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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Ferroglobe PLC    GSM   GB00BYW6GV68

FERROGLOBE PLC

(GSM)
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Ferroglobe Reports Second Quarter Results of 2019

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09/03/2019 | 04:06pm EST
  • Q2 sales of $409.5 million, compared to $447.4 million in Q1 2019 and $577.9 million in Q2 2018
  • Q2 net loss of $(43.7) million compared to a net loss of $(28.6) million in Q1 2019 and a net profit of $66.0 million in Q2 2018
  • Q2 adjusted net loss attributable to parent of $(22.2) million compared to a net loss of $(21.9) million in Q1 2019 and a net profit of $25.6 million in Q2 2018
  • Q2 adjusted EBITDA of $5.0 million compared to $3.3 million in Q1 2019 and $83.0 million in Q2 2018
  • Successful closing of the divestiture of FerroAtlántica, S.A.U. on August 30, 2019, resulting in gross proceeds of €156.4 million
  • Suspension of 39,000 tons of annual silicon metal production capacity
  • Progress ongoing in the refinancing of the existing Revolving Credit Facility, targeting closing around the end of Q3 2019

LONDON, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), the world’s leading producer of silicon metal, and a leading silicon- and manganese-based specialty alloys producer, today announced results for the second quarter of 2019.

Earnings Highlights

In Q2 2019, Ferroglobe posted a net loss of $(43.7) million, or $(0.24) per share on a fully diluted basis. On an adjusted basis, Q2 2019 net loss was $(22.2) million, or $(0.13) per share on a fully diluted basis.

Q2 2019 reported EBITDA was $(7.1) million, down from $3.3 million in the prior quarter. On an adjusted basis, Q2 2019 EBITDA was $5.0 million, up from Q1 2019 adjusted EBITDA of $3.3 million. The Company reported an adjusted EBITDA margin of 1.2% for Q2 2019, compared to an adjusted EBITDA margin of 0.7% for Q1 2019.

           
  Quarter Ended Quarter Ended Quarter Ended Six Months Ended Six Months Ended
$,000 (unaudited) June 30, 2019 March 31, 2019 June 30, 2018 June 30, 2019 June 30, 2018
                
Sales
 $409,479  $447,391  $577,881  $856,870  $1,126,543 
Net (loss) profit $(43,658) $(28,554) $66,030
  $(72,212) $101,644
 
Diluted EPS $(0.24) $(0.16) $0.39  $(0.40) $0.60 
Adjusted net (loss) income attributable to the parent $(22,221) $(21,894) $25,648  $(44,115) $59,323 
Adjusted diluted EPS $(0.13) $(0.13) $0.14  $(0.26) $0.33 
Adjusted EBITDA $5,035  $3,327  $83,000  $8,362  $163,003 
Adjusted EBITDA margin  1.2%  0.7%  14.4%  1.0%  14.5%
                     

* The amounts for prior periods have been restated to reflect the impact of the profit / (loss) from discontinued operations associated with the sale of our Spanish hydroelectric plants.

Cash Flow and Balance Sheet

Cash used in operations during Q2 2019 was $(37.4) million, with working capital increasing by $59.3 million. Net debt was $478.3 million as of June 30, 2019, up from $419.7 million as of March 31, 2019.

Pedro Larrea, Ferroglobe’s Chief Executive Officer commented, “The decline in end market demand continues to put pressure on our sales prices resulting in disappointing results for the quarter.  We expect these headwinds to linger in the second half of the year.  Accordingly, we are focused on operational adjustments and cash generating initiatives, designed to reduce the Company’s risk profile and provide adequate resources to weather this cyclical downturn.”  Mr. Larrea continued, “We are also cutting silicon production and monitoring other parts of the business for further cost reductions and operating efficiencies. The inherent flexibility in the Company’s operating platform and product base is key to positioning the Company for recovery.”

Successful closing of the divestiture of FerroAtlántica, S.A.U.

On August 30, 2019 Ferroglobe successfully completed and closed the previously-announced sale of its 100% interest in subsidiary FerroAtlántica, S.A.U. (“FerroAtlántica”) to investment vehicles affiliates with TPG Sixth Street Partners.  The transaction, valued at €170 million, provides the Company with gross proceeds of €156.4 million, after closing adjustments.  Further details on this transaction appear in a separate press release issued concurrently herewith.

Other recent developments

Ferroglobe is making progress in pursuing financing alternatives and other opportunities to improve its capital structure. The terms, timing and structure of such transaction(s) will depend on market conditions and ongoing discussions in the coming weeks. The Company is targeting closing this refinancing around the end of Q3 2019.

To reduce corporate overhead costs and optimize operations, the Company is moving its headquarters from London (U.K.) to Madrid (Spain).  This move – expected to conclude in Q4 2019 - will consolidate key corporate functions in a single location, enhancing efficiency and management effectiveness in a lower cost environment.

To improve its production platform and release working capital, the Company has idled its silicon metal production facility at Polokwane (South Africa) and restarted one furnace at Sabon (Spain), reducing annual production capacity by 39,000 tons.

Discussion of Second Quarter 2019 Results

Sales

Sales for Q2 2019 were $409.5 million, down 8.5% compared to $447.4 million in Q1 2019. For Q2 2019, total shipments were down 6.0% and the average selling price was down 3.2% compared with Q1 2019.

                 
  Quarter Ended Quarter Ended   Quarter Ended   Six Months Ended Six Months Ended  
  June 30, 2019 March 31, 2019 Change June 30, 2018 Change June 30, 2019 June 30, 2018 Change
Shipments in metric tons:                     
Silicon Metal  54,084  62,269 -13.1%  85,913 -37.0%  116,353  177,528 -34.5%
Silicon-based Alloys  79,264  81,801 -3.1%  78,214 1.3%  161,065  154,542 4.2%
Manganese-based Alloys  99,555  103,669 -4.0%  107,457 -7.4%  203,224  178,633 13.8%
Total shipments*  232,903  247,739 -6.0%  271,584 -14.2%  480,642  510,703 -5.9%
                      
Average selling price ($/MT):                     
Silicon Metal $2,320 $2,358 -1.6% $2,773 -16.3% $2,340 $2,767 -15.4%
Silicon-based Alloys $1,572 $1,669 -5.8% $1,908 -17.6% $1,621 $1,932 -16.1%
Manganese-based Alloys $1,188 $1,172 1.4% $1,304 -8.9% $1,180 $1,332 -11.4%
Total* $1,582 $1,634 -3.2% $1,943 -18.6% $1,609 $2,013 -20.1%
                      
Average selling price ($/lb.):                     
Silicon Metal $1.05 $1.07 -1.6% $1.26 -16.3% $1.06 $1.26 -15.4%
Silicon-based Alloys $0.71 $0.76 -5.8% $0.87 -17.6% $0.74 $0.88 -16.1%
Manganese-based Alloys $0.54 $0.53 1.4% $0.59 -8.9% $0.54 $0.60 -11.4%
Total* $0.72 $0.74 -3.2% $0.88 -18.6% $0.73 $0.91 -20.1%
                      
* Excludes by-products and other                     
                      

Sales Prices & Volumes By Product

During Q2 2019, total product average selling prices decreased by 3.2% versus Q1 2019.  Q2 average selling prices of silicon metal decreased 1.6%, silicon-based alloys decreased 5.8%, and manganese-based alloys increased 1.4%. During Q2 2019, sales volumes decreased by 6.0% versus Q1 2019.  Q2 sales volumes of silicon metal decreased 13.1%, silicon-based alloys decreased 3.1%, and manganese-based alloys decreased 4.0% versus Q1 2019.

Cost of Sales

Cost of sales was $292.4 million in Q2 2019, a decrease from $329.4 million from Q1 2019.  Cost of sales as a percentage of sales decreased to 71.4% in Q2 2019 from 73.6% for Q1 2019.

Other Operating Expenses

Other operating expenses was $62.9 million in Q2 2019, an increase from $53.9 million from Q1 2019, which is primarily due to contract termination costs. 

Net Loss Attributable to the Parent

In Q2 2019, net loss attributable to the Parent was $(40.8) million, or $(0.24) per diluted share, compared to a net loss attributable to the Parent of $(26.8) million, or $(0.16) per diluted share in Q1 2019.

Adjusted EBITDA

In Q2 2019, adjusted EBITDA was $5.0 million, or 1.2% of sales, compared to adjusted EBITDA of $3.3 million, or 0.7% of sales in Q1 2019.

Conference Call

Ferroglobe management will review the second quarter results of 2019 during a conference call at 9:00 a.m. Eastern Time on September 4, 2019.

The dial-in number for participants in the United States is 877‑293‑5491 (conference ID 8287856). International callers should dial +1 914‑495‑8526 (conference ID 8287856). 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/9678r4sf.

About Ferroglobe

Ferroglobe is one of the world’s leading suppliers of silicon metal, silicon-based and manganese-based specialty alloys and other 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

EBITDA, adjusted EBITDA, adjusted profit per ordinary share, and adjusted profit are non-IFRS financial metrics that, we believe, are pertinent measures of Ferroglobe’s success. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTOR CONTACT:
Gaurav Mehta
EVP – Investor Relations 
Email:   investor.relations@ferroglobe.com

 
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, 2019 March 31, 2019* June 30, 2018* June 30, 2019 June 30, 2018*
Sales $409,479  $447,391  $577,881  $856,870  $1,126,543 
Cost of sales  (292,432)  (329,368)  (343,753)  (621,800)  (664,289)
Other operating income  14,530   14,021   8,512   28,551   15,295 
Staff costs  (74,852)  (74,263)  (88,180)  (149,115)  (170,072)
Other operating expense  (62,924)  (53,917)  (74,212)  (116,841)  (143,303)
Depreciation and amortization charges, operating allowances and write-downs  (30,204)  (30,370)  (29,118)  (60,574)  (55,905)
Bargain purchase gain        44,633      44,633 
Impairment losses  (1,195)  (140)     (1,335)   
Other gain (loss)  275   (397)  2,752   (122)  2,715 
Operating (loss) profit    (37,323)    (27,043)    98,515      (64,366)    155,617  
Net finance expense  (15,047)  (13,823)  (13,233)  (28,870)  (25,300)
Financial derivatives (loss) gain  (295)  1,264   2,832   969   1,067 
Exchange differences  5,080   (1,479)  (8,708)  3,601   (7,979)
(Loss) profit before tax    (47,585)    (41,081)    79,406      (88,666)    123,405  
Income tax benefit (expense)  4,890   8,210   (13,970)  13,100   (27,687)
(Loss) profit for the period from continuing operations    (42,695)    (32,871)    65,436      (75,566)    95,718  
(Loss) profit for the period from discontinued operations  (963)  4,317   594   3,354   5,926 
(Loss) profit for the period    (43,658)    (28,554)    66,030      (72,212)    101,644  
Loss attributable to non-controlling interest  2,835   1,724   1,408   4,559   2,474 
(Loss) profit attributable to the parent $  (40,823) $  (26,830) $  67,438   $  (67,653) $  104,118  
                
                
EBITDA $(7,119) $3,327  $127,633  $(3,792) $211,522 
Adjusted EBITDA $5,035  $3,327  $83,000  $8,362  $163,003 
                
Weighted average shares outstanding               
Basic  169,123   169,123   171,987   169,123   171,982 
Diluted  169,123   169,123   172,127   169,123   172,144 
                
(Loss) profit per ordinary share               
Basic $(0.24) $(0.16) $0.39  $(0.40) $0.61 
Diluted $(0.24) $(0.16) $0.39  $(0.40) $0.60 
                     

* The amounts for prior periods have been restated to reflect the impact of the profit / (loss) from discontinued operations associated with the sale of our Spanish hydroelectric plants.


 
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)
             
  June 30, March 31, December 31,
  2019 2019 2018
ASSETS
Non-current assets            
Goodwill $204,089  $203,472  $202,848 
Other intangible assets  62,778   69,399   51,822 
Property, plant and equipment  784,272   890,436   888,862 
Other non-current financial assets  20,042   54,979   70,343 
Deferred tax assets  22,915   7,135   14,589 
Non-current receivables from related parties  2,276   2,247   2,288 
Other non-current assets  9,746   10,435   10,486 
Total non-current assets    1,106,118      1,238,103      1,241,238  
Current assets            
Inventories  504,527   451,753   456,970 
Trade and other receivables  158,252   127,992   155,996 
Current receivables from related parties  3,000   6,556   14,226 
Current income tax assets  31,610   26,855   27,404 
Other current financial assets  7,840   2,191   2,523 
Other current assets  12,289   13,721   8,813 
Cash and cash equivalents  187,673   216,627   216,647 
Assets and disposal groups classified as held for sale  97,862       
Total current assets    1,003,053      845,695      882,579  
Total assets $  2,109,171   $  2,083,798   $  2,123,817  
             
EQUITY AND LIABILITIES
Equity $  816,080   $  855,099   $  884,372  
Non-current liabilities            
Deferred income  8,108   11,676   1,434 
Provisions  80,218   76,613   75,787 
Bank borrowings     131,366   132,821 
Lease liabilities  18,629   66,992   53,472 
Debt instruments  342,806   342,222   341,657 
Other financial liabilities  24,585   27,109   32,788 
Other non-current liabilities  25,246   25,080   25,030 
Deferred tax liabilities  64,520   61,887   77,379 
Total non-current liabilities    564,112      742,945      740,368  
Current liabilities            
Provisions  44,007   47,619   40,570 
Bank borrowings  172,890   19,100   8,191 
Lease liabilities  8,692   20,616   12,999 
Debt instruments  10,938   2,734   10,937 
Other financial liabilities  52,594   51,618   52,524 
Payables to related parties  9,884   12,199   11,128 
Trade and other payables  252,372   228,649   256,823 
Current income tax liabilities  1,766   4,369   2,335 
Other current liabilities  95,150   98,850   103,570 
Liabilities associated with assets classified as held for sale  80,686       
Total current liabilities    728,979      485,754      499,077  
Total equity and liabilities $  2,109,171   $  2,083,798   $  2,123,817  
             
             

 

 
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, 2019 March 31, 2019 June 30, 2018 June 30, 2019 June 30, 2018
Cash flows from operating activities:               
(Loss) profit for the period $  (43,658) $  (28,554) $  66,030   $  (72,212) $  101,644  
Adjustments to reconcile net (loss) profit to net cash used by operating activities:               
Income tax (benefit) expense  (5,215)  (6,704)  14,302   (11,919)  29,970 
Depreciation and amortization charges, operating allowances and write-downs  31,327   32,077   30,309   63,404   58,325 
Net finance expense  16,145   14,756   14,412   30,901   27,568 
Financial derivatives loss (gain)  295   (1,264)  (2,832)  (969)  (1,067)
Exchange differences  (5,080)  1,479   8,708   (3,601)  7,979 
Impairment losses  1,195   140      1,335    
Bargain purchase gain        (44,633)     (44,633)
Share-based compensation  933   1,332   33   2,265   732 
Other adjustments  (275)  397   (2,752)  122   (2,715)
Changes in operating assets and liabilities               
(Increase) decrease  in inventories  (46,950)  35   (59,050)  (46,915)  (166,531)
(Increase) decrease in trade receivables  (32,316)  28,371   (19,257)  (3,945)  (19,770)
Increase (decrease) in trade payables  21,625   (22,967)  476   (1,342)  70,851 
Other  28,472   9,787   6,817   38,259   (42,953)
Income taxes paid  (540)  (1,680)  (14,186)  (2,220)  (24,168)
Interest paid  (3,341)  (18,508)  (2,957)  (21,849)  (20,258)
Net cash (used) provided by operating activities    (37,383)    8,697      (4,580)    (28,686)    (25,026)
Cash flows from investing activities:               
Interest and finance income received  486   390   2,273   876   2,352 
Payments due to investments:               
Acquisition of subsidiary              (20,379)
Other intangible assets  (50)  (134)  (2,221)  (184)  (2,924)
Property, plant and equipment  (7,128)  (13,448)  (29,786)  (20,576)  (52,317)
Other  (627)        (627)   
Disposals:               
Other non-current assets        12,734      12,734 
Other  1,638   1,759   1,904   3,397   5,914 
Net cash used by investing activities    (5,681)    (11,433)    (15,096)    (17,114)    (54,620)
Cash flows from financing activities:               
Dividends paid        (10,321)     (10,321)
Payment for debt issuance costs     (705)     (705)  (4,476)
Repayment of other financial liabilities        (33,096)     (33,096)
Increase/(decrease) in bank borrowings:               
Borrowings  39,649   31,850   37,668   71,499   220,032 
Payments  (18,252)  (20,811)     (39,063)  (106,514)
Proceeds from stock option exercises        240      240 
Other amounts paid due to financing activities  (7,236)  (5,708)  (4,648)  (12,944)  (7,635)
Net cash provided (used) by financing activities    14,161      4,626      (10,157)    18,787      58,230  
Total net cash flows for the period    (28,903)    1,890      (29,833)    (27,013)    (21,416)
Beginning balance of cash and cash equivalents  216,627   216,647   197,669   216,647   184,472 
Exchange differences on cash and cash equivalents in foreign currencies  321   (1,910)  (11,852)  (1,589)  (7,072)
Ending balance of cash and cash equivalents $  188,045   $  216,627   $  155,984   $  188,045   $  155,984  
Ending balance of cash and cash equivalents from statement of financial position  187,673   216,627   155,984   187,673   155,984 
Ending balance of cash and cash equivalents included within assets and disposal groups classified as held for sale  372         372    
                     

Adjusted EBITDA ($, 000):  

           
  Quarter Ended Quarter Ended Quarter Ended Six Months Ended Six Months Ended
  June 30, 2019 March 31, 2019 June 30, 2018 June 30, 2019 June 30, 2018
(Loss) profit attributable to the parent $  (40,823) $  (26,830) $  67,438   $  (67,653) $  104,118  
Loss (profit) for the period from discontinued operations  963   (4,317)  (594)  (3,354)  (5,926)
Loss attributable to non-controlling interest  (2,835)  (1,724)  (1,408)  (4,559)  (2,474)
Income tax (benefit) expense  (4,890)  (8,210)  13,970   (13,100)  27,687 
Net finance expense  15,047   13,823   13,233   28,870   25,300 
Financial derivatives loss (gain)  295   (1,264)  (2,832)  (969)  (1,067)
Exchange differences  (5,080)  1,479   8,708   (3,601)  7,979 
Depreciation and amortization charges, operating allowances and write-downs  30,204   30,370   29,118   60,574   55,905 
EBITDA    (7,119)    3,327      127,633      (3,792)    211,522  
Contract termination costs  9,260         9,260    
Restructuring and termination costs  2,894         2,894    
Bargain purchase gain        (44,633)     (44,633)
Share-based compensation              (3,886)
Adjusted EBITDA $  5,035   $  3,327   $  83,000   $  8,362   $  163,003  
                

Adjusted profit attributable to Ferroglobe ($, 000):   

           
  Quarter Ended Quarter Ended Quarter Ended Six Months Ended Six Months Ended
  June 30, 2019 March 31, 2019 June 30, 2018 June 30, 2019 June 30, 2018
(Loss) profit attributable to the parent $  (40,823) $  (26,830) $  67,438   $  (67,653) $  104,118  
Tax rate adjustment  10,337   4,936   (11,440)  15,273   (11,803)
Contract termination costs  6,297         6,297    
Restructuring and termination costs  1,968         1,968    
Bargain purchase gain        (30,350)     (30,350)
Share-based compensation              (2,642)
Adjusted (loss) profit attributable to the parent $  (22,221) $  (21,894) $  25,648   $  (44,115) $  59,323  
                

Adjusted diluted profit per share:   

           
  Quarter Ended Quarter Ended Quarter Ended Six Months Ended Six Months Ended
  June 30, 2019 March 31, 2019 June 30, 2018 June 30, 2019 June 30, 2018
Diluted (loss) profit per ordinary share $  (0.24) $  (0.16) $  0.39   $  (0.40) $  0.60  
Tax rate adjustment  0.06   0.03   (0.07)  0.09   (0.07)
Contract termination costs  0.04         0.04    
Restructuring and termination costs  0.01         0.01    
Bargain purchase gain        (0.18)     (0.18)
Share-based compensation              (0.02)
Adjusted diluted (loss) profit per ordinary share $  (0.13) $  (0.13) $  0.14   $  (0.26) $  0.33  
                

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Latest news on FERROGLOBE PLC
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09/03Ferroglobe Reports Second Quarter Results of 2019
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More news
Financials (USD)
Sales 2019 1 627 M
EBIT 2019 -321 M
Net income 2019 -123 M
Debt 2019 249 M
Yield 2019 -
P/E ratio 2019 -1,38x
P/E ratio 2020 -4,30x
EV / Sales2019 0,26x
EV / Sales2020 0,23x
Capitalization 169 M
Chart FERROGLOBE PLC
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Technical analysis trends FERROGLOBE PLC
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 3
Average target price 1,33  $
Last Close Price 1,00  $
Spread / Highest target 40,4%
Spread / Average Target 32,8%
Spread / Lowest Target 25,3%
EPS Revisions
Managers
NameTitle
Pedro Larrea Paguaga Chief Executive Officer & Director
Francisco Javier López Madrid Executive Chairman
Benoist Ollivier Chief Operating Officer & Deputy CEO
Beatríz García-Cos Muntañola Chief Financial Officer
Greger Hamilton Independent Non-Executive Director