Ferroglobe Reports Results for the Second Quarter of 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.

		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:   [e-mail]

Louie Toma
Managing Director
Hayden IR
Tel:       [phone]
Email:   [e-mail]

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

		Quarter Ended				Quarter Ended				Quarter Ended				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 Subsidiaries
Unaudited 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 Subsidiaries
Unaudited 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)