes (the Notes), due to be paid on August 31, 2020.

Beatriz Garca-Cos, Ferroglobes 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. Garca-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 Companys 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 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. 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 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

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 Companys 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.

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

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

The dial-in number for participants inthe United Statesis 8772935491 (conference ID 3128367). International callers should dial +1 9144958526 (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.

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 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)

QuarterEnded QuarterEnded QuarterEnded Six Months Six Months Ended Ended June 30, 2020 March 31, 2020 June 30, 2019 June 30, June 30, 2020 2019Sales $ 250,004 $ 311,223 $ 409,479 $ 561,226 $ 856,870 Cost of sales ) ) ) ) ) (153,291 (243,360 (292,432 (396,651 (621,800Other operating 10,160 7,768 14,530 17,928 28,551 incomeStaff costs (48,912 ) (55,097 ) (74,852 ) ) ) (104,009 (149,115Other operating (35,953 ) (40,067 ) (62,924 ) (76,020 ) )expense (116,841Depreciationandamortizationcharges, (27,459 ) (28,668 ) (30,204 ) (56,127 ) (60,574 )operatingallowances andwrite-downsImpairment ? ? (1,195 ) ? (1,335 )lossesOther gain 85 (671 ) 275 (586 ) (122 )(loss)Operating (5,365 ) (48,872 ) (37,323 ) (54,239 ) (64,366 )(loss) profitNet finance (16,693 ) (16,484 ) (15,047 ) (33,177 ) (28,870 )expenseFinancialderivatives ? 3,168 (295 ) 3,168 969 (loss) gainExchange 2,633 2,436 5,080 5,069 3,601 differences(Loss) profit (19,425 ) (59,753 ) (47,585 ) (79,179 ) (88,666 )before taxIncome taxbenefit 5,390 10,696 4,890 16,086 13,100 (expense)(Loss) profitfor the period (14,035 ) (49,057 ) (42,695 ) (63,093 ) (75,566 )from continuingoperationsProfit for theperiod from ? ? (963 ) ? 3,354 discontinuedoperations(Loss) profit (14,035 ) (49,057 ) (43,658 ) (63,093 ) (72,212 )for the periodLoss (profit)attributable to 1,928 1,159 2,835 3,087 4,559 non-controllinginterest(Loss) profitattributable to $ (12,107 ) $ (47,898 ) $ (40,823 ) $ (60,006 ) $ (67,653 )the parent EBITDA $ 22,093 $ (20,204 ) $ (7,119 ) $ 1,888 $ (3,792 )Adjusted EBITDA $ 22,413 $ (17,617 ) $ 5,035 $ 4,796 $ 8,362 Weightedaverage shares outstandingBasic 169,254 169,249 169,123 169,252 169,123 Diluted 169,254 169,249 169,123 169,252 169,123 (Loss) profitper ordinary shareBasic $ (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 2019ASSETSNon-current assets Goodwill $ 29,702 $ 29,702 $ 29,702 Other intangible 45,655 50,373 51,267 assetsProperty, plant and 677,081 689,383 740,906 equipmentOther non-current 6,404 5,683 2,618 financial assetsDeferred tax assets 43,102 65,360 59,551 Non-currentreceivables from 2,240 2,191 2,247 related partiesOther non-current 4,228 1,520 1,597 assetsNon-currentrestricted cash and 28,366 28,173 28,323 cash equivalentsTotal non-current 836,778 872,385 916,211 assetsCurrent assets Inventories 305,438 287,258 354,121 Trade and other 172,036 216,970 309,064 receivablesCurrent receivablesfrom related 2,955 2,895 2,955 partiesCurrent income tax 12,151 16,298 27,930 assetsOther current 4,791 5,062 5,544 financial assetsOther current 22,602 16,113 23,676 assetsCash and cash 124,876 116,316 94,852 equivalents *Total current 644,849 660,912 818,142 assetsTotal assets $ 1,481,627 $ 1,533,297 $ 1,734,353 EQUITY AND LIABILITIESEquity $ 519,974 $ 525,117 $ 602,297 Non-current liabilitiesDeferred 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 33,316 32,702 43,157 liabilitiesOther non-current 25,785 26,817 25,906 liabilitiesDeferred tax 40,162 69,084 74,057 liabilitiesTotal non-current 637,252 687,683 734,599 liabilitiesCurrent 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 26,318 23,101 23,382 liabilitiesPayables to related 2,056 4,572 4,830 partiesTrade and other 156,053 156,634 189,229 payablesCurrent income tax 2,146 1,485 3,048 liabilitiesOther current 80,630 86,731 96,429 liabilitiesLiabilitiesassociated with ? ? ? assets classifiedas held for saleTotal current 324,401 320,497 397,457 liabilitiesTotal equity and $ 1,481,627 $ 1,533,297 $ 1,734,353 liabilities

*Cash and cash equivalents at June 30, 2020 includes the cash balance of the groups 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)

QuarterEnded QuarterEnded QuarterEnded Six Months Six Months Ended Ended June 30, 2020 March 31, 2020 June 30, 2019* June 30, June 30, 2020 2019*Cash flowsfrom operatingactivities:(Loss)profit for $ (14,035 ) $ (49,057 ) $ (43,658 ) $ (63,092 ) $ (72,212 )the periodAdjustmentsto reconcilenet (loss)profit to net cashused byoperatingactivities:Income tax(benefit) (5,390 ) (10,696 ) (5,215 ) (16,086 ) (11,919 )expenseDepreciationandamortizationcharges, 27,459 28,668 31,327 56,127 63,404 operatingallowancesandwrite-downsNet finance 16,693 16,484 16,145 33,177 30,901 expenseFinancialderivatives ? (3,168 ) 295 (3,168 ) (969 )loss (gain)Exchange (2,633 ) (2,436 ) (5,080 ) (5,069 ) (3,601 )differencesImpairment ? ? 1,195 ? 1,335 lossesBargainpurchase ? ? ? ? ? gainGain ondisposal of ? ? ? ? ? discontinuedoperationShare-based 704 722 933 1,426 2,265 compensationOther (85 ) 671 (275 ) 586 122 adjustmentsChanges inoperating ? assets andliabilities(Increase)decrease in (12,471 ) 51,577 (46,950 ) 39,106 (46,915 )inventories(Increase)decrease in 45,537 83,832 (32,316 ) 129,369 (3,945 )tradereceivablesIncrease(decrease) (4,875 ) (25,504 ) 21,625 (30,379 ) (1,342 )in tradepayablesOther (16,287 ) (11,598 ) 28,472 (27,885 ) 38,259 Income taxes 3,522 10,119 (540 ) 13,641 (2,220 )paidNet cashprovided(used) by 38,139 89,614 (34,042 ) 127,753 (6,837 )operatingactivitiesCash flowsfrom investingactivities:Interest andfinance 85 254 486 339 876 incomereceivedPayments dueto investments:Acquisitionof ? ? ? ? ? subsidiaryOtherintangible ? ? (50 ) ? (184 )assetsProperty,plant and (5,056 ) (4,606 ) (7,128 ) (9,662 ) (20,576 )equipmentOther ? ? (627 ) ? (627 )Disposals: Disposal of ? ? ? ? ? subsidiariesOthernon-current ? ? ? ? ? assetsOther ? ? 1,638 ? 3,397 Net cash(used)provided by (4,971 ) (4,352 ) (5,681 ) (9,323 ) (17,114 )investingactivitiesCash flowsfrom financingactivities:Dividends ? ? ? ? ? paidPayment fordebt (279 ) (1,576 ) ? (1,855 ) (705 )issuancecostsRepayment of ? ? ? ? ? hydro leasesRepayment ofother ? ? ? ? ? financialliabilitiesIncrease/(decrease) in bankborrowings:Borrowings ? ? 39,649 ? 71,499 Payments (20,680 ) (44,880 ) (18,252 ) (65,560 ) (39,063 )Proceedsfrom stock ? ? ? ? ? optionexercisesAmounts paiddue to (2,418 ) (2,461 ) (7,236 ) (4,879 ) (12,944 )leasesOtheramountsreceived/ ? 3,608 ? 3,608 ? (paid) dueto financingactivitiesPayments toacquire or ? ? ? ? ? redeem ownsharesInterest (1,131 ) (18,824 ) (3,341 ) (19,955 ) (21,849 )paidNet cash(used)provided by (24,508 ) (64,133 ) 10,820 (88,641 ) (3,062 )financingactivitiesTotal netcash flows 8,660 21,129 (28,903 ) 29,789 (27,013 )for theperiodBeginningbalance ofcash and 144,489 123,175 216,647 123,175 216,647 cashequivalentsExchangedifferenceson cash andcash 93 185 321 278 (1,589 )equivalentsin foreigncurrenciesEndingbalance ofcash and $ 153,242 $ 144,489 $ 188,065 $ 153,242 $ 188,045 cashequivalentsCash fromcontinuing 124,876 116,316 188,045 124,876 188,045 operationsNon-currentrestrictedcash and 28,366 28,173 ? 28,366 ? cashequivalentsCash andrestrictedcash in the $ 153,242 $ 144,489 $ 188,045 $ 153,242 $ 188,045 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 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):

QuarterEnded QuarterEnded QuarterEnded Six Months Six Months Ended Ended June 30, 2020 March 31, June 30, 2019 June 30, June 30, 2020 2020 2019(Loss) profit attributable to $ (12,107 ) $ (47,898 ) $ (40,823 ) $ (60,006 ) $ (67,653 )the parent(Loss) profitfor the periodfrom ? ? 963 ? (3,354 )discontinuedoperationsLoss (profit)attributable to (1,928 ) (1,159 ) (2,835 ) (3,087 ) (4,559 )non-controllinginterestIncome tax (benefit) (5,390 ) (10,696 ) (4,890 ) (16,086 ) (13,100 )expenseNet finance 16,693 16,484 15,047 33,177 28,870 expenseFinancialderivatives ? (3,168 ) 295 (3,168 ) (969 )loss (gain)Exchange (2,633 ) (2,436 ) (5,080 ) (5,069 ) (3,601 )differencesDepreciationandamortizationcharges, 27,459 28,668 30,204 56,127 60,574 operatingallowances andwrite-downsEBITDA 22,093 (20,205 ) (7,119 ) 1,888 (3,792 )Impairment ? ? ? ? ? Revaluation ofbiological ? ? ? ? ? assetsContracttermination ? ? 9,260 ? 9,260 costsRestructuringand termination ? ? 2,894 ? 2,894 costsEnergy: France (55 ) 125 ? 70 ? Energy: South ? ? ? ? ? AfricaStaff Costs: ? 155 ? 155 ? South AfricaOther Idling 375 2,308 ? 2,683 ? Costs(Loss)profit ondisposal of ? ? ? ? ? non-corebusinessesAdjusted EBITDA $ 22,413 $ (17,617 ) $ 5,035 $ 4,796 $ 8,362

Adjusted profit attributable to Ferroglobe ($,000):

QuarterEnded QuarterEnded QuarterEnded Six Months Six Months Ended Ended June 30, 2020 March 31, June 30, 2019 June 30, June 30, 2020 2020 2019(Loss) profit attributable to the $ (12,107 ) $ (47,898 ) $ (40,823 ) $ (60,006 ) $ (67,653 )parentTax rate adjustment 826 8,425 10,337 9,250 15,273 Impairment ? ? ? ? ? Revaluation of ? ? ? ? ? biological assetsContract termination ? ? 6,297 ? 6,297 costsRestructuring and ? ? 1,968 ? 1,968 termination costsEnergy: France (37 ) 85 ? 48 ? Energy: South Africa ? ? ? ? ? Staff Costs: South ? 105 ? 105 ? AfricaOther Idling Costs 255 1,569 ? 1,824 ? (Loss) profit ondisposal of non-core ? ? ? ? ? businessesAdjusted (loss) profit attributable $ (11,064 ) $ (37,714 ) $ (22,221 ) $ (48,777 ) $ (44,115 )to the parent

Adjusted diluted profit per share:

QuarterEnded QuarterEnded QuarterEnded Six Months Six Months Ended Ended June 30, 2020 March 31, June 30, 2019 June 30, June 30, 2020 2020 2019Diluted (loss)profit per ordinary $ (0.07 ) $ (0.28 ) $ (0.24 ) $ (0.35 ) $ (0.40 )shareTax rate adjustment 0.00 0.05 0.06 0.05 0.09 Impairment ? ? ? ? ? Revaluation of ? ? ? ? ? biological assetsContract ? ? 0.04 ? 0.04 termination costsRestructuring and ? ? 0.01 ? 0.01 termination costsEnergy: France (0.00 ) 0.00 ? 0.00 ? Energy: South ? ? ? ? ? AfricaStaff Costs: South ? 0.00 ? 0.00 ? AfricaOther Idling Costs 0.00 0.01 ? 0.01 ? (Loss) profit ondisposal of ? ? ? ? ? non-core businessesAdjusted diluted(loss) profit per $ (0.07 ) $ (0.22 ) $ (0.13 ) $ (0.30 ) $ (0.26 )ordinary share

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)