Q3 2021 sales of $429.2 million, up 2.5% compared to $418.5 million in Q2 2021, and up 63.4% compared to $262.7 million in Q3 2020
Adjusted EBITDA of $37.6 million, up 10.3% compared to $34.1 million in Q2 2021, and up 69.1% compared to $22.2 million in Q3 2020
Net loss of ($97.6) million, compared to net profit of $0.7 million in Q2 2021, and net loss of ($46.8) million in Q3 2020 Net loss includes a one-time charge of $90.8 million related to the debt extinguishment from the refinancing
Negative operating cash flow of ($34.7) million driven by an investment in working capital
Pricing environment remains strong across all products; 2022 order book well positioned to capitalize on upside

LONDON, Nov. 16, 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 third quarter 2021.

Q3 2021 Earnings Highlights

In the third quarter of 2021, Ferroglobe reported net sales of $429.2 million, up 2.5% from the prior quarter and up 63.4% from the year-ago period.

Ferroglobe reported a net loss of ($97.6) million, or ($0.54) per share on a fully diluted basis in the third quarter 2021. The net loss includes a $90.8 million one-time charge relating to debt extinguishment. On an adjusted basis, the Q3 2021 net loss was ($64.2) million, or ($0.36) per share on a fully diluted basis.

At the completion of the comprehensive refinancing, we recognized a charge of $90.8 million. This relates to all the advisory fees and expenses, including equity granted to the noteholders and underwriters, incurred during the refinancing of the prior 9.375% Senior Notes due 2022, which were deemed to be extinguished at closing and replaced with new 9.375% million Senior Notes due 2025. This $90.8 million charge is deemed to be one-time, but adversely impacted our P&L during the quarter, resulting in a net loss of $97.6 million.

The Company´s reported Q3 EBITDA of $35.2 million, is up 10.3% from $31.9 million in the prior quarter. On an adjusted basis, Q3 2021 EBITDA was $37.6 million, up 10.3% from the prior quarter adjusted EBITDA of $34.1 million. The Company reported an adjusted EBITDA margin of 8.8% for Q3 2021, up from 8.1% for Q2 2021.


	Quarter Ended			Quarter Ended			Quarter Ended			Nine Months Ended			Nine Months Ended
$,000 (unaudited)	September 30, 2021			June 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020

Sales	$	429,210		$	418,538		$	262,673		$	1,209,137		$	823,899
Net profit (loss)	$	(97,619	)	$	730		$	(46,834	)	$	(165,405	)	$	(109,927	)
Diluted EPS	$	(0.54	)	$	0.01		$	(0.28	)	$	(0.94	)	$	(0.63	)
Adjusted net income (loss) attributable to the parent	$	(64,214	)	$	2,964		$	(9,331	)	$	(79,424	)	$	(58,109	)
Adjusted diluted EPS	$	(0.36	)	$	0.02		$	(0.14	)	$	(0.45	)	$	(0.34	)
Adjusted EBITDA	$	37,592		$	34,088		$	22,231		$	93,747		$	27,027
Adjusted EBITDA margin		8.8	%		8.1	%		8.5	%		7.8	%		3.3	%

Ferroglobe's Chief Executive Officer, Marco Levi Ph.D, commented, "During the third quarter, we experienced stronger pricing across each of our segments as the market dynamics reflected very strong demand. Somewhat offsetting the strong pricing environment was higher costs, primarily energy as well as lower volumes in our silicon metal and silicon-based alloys segments driven by operational issues at certain facilities and delayed deliveries requested by some customers given the seasonal slowdown during the summer." Dr. Levi added, "The end markets for each of our segments remain robust into the fourth quarter, resulting in strong momentum as we negotiate contracts for 2022. We expect to end the year on a favorable note, and are taking measures to ensure a step-change in our financial performance next year."

"Throughout the third quarter, we continued to execute on our strategic plan, finalizing the refinancing and focusing on improving Ferroglobe's efficiencies company-wide. We have made significant progress, but there is more work to be done as we focus on growing our business and increasing our profitability," concluded Dr. Levi.

Cash Flow and Balance Sheet

Cash used from operations during Q3 2021 was $34.7 million, primarily driven by investments in working capital given the ramp-up in demand we are expecting.

Working capital increased by $61.6 million, from $334.3 million as of June 30, 2021 to $395.9 million as of September 30, 2021. The increase in working capital was driven by a $45 million increase in inventory and a $22 million increase in accounts receivable as a result of increased activity.

Net debt was $404 million as of September 30, 2021, up from $358 million as of June 30, 2021. This is primarily attributable to the issuance of the second tranche of the Super Senior notes amounting $20 million of an aggregate $60 million on July 29, 2021.

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, second and third 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 October 6, 2021, the Company has entered into an equity distribution agreement (the "Equity Distribution Agreement") with B. Riley Securities, Inc. and Cantor Fitzgerald & Co. relating to an at-the market offering of the ordinary shares, par value $0.01 per share, of Ferroglobe PLC, under which the Company may offer and sell ordinary shares having an aggregate offering price of up to $100,000,000 from time to time through B. Riley Securities, Inc. and Cantor Fitzgerald & Co. as our sales agents. The program expires upon expiry of the Form F-3 on June 15, 2024.

To date, the Company has sold 186,053 ordinary shares with a net proceeds of $1.4 million.

Beatriz García-Cos, Ferroglobe's Chief Financial Officer, commented, "Ferroglobe is at an interesting inflection point where we see attractive opportunities to position the business for growth going into 2022, on the heels of a strong operating environment. At the same time a number of headwinds, primarily energy prices in Spain and some inflationary pressures in key inputs, is consuming greater than expected cash. As such, this program offers a flexible way to raise capital if/when needed to pursue growth opportunities, but with no obligation to use the program."

On November 15, 2021 Ferroglobe reached an agreement with the French Government relating to its restructuring process. Under the agreement, Ferroglobe has the support from the government and projects to strengthen its competitiveness across the five manufacturing sites that would continue to operate in France. Specifically, Les Clavaux facility would remain operational with a clear plan to modernize the facility and improve its cost position. This facility would also benefit from a new commercial agreement with a long-standing customer. As planned in the initial project proposed in March 2021, the Château-Feuillet facility would stop production and the calcium silicon production capability would be transferred to Les Clavaux.

Marco Levi, Ferroglobe's Chief Executive Officer commented, "I would like to acknowledge and thank all the efforts made by the various stakeholders, which have helped reduce the potential social impact in France. This includes the contributions and diligent work of the French government and in particular the Minister of Industry, the Minister of Labor and their respective teams at the national and local levels, the Interministerial Delegate for Restructuring, the Prefects and elected officials, and all Ferroglobe France (FerroPem) employees and social partners. We are collectively encouraged by this outcome and feel confident that the new environment and developments through the process should enable us to strengthen our competitiveness in France."

Discussion of Third Quarter 2021 Results

The financial results presented for the third quarter are unaudited.

Sales

Sales for Q3 2021 were $429.2 million, an increase of 2.5% compared to $418.5 million in Q2 2021.


	Quarter Ended		Quarter Ended				Quarter Ended				Nine Months Ended		Nine Months Ended
	September 30, 2021		June 30, 2021		Change		September 30, 2020		Change		September 30, 2021		September 30, 2020		Change
Shipments in metric tons:
Silicon Metal		61,713		67,322	(8.3	)%		51,215	20.5	%		190,311		152,420	24.9	%
Silicon-based Alloys		55,863		65,222	(14.3	)%		42,449	31.6	%		182,688		142,860	27.9	%
Manganese-based Alloys		76,454		68,323	11.9	%		53,980	41.6	%		217,386		182,995	18.8	%
Total shipments*		194,030		200,867	(3.4	)%		147,644	31.4	%		590,385		478,275	23.4	%

Average selling price ($/MT):
Silicon Metal	$	2,467	$	2,347	5.1	%	$	2,248	9.7	%	$	2,366	$	2,225	6.3	%
Silicon-based Alloys	$	1,992	$	1,830	8.9	%	$	1,534	29.9	%	$	1,824	$	1,510	20.8	%
Manganese-based Alloys	$	1,574	$	1,414	11.3	%	$	1,009	56.0	%	$	1,390	$	1,019	36.4	%
Total*	$	1,978	$	1,862	6.3	%	$	1,590	24.4	%	$	1,839	$	1,550	18.6	%

Average selling price ($/lb.):
Silicon Metal	$	1.12	$	1.06	5.1	%	$	1.02	9.7	%	$	1.07	$	1.01	6.3	%
Silicon-based Alloys	$	0.90	$	0.83	8.9	%	$	0.70	29.9	%	$	0.83	$	0.68	20.8	%
Manganese-based Alloys	$	0.71	$	0.64	11.3	%	$	0.46	56.0	%	$	0.63	$	0.46	36.4	%
Total*	$	0.90	$	0.84	6.3	%	$	0.72	24.4	%	$	0.83	$	0.70	18.6	%

_________________

* Excludes by-products and other

Sales Prices & Volumes By Product

During Q3 2021, the average selling prices across our product portfolio increased by 6.3% versus Q2 2021. During the quarter, the average selling prices of silicon metal increased 5.1%, silicon-based alloys prices increased 8.9%, and manganese-based alloys prices increased 11.3%.

Overall sales volumes in Q3 2021 decreased by 3.4% versus the prior quarter. Silicon metal volume in the third quarter was 61,713 tons, down 8.3% from the prior quarter. The decline in Q3 was a result of curtailments at Sabon (Spain) and Alloy, West Virginia (United States). Silicon-based alloys shipments during the third quarter were 55,863 tons, down 14.3% from the prior quarter, driven primarily by a combination of operational disturbances, as well as some seasonality in demand. Manganese-based alloys shipments of 76,787 were up 11.9% in Q3 versus Q2 2021. The strong volume trends in manganese-based alloys were a result of some shipment delays in the second quarter which show up in the third quarter figures.

Cost of Sales

Cost of sales was $295.3 million in Q3 2021, an increase from $267.9 million in the prior quarter. Cost of sales as a percentage of sales increased to 68.8% in Q3 2021 versus 64.0% for Q2 2021. The increase in the percentage of cost of sales in Q3 was mainly driven by higher energy cost in Spain.

Other Operating Expenses

Other operating expenses in Q3 2021 were $79.8 million, down from $93.2 million in Q3 2021. The decrease in other operating expenses was mainly due to the higher impact of the European free CO2 rights in Q2 2021.

Net Loss Attributable to the Parent

In Q3 2021, net loss attributable to the Parent was ($96.6) million, or ($0.54) per diluted share, compared to a net profit attributable to the Parent of $1.9 million , or $0.01 per diluted share in Q2 2021. The net loss in Q3 included a non-cash charge of ($90.8) million related to the debt extinguishment of the senior notes as part of the refinancing.

Adjusted EBITDA

In Q3 2021, adjusted EBITDA was $37.6 million, or 8.8% of sales, up 10.3% compared to adjusted EBITDA of $34.1 million, or 8.1% of sales in Q2 2021. The increase in the Q3 2021 Adjusted EBITDA is primarily driven by the improvement in average realized prices across the product portfolio.

Net finance expenses

Net finance expense amounted to $103.4 million in Q3 2021, an increase from $11.2 million in the prior quarter. The increase is due to the accounting charge relating to Senior Notes refinancing, amounting $90.8 million.

For accounting purposes the refinancing of the Senior Notes have been considered a debt extinguishment. As a consequence;

(i)	The accounting rules do not allow to capitalize the fees incurred in the exchange of the notes, amounting $31.7 million
(ii)	Similarly to the transaction fees, the shares paid to bondholders and underwriters cannot be capitalized and has to be considered as a one-off expense, amounting $51.6 million
(iii)	In the case of an extinguishment any outstanding upfront fees that were capitalized at the issuance of the original notes needs to be recycled in to P&L, this amounted $1 million. Additionally, the new notes were accounted at fair value amounting $6.5 million as the debt at the exchange date was trading with a premium. After the exchange the Senior notes will be accounted under the amortized cost method.

The transaction fees incurred in the issuance of the Super Senior has been capitalized as required by the accounting rules.

Conference Call

Ferroglobe management will review the third quarter during a conference call at 08:30 a.m. U.S Eastern Standard Time on November 17, 2021.

The dial-in number for participants in the United States is + 1 877-870-9135 (conference ID: 3867903). International callers should dial + 44 (0)-2071-928338 (conference ID: 3867903). 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/8ep3x3fm

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

Executive Vice President – Investor Relations

Email: investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu Roig

Executive Director – Communications & Public Affairs

Email: corporate.comms@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			Nine Months Ended			Nine Months Ended
	September 30, 2021			June 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Sales	$	429,210		$	418,538		$	262,673		$	1,209,137		$	823,899
Cost of sales		(295,273	)		(267,939	)		(166,231	)		(813,377	)		(562,882	)
Other operating income		31,447			37,105			7,598			70,466			25,526
Staff costs		(50,386	)		(63,197	)		(56,329	)		(208,849	)		(160,338	)
Other operating expense		(79,785	)		(93,171	)		(26,896	)		(209,793	)		(102,915	)
Depreciation and amortization charges, operating allowances and write-downs		(23,971	)		(23,523	)		(26,524	)		(72,779	)		(82,651	)
Impairment losses		(363	)		—			(34,269	)		(363	)		(34,269	)
Other (loss) gain		381			608			1,212			1,056			625
Operating profit (loss)		11,260			8,421			(38,766	)		(24,502	)		(93,005	)
Net finance expense		(103,379	)		(11,178	)		(13,985	)		(130,420	)		(47,162	)
Financial derivatives gain		—			—			—			—			3,168
Exchange differences		(6,180	)		3,237			13,158			(12,257	)		18,226
Profit (loss) before tax		(98,299	)		480			(39,594	)		(167,179	)		(118,773	)
Income tax benefit		680			250			(1,841	)		1,774			14,245
(Loss) profit for the period from continuing operations		(97,619	)		730			(41,435	)		(165,405	)		(104,528	)
Profit for the period from discontinued operations		—			—			(5,399	)		—			(5,399	)
Profit (loss) for the period		(97,619	)		730			(46,834	)		(165,405	)		(109,927	)
Profit attributable to non-controlling interest		1,023			1,180			(450	)		3,338			2,638
Profit (loss) attributable to the parent	$	(96,596	)	$	1,910		$	(47,284	)	$	(162,067	)	$	(107,289	)


EBITDA	$	35,231		$	31,944		$	(12,243	)	$	48,277		$	(10,354	)
Adjusted EBITDA	$	37,592		$	34,088		$	22,231		$	93,747		$	27,027

Weighted average shares outstanding
Basic		179,849			169,298			169,261			172,852			169,261
Diluted		179,849			169,298			169,261			172,852			169,261

Profit (loss) per ordinary share
Basic	$	(0.54	)	$	0.01		$	(0.28	)	$	(0.94	)	$	(0.63	)
Diluted	$	(0.54	)	$	0.01		$	(0.28	)	$	(0.94	)	$	(0.63	)

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

	September 30,		June 30,		December 31
	2021		2021		2020

ASSETS
Non-current assets
Goodwill	$	29,702	$	29,702	$	29,702
Other intangible assets		89,698		87,556		20,756
Property, plant and equipment		567,876		587,602		620,034
Other non-current financial assets		5,198		5,329		5,057
Deferred tax assets		150		62		—
Non-current receivables from related parties		2,316		2,377		2,454
Other non-current assets		17,916		13,960		11,904
Total non-current assets		712,856		726,588		689,907
Current assets
Inventories		284,488		239,750		246,549
Trade and other receivables		305,453		283,990		242,262
Current receivables from related parties		3,025		3,105		3,076
Current income tax assets		8,195		8,826		12,072
Other current financial assets		903		1,003		1,008
Other current assets		10,352		57,219		20,714
Current restricted cash and cash equivalents		5,996		6,149		28,843
Cash and cash equivalents		89,047		99,940		102,714
Total current assets		707,459		699,982		657,238
Total assets	$	1,420,315	$	1,426,570	$	1,347,145

EQUITY AND LIABILITIES
Equity	$	281,910	$	299,469	$	365,719
Non-current liabilities
Deferred income		16,275		37,570		620
Provisions		98,607		107,501		108,487
Bank borrowings		3,998		4,061		5,277
Lease liabilities		11,199		12,995		13,994
Debt instruments		405,171		37,600		346,620
Other financial liabilities		37,630		37,608		29,094
Other non-current liabilities		13,035		16,955		16,767
Deferred tax liabilities		22,868		23,956		27,781
Total non-current liabilities		608,783		278,246		548,640
Current liabilities
Provisions		109,552		102,269		55,296
Bank borrowings		86,262		85,825		102,330
Lease liabilities		9,255		8,709		8,542
Debt instruments		25,822		359,318		10,888
Other financial liabilities		24,155		23,732		34,802
Payables to related parties		9,079		6,131		3,196
Trade and other payables		194,074		189,449		149,201
Current income tax liabilities		1,464		513		2,538
Other current liabilities		69,959		72,909		65,993
Total current liabilities		529,622		848,855		432,786
Total equity and liabilities	$	1,420,315	$	1,426,570	$	1,347,145

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

	Quarter Ended			Quarter Ended			Quarter Ended			Nine Months Ended			Nine Months Ended
	September 30, 2021			June 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Cash flows from operating activities:
Profit (loss) for the period	$	(97,619	)	$	730		$	(46,834	)	$	(165,405	)	$	(109,927	)
Adjustments to reconcile net (loss) profit to net cash used by operating activities:
Income tax (benefit) expense		(680	)		(250	)		1,841			(1,774	)		(14,245	)
Depreciation and amortization charges, operating allowances and write-downs		23,971			23,523			26,524			72,779			82,651
Net finance expense		103,379			11,178			13,985			130,420			47,162
Financial derivatives loss (gain)		—			—			—			—			(3,168	)
Exchange differences		6,180			(3,237	)		(13,158	)		12,257			(18,226	)
Impairment losses		363			—			34,269			363			34,269
Net loss (gain) due to changes in the value of asset		(424	)		(243	)		—			(688	)		—
Bargain purchase gain		—			—			—			—			—
Gain on disposal of discontinued operation		—			—			5,399			—			5,399
Gain on disposal of non-current assets		—			—			—			(351	)		—
Share-based compensation		1,269			673			323			2,163			1,749
Other adjustments		43			(366	)		(8,774	)		(17	)		(8,188	)
Changes in operating assets and liabilities											—			—
(Increase) decrease in inventories		(51,835	)		(8,770	)		3,725			(49,159	)		42,831
(Increase) decrease in trade receivables		(27,683	)		(8,625	)		(4,731	)		(78,000	)		124,638
Increase (decrease) in trade payables		9,138			16,184			(20,359	)		51,474			(50,738	)
Other		(1,138	)		(32,783	)		31,411			3,764			3,526
Income taxes paid		359			(1,178	)		(633	)		(876	)		13,008
Interest paid		—			—			—			—			—
Net cash provided (used) by operating activities		(34,677	)		(3,164	)		22,988			(23,050	)		150,741
Cash flows from investing activities:
Interest and finance income received		21			128			278			184			617
Payments due to investments:											-
Acquisition of subsidiary		—			—			—			—			—
Other intangible assets		—			—			—			—			—
Property, plant and equipment		(8,189	)		(3,245	)		(8,734	)		(17,117	)		(18,396	)
Other		—			—			—			—			—
Disposals:											—			—
Disposal of subsidiaries		—			—			—			—			—
Other non-current assets		—			543			46			543			46
Other		—			—			—			—			—
Net cash (used) provided by investing activities		(8,168	)		(2,574	)		(8,410	)		(16,390	)		(17,733	)
Cash flows from financing activities:
Dividends paid		—			—			—			—			—
Payment for debt and equity issuance costs		(26,064	)		(11,093	)		(608	)		(43,755	)		(2,463	)
Proceeds from equity issuance		40,000			—			—			40,000			—
Proceeds from debt issuance		20,000			40,000						60,000
Increase/(decrease) in bank borrowings:											—			—
Borrowings		159,861			149,945			8,022			437,496			8,022
Payments		(158,118	)		(144,983	)		(7,800	)		(460,565	)		(73,360	)
Proceeds from stock option exercises		—			—			—			—			—
Amounts paid due to leases		(2,602	)		(3,157	)		(2,463	)		(8,615	)		(7,342	)
Other amounts received/(paid) due to financing activities		—			—			—			—			3,608
Payments to acquire or redeem own shares		—			—			—			—			—
Interest paid		(1,125	)		(3,333	)		(17,130	)		(21,473	)		(37,085	)
Net cash (used) provided by financing activities		31,952			27,379			(19,979	)		3,088			(108,620	)
Total net cash flows for the period		(10,893	)		21,641			(5,401	)		(36,352	)		24,388
Beginning balance of cash and cash equivalents		106,089			84,367			153,242			131,557			123,175
Exchange differences on cash and cash equivalents in foreign currencies		(153	)		81			(416	)		(162	)		(138	)
Ending balance of cash and cash equivalents	$	95,043		$	106,089		$	147,425		$	95,043		$	147,425
Cash from continuing operations		89,047			99,940			118,874			89,047			118,874
Current/Non-current restricted cash and cash equivalents		5,996			6,149			28,551			5,996			28,551
Cash and restricted cash in the statement of financial position	$	95,043		$	106,089		$	147,425		$	95,043		$	147,425

Adjusted EBITDA ($,000):

	Quarter Ended			Quarter Ended			Quarter Ended			Nine Months Ended			Nine Months Ended
	September 30, 2021			June 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Profit (loss) attributable to the parent	$	(96,596	)	$	1,910		$	(47,284	)	$	(162,067	)	$	(107,289	)
Profit (loss) for the period from discontinued operations		—			—			5,399			—			5,399
Profit (loss) attributable to non-controlling interest		(1,023	)		(1,180	)		450			(3,338	)		(2,638	)
Income tax (benefit) expense		(680	)		(250	)		1,841			(1,774	)		(14,245	)
Net finance expense		103,379			11,178			13,985			130,420			47,162
Financial derivatives loss (gain)		—			—			—			—			(3,168	)
Exchange differences		6,180			(3,237	)		(13,158	)		12,257			(18,226	)
Depreciation and amortization charges, operating allowances and write-downs		23,971			23,523			26,524			72,779			82,651
EBITDA		35,231			31,944			(12,243	)		48,277			(10,354	)
Impairment		363			—			34,269			363			34,269
Restructuring and termination costs		1,313			2,144			—			44,422			—
Energy: France		—			—			—			—			70
Staff Costs: South Africa		—			—			—			—			155
Other Idling Costs		—			—			205			—			2,887
Pension Plan buyout		685			—			—			685
Adjusted EBITDA	$	37,592		$	34,088		$	22,231		$	93,747		$	27,027

Adjusted profit attributable to Ferroglobe ($,000):

	Quarter Ended			Quarter Ended			Quarter Ended			Nine Months Ended			Nine Months Ended
	September 30, 2021			June 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Profit (loss) attributable to the parent	$	(96,596	)	$	1,910		$	(47,284	)	$	(162,067	)	$	(107,289	)
Tax rate adjustment		30,776			(404	)		14,511			51,723			23,761
Impairment		247			—			23,303			247			23,303
Restructuring and termination costs		893			1,458			—			30,207			—
Energy: France		—			—			—			—			48
Energy: South Africa		—			—			—			—			—
Staff Costs: South Africa		—			—			—			—			105
Other Idling Costs		—			—			139			—			1,963
Tolling agreement		—			—			—			—			—
Bargain purchase gain		—			—			—			—			—
Gain on sale of hydro plant assets		—			—			—			—			—
Share-based compensation		—			—			—			—			—
Pension Plan buyout		466									466
Adjusted profit (loss) attributable to the parent	$	(64,214	)	$	2,964		$	(9,331	)	$	(79,424	)	$	(58,109	)

Adjusted diluted profit per share:

	Quarter Ended			Quarter Ended			Quarter Ended			Nine Months Ended			Nine Months Ended
	September 30, 2021			June 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Diluted profit (loss) per ordinary share	$	(0.54	)	$	0.01		$	(0.28	)	$	(0.94	)	$	(0.63	)
Tax rate adjustment		0.18			(0.00	)		(0.00	)		0.31			0.14
Impairment		0.00			—			0.14			0.00			0.14
Restructuring and termination costs		0.00			0.01			—			0.18			—
Energy: France		—			—			—			—			0.00
Staff Costs: South Africa		—			—			—			—			0.00
Other Idling Costs		—			—			0.00			—			0.01
Restructuring and termination costs		—			—			—			—			—
Tolling agreement		—			—			—			—			—
Bargain purchase gain		—			—			—			—			—
Gain on sale of hydro plant assets		—			—			—			—			—
Share-based compensation		—			—			—			—			—
Pension Plan buyout		0.00			—			—			0.00			—
Adjusted diluted profit (loss) per ordinary share	$	(0.36	)	$	0.02		$	(0.14	)	$	(0.45	)	$	(0.34	)