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Ferroglobe Reports Results for Second Quarter 2017

  • Q2 2017 revenue of $425.8 million, up 8% from $396.0 million in Q1 20171
  • Q2 2017 net profit of $1.0 million, or $0.02 per share on a fully diluted basis, up from a net loss of $(8.1) million, or a $(0.04) loss per share on a fully diluted basis, in the prior quarter
  • Q2 2017 adjusted net profit attributable to the parent of $6.0 million, or $0.05 per share on a fully diluted basis, compared to a net loss attributable to the parent of $(4.8) million, or $(0.03) per share on a fully diluted basis   
  • Q2 2017 reported EBITDA of $36.8 million, an increase of 19% compared to reported EBITDA of $30.9 million in Q1 2017
  • Q2 2017 adjusted EBITDA of $43.9 million, an increase of 42% compared to $30.9 million adjusted EBITDA in the prior quarter
  • Maintained strong balance sheet with Q2 2017 net debt of $435 million compared to $407 million in Q1 2017
  • Results exceeded expectations with first net profit reported since merger. Strong performance driven by price recovery as a result of reduced inflow of low-priced imports of silicon metal and strong end-market demand

LONDON, Aug. 29, 2017 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM), ("Ferroglobe" or the "Company"), one of the world’s largest producers of silicon metal and silicon- and manganese-based alloys, today announced results for the second quarter of 2017.

In Q2 2017, Ferroglobe posted a net profit of $1.0 million, or $0.02 per share on a fully diluted basis. On an adjusted basis, Q2 2017 net profit attributable to the parent was $6.0 million, or $0.05 per share on a fully diluted basis.

Q2 2017 reported EBITDA was $36.8 million, up from $30.9 million in the prior quarter. On an adjusted basis, Q2 2017 EBITDA was $43.9 million, up 42% from Q1 2017 adjusted EBITDA of $30.9 million. The Company reported adjusted EBITDA margins of 10.3% for Q2 2017, compared to adjusted EBITDA margins of 7.8% for Q1 2017.

Net sales in Q2 2017 totaled $425.8 million, up 8% from $396.0 million in Q1 2017. Selling prices for Ferroglobe’s key products continued to improve over the course of the quarter across both the U.S. and Europe:

  • The average selling price for silicon metal increased by 6.3% from $2,080/MT in Q1 2017 to $2,210/MT in Q2 2017, a significant improvement driven by reduced inflow of low-priced imports particularly in North America;
  • The average selling price for silicon-based alloys increased 7.7% to $1,586/MT in the quarter from $1,473/MT in the prior quarter;
  • The average selling price for manganese-based alloys remained broadly flat at $1,308/MT in Q2 2017 as compared to $1,298/MT in the prior quarter as a result of some pricing pressures, offset by lower manganese ore costs from inventory; and
  • In addition to these pricing trends, Ferroglobe continued to realize average sales prices in excess of the index.

The Company also saw stabilization of demand and volumes across its key products. In terms of sales volumes, silicon metal experienced a 9.4% increase quarter-over-quarter, silicon-based alloys experienced a 5.9% decrease quarter-over-quarter and manganese-based alloys experienced a 1.1% increase quarter-over-quarter.

                           
          Quarter Ended
June 30, 2017
  Quarter Ended
March 31, 2017
  Quarter Ended
June 30, 2016
  Six Months Ended
June 30, 2017
  Six Months Ended
June 30, 2016
Shipments in metric tons:                    
  Silicon Metal     82,881     75,753     85,242     158,634     175,347
  Silicon-based Alloys     70,913     75,386     74,786     146,299     148,259
  Manganese-based Alloys     64,403     63,700     70,756     128,103     134,331
    Total shipments*     218,197     214,839     230,784     433,036     457,937
                           
                           
          Quarter Ended
June 30, 2017
  Quarter Ended
March 31, 2017
  Quarter Ended
June 30, 2016
  Six Months Ended
June 30, 2017
  Six Months Ended
June 30, 2016
Average selling price ($/MT):                  
  Silicon Metal   $2,210   $2,080   $2,230   $2,148   $2,311
  Silicon-based Alloys   $1,586   $1,473   $1,430   $1,528   $1,432
  Manganese-based Alloys   $1,308   $1,298   $777   $1,303   $771
    Total*   $1,741   $1,635   $1,525   $1,688   $1,574
                           
                           
          Quarter Ended
June 30, 2017
  Quarter Ended
March 31, 2017
  Quarter Ended
June 30, 2016
  Six Months Ended
June 30, 2017
  Six Months Ended
June 30, 2016
Average selling price ($/lb.):                  
  Silicon Metal   $1.00   $0.94   $1.01   $0.97   $1.05
  Silicon-based Alloys   $0.72   $0.67   $0.65   $0.69   $0.65
  Manganese-based Alloys   $0.59   $0.59   $0.35   $0.59   $0.35
    Total*   $0.79   $0.74   $0.69   $0.77   $0.71
                           
* Excludes by-products and other                
                           

“Ferroglobe delivered strong performance in Q2 2017 with quarter-over-quarter earnings growth and improved profitability, having delivered positive net income for the first time since the merger. A significant reduction in the flow of low-priced imports of silicon metal resulted in continued pricing improvement particularly in North America and sustained strong end-market demand across all our products continued to drive the stabilization of shipment volumes. We continue to benefit from our diversification strategy, with the business now generating almost equal earnings from our three main products,” said CEO Pedro Larrea. “Having focused on carefully managing our cost structure in prior quarters, combined with disciplined execution of our commercial strategy, we have been able to capture the benefits of the market environment with a significant improvement in our margins. We expect prices to continue to improve through the year and we remain focused on sustained performance across all business segments as we move through the remainder of 2017.”

Strong cash flow generation continues to support liquidity

Working capital increased by $35.4 million during Q2 2017, primarily a result of the recovery cycle - year-to-date the Company has increased total working capital by $20.3 million. Ferroglobe continued to generate positive cash flows. During the quarter, the Company generated operating cash flow of $20.1 million and free cash flow of $5.8 million.

Ferroglobe’s net debt was $435 million at the end of Q2 2017, up by $28 million compared to $407 million at the end of Q1 2017. To further strengthen liquidity, on July 31, 2017 Ferroglobe entered into a $250 million accounts receivable securitization to obtain financing in connection with its receivables generated in the U.S., Canada, Spain and France under one program. This arrangement provides several benefits to the Company, including risk mitigation, liquidity maximization and the ability to replace multiple factoring arrangements with one consolidated, centrally-managed program.

                             
    Quarter Ended
June 30, 2017
    Quarter Ended
March 31, 2017
    Quarter Ended
June 30, 2016
    Six Months Ended
June 30, 2017
    Six Months Ended
June 30, 2016
Profit (loss) attributable to the parent $   2,859         (6,554 )       (42,238 )       (3,695 )       (67,937 )
Loss attributable to non-controlling interest   (1,859 )     (1,561 )     (7,080 )     (3,420 )     (13,291 )
Income tax benefit   (1,949 )     (1,214 )     (29,038 )     (3,163 )     (28,261 )
Net finance expense   14,547       12,970       6,908       27,517       14,523  
Financial derivatives loss   4,071       -       -       4,071       -  
Exchange differences   (7,263 )     20       276       (7,243 )     2,004  
Depreciation and amortization charges, operating allowances and write-downs   26,401       27,222       24,534       53,623       67,532  
EBITDA     36,807         30,883         (46,638 )       67,690         (25,430 )
Non-controlling interest settlement   1,751       -       -       1,751       -  
Power credit   (3,696 )     -       -       (3,696 )     -  
Long lived asset charge due to reclassification of discontinued operations to continuing operations   2,608       -       -       2,608       -  
Accrual of contingent liabilities related to commercial disputes   6,400       -       -       6,400       -  
Impairment loss   -       -       58,587       -       58,587  
Transaction and due diligence expenses   -       -       5,227       -       7,868  
Globe purchase price allocation adjustments   -       -       -       -       10,022  
Adjusted EBITDA $   43,870         30,883         17,176         74,753         51,047  
                                       

/EIN News/ --

                               
      Quarter Ended
June 30, 2017
    Quarter Ended
March 31, 2017
    Quarter Ended
June 30, 2016
    Six Months Ended
June 30, 2017
    Six Months Ended
June 30, 2016
                               
Profit (loss) attributable to the parent  $    2,859         (6,554 )       (42,238 )       (3,695 )       (67,937 )
  Tax rate adjustment   (1,645 )     1,771       (3,964 )     126       6,775  
  Non-controlling interest settlement   1,191       -       -       1,191       -  
  Power credit   (2,513 )     -       -       (2,513 )     -  
  Long lived asset charge due to reclassification of discontinued operations to continuing operations   1,773       -       -       1,773       -  
  Accrual of contingent liabilities related to commercial disputes   4,352       -       -       4,352       -  
  Impairment loss   -       -       39,839       -       39,839  
  Transaction and due diligence expenses   -       -       3,555       -       5,351  
  Globe purchase price allocation adjustments   -       -       -       -       6,815  
Adjusted profit (loss) attributable to the parent  $    6,017         (4,783 )       (2,808 )       1,234         (9,157 )
                               


                               
      Quarter Ended
June 30, 2017
    Quarter Ended
March 31, 2017
    Quarter Ended
June 30, 2016
    Six Months Ended
June 30, 2017
    Six Months Ended
June 30, 2016
Diluted profit (loss) per ordinary share     0.02         (0.04 )       (0.25 )       (0.02 )       (0.40 )
  Tax rate adjustment   (0.01 )     0.01       (0.01 )     0.00       0.05  
  Non-controlling interest settlement   0.01       -       -       0.01       -  
  Power credit   (0.01 )     -       -       (0.01 )     -  
  Long lived asset charge due to reclassification of discontinued operations to continuing operations   0.01       -       -       0.01       -  
  Accrual of contingent liabilities related to commercial disputes   0.03       -       -       0.03       -  
  Impairment loss   -       -       0.23       -       0.23  
  Transaction and due diligence expenses   -       -       0.02       -       0.03  
  Globe purchase price allocation adjustments   -       -       -       -       0.04  
Adjusted diluted profit (loss) per ordinary share     0.05         (0.03 )       (0.01 )       0.02         (0.05 )
                               

Recent developments

The favorable demand environment has allowed Ferroglobe to return to close to full capacity utilization. The Selma facility (Alabama, US) restarted one of its two furnaces. Ferroglobe’s European and other North American plants are now running at full capacity. Facilities in Argentina and South Africa are currently at 50% and 65% utilization, respectively, in Q2 2017 as a result of unfavorable local conditions. Ferroglobe’s plant in Venezuela has halted operations since May 2017, as the Company awaits further developments in the country. 

Regarding the ongoing trade cases that Ferroglobe filed in the United States, the Department of Commerce (the “DOC”) issued preliminary determinations on August 7, 2017 imposing countervailing duties on silicon metal imports from Australia, Brazil and Kazakhstan. The duties imposed ranged from 3.69% to 120%, with more than 54% of silicon metal imports into the United States being subject to cash deposit requirements. The Company has also filed antidumping cases against imports from Australia, Brazil, and Norway to address unfairly low import pricing. The DOC is expected to make preliminary determinations in the antidumping cases on October 4, 2017, which may result in the imposition of additional duties.

Ferroglobe Executive Chairman, Javier López Madrid, commented, “We are confident that the affirmative preliminary determinations issued on August 7, 2017 will be the first step in ensuring a more competitive and fair silicon metal market in the U.S., and we look forward to receiving a favorable outcome in the ongoing antidumping investigations.”

Regarding the ongoing trade case filed in Canada, the Canadian Border Services Agency (the “Agency”) issued its preliminary determinations on July 5, 2017. The Agency found dumping and/or subsidy margins for Brazil, Kazakhstan, Laos, Malaysia, Norway and Thailand. It terminated its investigation against Russia on the basis of insufficient import volumes. The final determination of the Agency’s investigations is expected to be issued on October 3, 2017. The Canadian International Trade Tribunal hearing is scheduled to take place on October 2, 2017, with a final finding expected to be issued on November 2, 2017.

The Company announced on July 26, 2017 that it has not received the required regulatory approvals to divest hydro-electric operations in Spain. The Company will continue to explore all options, including further efforts to gain formal approval for the divestiture of these non-core assets to capture the assets full value.

_____________________

1 Q1 2017 income statement has been revised to include Ferroglobe’s energy business in Spain as no longer discontinued operations, including sales, net profit and reported and adjusted EBITDA.  

Conference Call

Ferroglobe will review the results for the second quarter of 2017 during a conference call at 9:00 a.m. Eastern Time on Wednesday, August 30, 2017.

The dial-in number for the call for participants in the United States is 877-293-5491 (conference ID 69657476). International callers should dial 914-495-8526 (conference ID 69657476). 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 http://edge.media-server.com/m/p/xyge3xid

About Ferroglobe

Ferroglobe PLC is one of the world’s largest producers of silicon metal and silicon- and manganese-based alloys, 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 headquartered in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. 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 generally can be identified by the use of forward-looking terminology, including, but not limited to, “may,” “could,” “seek,” “guidance,” “predicts,” “potential,” “likely,” “believe,” “will,” “expect,” “anticipate, “estimate,” “plan,” “intends” or “forecast,” variations of these terms and similar expressions, or the negative of these terms or similar expressions.

Forward-looking statements contained in this press release are based on information presently available to the company and assumptions that we 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.

You are cautioned that all such statements involve risks and uncertainties, including, without limitation, risks that the legacy businesses of Globe and FerroAtlántica will not be integrated successfully or that we will not realize estimated cost savings, value of certain tax assets, synergies and growth, or that such benefits may take longer to realize than expected. Important factors that may cause actual results to differ include, but are not limited to: (i) risks relating to unanticipated costs of integration, including operating costs, customer loss and business disruption being greater than expected; (ii) Ferroglobe’s organizational and governance structure; (iii) the ability to hire and retain key personnel; (iv) regional, national or global political, economic, business, competitive, market and regulatory conditions including, among others, changes in metals prices; (v) increases in the cost of raw materials or energy; (vi) competition in the metals and foundry industries; (vii) environmental and regulatory risks; (viii) ability to identify liabilities associated with acquired properties prior to their acquisition; (ix) ability to manage price and operational risks including industrial accidents and natural disasters; (x) ability to manage foreign operations; (xi) changes in technology; (xii) ability to acquire or renew permits and approvals; (xiii) changes in legislation or governmental regulations affecting Ferroglobe; (xiv) conditions in the credit markets; (xv) risks associated with assumptions made in connection with critical accounting estimates and legal proceedings; (xvi) Ferroglobe's international operations, which are subject to the risks of currency fluctuations and foreign exchange controls; and (xvii) the potential for international unrest, economic downturn or effects of currencies, tax assessments, tax adjustments, anticipated tax rates, raw material costs or availability or other regulatory compliance costs. The foregoing list is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business, including those described in the “Risk Factors” section of our Annual Reports on Form 20-F, Current Reports on Form 6-K and other documents we file from time to time with the United States Securities and Exchange Commission. Ferroglobe does not give any assurance (1) that the company will achieve its expectations or (2) concerning any result or the timing thereof, in each case, with respect to any regulatory action, administrative proceedings, government investigations, litigation, warning letters, consent decree, cost reductions, business strategies, earnings or revenue trends or future financial results. 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 presented herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake or assume any obligation to update publicly any of the forward-looking statements in this press release to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements. If the company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The company cautions you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Financial Metrics

EBITDA, adjusted EBITDA, adjusted diluted profit (loss) per ordinary share and adjusted profit (loss) attributable to the parent are, we believe, pertinent non-IFRS financial metrics that Ferroglobe utilizes to measure its 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. Reconciliations of these measures to the comparable IFRS financial measures are provided above and in the attached financial statements.

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Income Statement
(in thousands of U.S. dollars, except per share amounts)
                               
      Quarter Ended
June 30, 2017
    Quarter Ended
March 31, 2017*
    Quarter Ended
June 30, 2016
    Six Months Ended
June 30, 2017
    Six Months Ended
June 30, 2016
                               
Sales   $ 425,810       396,037       397,953       821,847       821,432  
Cost of sales     (250,279 )     (241,138 )     (252,764 )     (491,417 )     (534,607 )
Other operating income     4,008       1,629       3,717       5,637       6,050  
Staff costs     (74,168 )     (66,485 )     (72,050 )     (140,653 )     (139,233 )
Other operating expense     (65,009 )     (60,124 )     (64,374 )     (125,133 )     (119,315 )
Depreciation and amortization charges, operating allowances and write-downs     (26,401 )     (27,222 )     (24,534 )     (53,623 )     (67,532 )
Impairment losses     -       -       (58,587 )     -       (58,587 )
Other (loss) gain     (3,555 )     964       (533 )     (2,591 )     (1,170 )
Operating profit (loss)       10,406         3,661         (71,172 )       14,067         (92,962 )
Finance income     162       795       442       957       685  
Finance expense     (14,709 )     (13,765 )     (7,350 )     (28,474 )     (15,208 )
Financial derivatives loss     (4,071 )     -       -       (4,071 )     -  
Exchange differences     7,263       (20 )     (276 )     7,243       (2,004 )
Loss before tax       (949 )       (9,329 )       (78,356 )       (10,278 )       (109,489 )
Income tax benefit     1,949       1,214       29,038       3,163       28,261  
Profit (loss) for the period       1,000         (8,115 )       (49,318 )       (7,115 )       (81,228 )
Loss attributable to non-controlling interest     1,859       1,561       7,080       3,420       13,291  
Profit (loss) attributable to the parent   $   2,859         (6,554 )       (42,238 )       (3,695 )       (67,937 )
                               
                               
EBITDA     36,807       30,883       (46,638 )     67,690       (25,430 )
Adjusted EBITDA     43,870       30,883       17,176       74,753       51,047  
                               
Weighted average shares outstanding                              
Basic     171,947       171,838       171,838       171,947       171,838  
Diluted     172,047       171,838       171,838       171,947       171,838  
                               
Profit (loss) per ordinary share                              
Basic     0.02       (0.04 )     (0.25 )     (0.02 )     (0.40 )
Diluted     0.02       (0.04 )     (0.25 )     (0.02 )     (0.40 )
                               
*  Revised data presents the results of Ferroglobe’s energy business in Spain as no longer discontinued operations.
                               


Ferroglobe PLC and Subsidiaries      
Unaudited Condensed Consolidated Statement of Financial Position      
(in thousands of U.S. dollars)      
               
      June 30,   March 31,   December 31,
      2017   2017   2016
             
ASSETS
Non-current assets            
  Goodwill  $  232,250   230,733   230,210
  Other intangible assets   60,282   56,854   62,839
  Property, plant and equipment   888,844   790,501   781,606
  Non-current financial assets   6,198   5,967   5,823
  Non-current financial assets from related parties   -   -   9,845
  Deferred tax assets   52,214   47,768   44,950
  Non-current receivables from related parties   2,282   2,139   2,108
  Other non-current assets   22,337   20,892   20,245
Total non-current assets     1,264,407     1,154,854     1,157,626
Current assets            
  Inventories   337,555   312,757   316,702
  Trade and other receivables   229,703   214,738   209,406
  Current receivables from related parties   3,684   5,576   11,971
  Current income tax assets   11,272   16,614   19,869
  Current financial assets   3,661   3,640   4,049
  Other current assets   12,568   10,703   9,810
  Cash and cash equivalents   183,561   172,647   196,931
  Assets and disposal groups classified as held for sale   -   120,094   92,937
Total current assets     782,004     856,769     861,675
Total assets  $    2,046,411     2,011,623     2,019,301
               
EQUITY AND LIABILITIES
Equity  $    906,518     902,872     892,042
Non-current liabilities            
  Deferred income   5,960   3,656   3,949
  Provisions   85,029   83,993   81,957
  Bank borrowings   62,776   78,123   179,473
  Obligations under finance leases   72,647   1,906   3,385
  Debt instruments   338,202   339,693   -
  Other financial liabilities   116,492   86,962   86,467
  Other non-current liabilities   2,449   2,317   5,737
  Deferred tax liabilities   144,345   132,753   139,535
Total non-current liabilities     827,900     729,403     500,503
Current liabilities            
  Provisions   22,091   11,915   19,627
  Bank borrowings   1,021   1,545   241,818
  Obligations under finance leases   12,030   586   1,852
  Debt instruments   12,537   4,156   -
  Other financial liabilities   2,460   1,616   1,592
  Payables to related parties   8,813   10,283   30,738
  Trade and other payables   178,602   177,015   157,706
  Current income tax liabilities   4,673   3,616   961
  Other current liabilities   69,766   63,346   64,780
  Liabilities associated with assets classified as held for sale   -   105,270   107,682
Total current liabilities     311,993     379,348     626,756
Total equity and liabilities  $    2,046,411     2,011,623     2,019,301
               


Ferroglobe PLC and Subsidiaries            
Unaudited Condensed Consolidated Statement of Cash Flows            
(in thousands of U.S. dollars)            
                                 
        Quarter Ended
June 30, 2017
    Quarter Ended
March 31, 2017
    Quarter Ended
June 30, 2016
    Six Months Ended
June 30, 2017
    Six Months Ended
June 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:                            
Profit (loss) for the period $ 1,000       (8,115 )     (49,318 )     (7,115 )     (81,228 )
Adjustments to reconcile net loss to net cash provided by operating activities:                            
  Income tax benefit   (1,949 )     (1,214 )     (29,038 )     (3,163 )     (28,261 )
  Depreciation and amortization charges, operating allowances and write-downs   26,401       27,222       24,534       53,623       67,532  
  Finance income   (162 )     (795 )     (442 )     (957 )     (685 )
  Finance expense   14,709       13,765       7,350       28,474       15,208  
  Financial derivatives loss   4,071       -       -       4,071       -  
  Exchange differences   (7,263 )     20       276       (7,243 )     2,004  
  Impairment losses   -       -       58,587       -       58,587  
  Loss on disposals of non-current and financial assets   1,348       (558 )     242       790       191  
  Other adjustments   2,208       (406 )     291       1,802       979  
Changes in operating assets and liabilities                            
  (Increase) decrease in inventories   (11,943 )     7,108       14,347       (4,835 )     57,696  
  Decrease in trade receivables   9,456       3,765       28,439       13,221       54,236  
  (Decrease) increase in trade payables   (8,943 )     18,156       (10,651 )     9,213       (8,741 )
  Other*   (506 )     (34,545 )     (16,050 )     (35,051 )     (58,901 )
Income taxes (paid) received   (3,919 )     (2,297 )     1,497       (6,216 )     (11,277 )
Interest paid   (4,378 )     (9,729 )     (5,767 )     (14,107 )     (13,469 )
Net cash provided by operating activities   20,130       12,377       24,297       32,507       53,871  
CASH FLOWS FROM INVESTING ACTIVITIES:                            
Payments due to investments:                            
  Other intangible assets   -       (410 )     (87 )     (410 )     (523 )
  Property, plant and equipment   (14,319 )     (12,362 )     (15,676 )     (26,681 )     (42,484 )
  Non-current financial assets   -       (14 )     (273 )     (14 )     (273 )
  Current financial assets   -       -       (13,865 )     -       (13,918 )
Disposals:                            
  Intangible assets   -       -       (30 )     -       -  
  Property, plant and equipment   -       -       (104 )     -       -  
  Current financial assets   -       -       99       -       99  
Interest received   211       353       466       564       709  
Net cash used by investing activities   (14,108 )     (12,433 )     (29,470 )     (26,541 )     (56,390 )
CASH FLOWS FROM FINANCING ACTIVITIES:                            
Dividends paid   -       -       -       -       (13,747 )
Payment for debt issuance costs   (3,078 )     (10,477 )     -       (13,555 )     -  
Proceeds from debt issuance   -       350,000       -       350,000       -  
Increase/(decrease) in bank borrowings:                            
  Borrowings   30       31,425       25,978       31,455       82,969  
  Payments   (15,300 )     (372,380 )     11,623       (387,680 )     (38,075 )
Other amounts paid due to financing activities   (10,694 )     (7,211 )     (3,851 )     (17,905 )     (4,563 )
Net cash (used) provided by financing activities   (29,042 )     (8,643 )     33,750       (37,685 )     26,584  
TOTAL NET CASH FLOWS FOR THE PERIOD   (23,020 )     (8,699 )     28,577       (31,719 )     24,065  
Beginning balance of cash and cash equivalents   193,031       196,982       114,019       196,982       116,666  
Exchange differences on cash and cash equivalents in foreign currencies   13,550       4,748       (6,822 )     18,298       (4,957 )
Ending balance of cash and cash equivalents $ 183,561       193,031       135,774       183,561       135,774  
                                 
                                 
* Includes the cash outflow impact of the $32.5M shareholder settlement during the quarter ended March 31, 2016.
                                 
INVESTOR CONTACT: 
Ferroglobe PLC
Joe Ragan, US: +1 917 2098581, UK: +44 (0) 7827 227 688
Chief Financial Officer
Email: jragan@ferroglobe.com

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