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Ferroglobe Reports Results for the Second Quarter 2021

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·20-min read
In this article:
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Sales of $418.5 million, Adjusted EBITDA of $34.1 million, and return to positive net income

  • Q2 sales of $418.5 million, up 15.8% compared to $361.4 million in Q1 2021, and up 67.4% compared to $250.0 million in Q2 2020

  • Adjusted EBITDA of $34.1 million, up 54.5% compared to $22.1 million in Q1 2021, and up 52.1% compared to $22.4 million in Q2 2020

  • Q2 marks a return to positive net profit of $0.7 million compared to net loss of ($68.5) million in Q1 2021, and ($14.0) million in Q2 2020

  • Positive operating cash flow of $37.8 million and a return to positive net cash flow of $21.6 million

  • Working capital increase of marginally $0.6 million in Q2 2021; increased efficiency supporting flat level of working capital despite the ramp-up in activity

  • Improved production costs mainly driven by higher fixed cost absorption, and focused initiatives targeting key technical metrics

  • Completion and funding of financiang transactions (extension of bond maturity and issuance of the new super senior secured notes and equity) on July 30, 2021

LONDON, Aug. 23, 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 second quarter 2021.

Q2 2021 Earnings Highlights

In Q2 2021, Ferroglobe posted a net profit of $0.7 million, or $0.01 per share on a fully diluted basis. On an adjusted basis, the Q2 2021 net profit was $3.0 million, or $0.02 per share on a fully diluted basis.

Q2 2021 reported EBITDA was $31.9 million, up from ($18.9) million in the prior quarter. On an adjusted basis, Q2 2021 EBITDA was $34.1 million, up from adjusted EBITDA of $22.1 million in Q1 2021. The Company reported an adjusted EBITDA margin of 8.1% for Q2 2021, compared to 6.1% for Q1 2021.

Quarter Ended

Quarter Ended

Quarter Ended

Year Ended

Year Ended

$,000 (unaudited)

June 30, 2021

March 31, 2021

June 30, 2020

June 30, 2021

June 30, 2020

Sales

$

418,538

$

361,390

$

250,004

$

779,928

$

561,226

Net profit (loss)

$

730

$

(68,517

)

$

(14,035

)

$

(67,787

)

$

(63,093

)

Diluted EPS

$

0.01

$

(0.40

)

$

(0.07

)

$

(0.39

)

$

(0.35

)

Adjusted net income (loss) attributable to the parent

$

2,964

$

(18,172

)

$

(11,064

)

$

(15,208

)

$

(48,777

)

Adjusted diluted EPS

$

0.02

$

(0.12

)

$

(0.07

)

$

(0.10

)

$

(0.29

)

Adjusted EBITDA

$

34,088

$

22,069

$

22,413

$

56,157

$

4,796

Adjusted EBITDA margin

8.1

%

6.1

%

9.0

%

7.2

%

0.9

%

Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “The second quarter results reflect a strong improvement in our overall performance and marks the return to profitability, an important goal for this year. Both the top line and bottom line continue to strengthen due to successful execution of the strategic plan, as well as the overall robustness across our all of our markets.” Dr. Levi added, “As we look towards the back half of the year, we will keep the momentum going on all fronts to capitalize on the market opportunities and successfully execute some critical initiatives underpinning the strategic plan. Collectively, these efforts support the focus on improving the core of our business and ensuring a stronger and more profitable Company.”

Cash Flow and Balance Sheet

Cash generated from operations during Q2 2021 was $37.8 million, and the Company returned to positive net cash flow of $21.6 million during the quarter.

Working capital only increased by $0.6 million, from $334.3 million as of June 30, 2021 to $333.7 million as of March 31, 2021. Increased emphasis on operational and financial efficiencies resulted in this relatively flat level of working capital despite the ramp-up in activity.

Net debt was $358 million as of June 30, 2021, up from $334 million as of March 31, 2021. This is primarily attributable to the initial $40 million tranche raised during the quarter, of an aggregate $60 million of the new super senior secured. The subsequent $20 million tranche was closed and funded in the third quarter.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “This marks an important quarter for the Company. The return to positive net income and positive net cash flow validates the on-going efforts to turnaround our financial performance. However, we remain far from reaching the full potential of this business. Our top line is not fully benefiting from the current market prices across our product portfolio as we have fixed price contracts which begin to roll off during the back half of the year. Furthermore, we had a number of one-off, non-recurring expenses which also adversely impacted our margins. We remain extremely focused on cost management, particularly to off-set inflationary pressures on energy pricing, mainly in Europe. These factors will collectively drive an acceleration in our performance and cash generation during the remainder of the year.” Ms. García-Cos added, “The comprehensive financing we completed in July now provides the financial support to execute on important elements of the transformation plan and ensures a capital structure that provides the operational flexibility to capitalize on this strong market backdrop.”

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 and second 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 July 30, 2021, the Company announces the occurrence of “Transaction Effective Date” under Lock-up agreement dated March 27, 2021 and completion of the financing transactions. The financing consisted of:

(i) Extension of the maturity date of the Notes from March 31, 2022 to December 31, 2025

(ii) Issuance of $60 million of new senior secured notes, and

(iii) $40 million of equity issuance

Discussion of Second Quarter 2021 Results

The financial results presented for the second quarter are unaudited.

Sales

Sales for Q2 2021 were $418.5 million, an increase of 15.8% compared to $361.4 million in Q1 2021.

Quarter Ended

Quarter Ended

Quarter Ended

Six months Ended

Six months Ended

June 30, 2021

March 31, 2021

Change

June 30, 2020

Change

June 30, 2021

June 30, 2020

Change

Shipments in metric tons:

Silicon Metal

67,322

61,275

9.9

%

47,884

40.6

%

128,597

101,205

27.1

%

Silicon-based Alloys

65,222

61,604

5.9

%

39,479

65.2

%

126,826

100,411

26.3

%

Manganese-based Alloys

68,323

72,609

(5.9

)%

55,290

23.6

%

140,932

129,014

9.2

%

Total shipments*

200,867

195,488

2.8

%

142,653

40.8

%

396,355

330,630

19.9

%

Average selling price ($/MT):

Silicon Metal

$

2,347

$

2,285

2.7

%

$

2,215

5.9

%

$

2,317

$

2,213

4.7

%

Silicon-based Alloys

$

1,830

$

1,665

9.9

%

$

1,537

19.0

%

$

1,750

$

1,499

16.7

%

Manganese-based Alloys

$

1,414

$

1,174

20.5

%

$

1,088

30.0

%

$

1,290

$

1,022

26.2

%

Total*

$

1,862

$

1,677

11.0

%

$

1,591

17.0

%

$

1,770

$

1,531

15.6

%

Average selling price ($/lb.):

Silicon Metal

$

1.06

$

1.04

2.4

%

$

1.00

5.9

%

$

1.05

$

1.00

4.7

%

Silicon-based Alloys

$

0.83

$

0.76

9.2

%

$

0.70

19.0

%

$

0.79

$

0.68

16.7

%

Manganese-based Alloys

$

0.64

$

0.53

21.0

%

$

0.49

30.0

%

$

0.59

$

0.46

26.2

%

Total*

$

0.84

$

0.76

11.0

%

$

0.72

17.0

%

$

0.80

$

0.69

15.6

%

__________________

* Excludes by-products and other

Sales Prices & Volumes By Product

During Q2 2021, the average selling prices across our product portfolio increased by 11.0% versus Q1 2021. During the quarter, the average selling prices of silicon metal increased 2.7%, silicon-based alloys prices increased 9.9%, and manganese-based alloys prices increased 20.5%.

Overall sales volumes in Q2 increased by 2.8% versus the prior quarter. During the quarter, the shipmentsof silicon metal increased 9.9%, silicon-based alloys shipments increased 5.9%, and manganese-based alloys shipments decreased 5.9% versus Q1 2021.

Cost of Sales

Cost of sales was $267.9 million in Q2 2021, an increase from $250.2 million in the prior quarter. Cost of sales as a percentage of sales decreased to 64.0% in Q2 2021 versus 69.2% for Q1 2021. This improvement is primarily attributable to higher sales and a reclassification from this account to Other operating expenses to conform the group presentation.

Other Operating Expenses

Other operating expenses amounted to $57.6 million in Q2 2021, an increase from $36.8 million in the prior quarter. The increase in these expenses was mainly due to the impact of the European free CO2 rights for 2021. The free allowance of these CO2 rights are recognized in Other Operating Income.

Net Loss Attributable to the Parent

In Q2 2021, net profit attributable to the Parent was $1.9 million, or $0.01 per diluted share, compared to a net loss attributable to the Parent of $67.4 million million, or ($0.40) per diluted share in Q1 2021.

Adjusted EBITDA

In Q2 2021, adjusted EBITDA was $34.1 million, or 8.1% of sales, up 54.5% compared to adjusted EBITDA of $22.1 million, or 6.1% of sales in Q1 2021. The increase in the Q2 2021 Adjusted EBITDA is primarily driven by the improvement in average realized prices across the product portfolio.

Conference Call

Ferroglobe management will review the first quarter during a conference call at 9:00 a.m. Eastern Time on August 24, 2021.

The dial-in number for participants in the United States is +1-877-293-5491 (conference ID: 7458760). International callers should dial +1-914-495-8526 (conference ID: 7458760). 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/hqshmr5i

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

Year Ended

Year Ended

June 30, 2021

March 31, 2021

June 30, 2020

June 30, 2021

June 30, 2020

Sales

$

418,538

$

361,390

$

250,004

$

779,928

$

561,226

Cost of sales

(267,939

)

(250,165

)

(153,291

)

(518,104

)

(396,651

)

Other operating income

37,105

1,913

10,160

39,018

17,928

Staff costs

(63,197

)

(95,267

)

(48,912

)

(158,464

)

(104,009

)

Other operating expense

(93,171

)

(36,835

)

(35,953

)

(130,006

)

(76,020

)

Depreciation and amortization charges, operating allowances and write-downs

(23,523

)

(25,285

)

(27,459

)

(48,808

)

(56,127

)

Other (loss) gain

608

66

86

674

(586

)

Operating profit (loss)

8,421

(44,183

)

(5,365

)

(35,762

)

(54,239

)

Net finance expense

(11,178

)

(15,864

)

(16,693

)

(27,042

)

(33,177

)

Financial derivatives gain

3,168

Exchange differences

3,237

(9,314

)

2,634

(6,077

)

5,069

Profit (loss) before tax

480

(69,361

)

(19,425

)

(68,881

)

(79,179

)

Income tax benefit

250

844

5,390

1,094

16,086

Profit (loss) for the period

730

(68,517

)

(14,035

)

(67,787

)

(63,093

)

Profit attributable to non-controlling interest

1,180

1,135

1,928

2,315

3,087

Profit (loss) attributable to the parent

$

1,910

$

(67,382

)

$

(12,107

)

$

(65,472

)

$

(60,006

)

EBITDA

$

31,944

$

(18,898

)

$

22,094

$

13,046

$

1,888

Adjusted EBITDA

$

34,088

$

22,069

$

22,413

$

56,157

$

4,796

Weighted average shares outstanding

Basic

169,298

169,291

169,254

169,295

169,252

Diluted

169,298

169,291

169,254

169,295

169,252

Profit (loss) per ordinary share

Basic

$

0.01

$

(0.40

)

$

(0.07

)

$

(0.39

)

$

(0.35

)

Diluted

$

0.01

$

(0.40

)

$

(0.07

)

$

(0.39

)

$

(0.35

)


Ferroglobe PLC and Subsidiaries

Unaudited Condensed Consolidated Statement of Financial Position

(in thousands of U.S. dollars)

June 30,

March 31,

December 31

2021

2021

2020

ASSETS

Non-current assets

Goodwill

$

29,702

$

29,702

$

29,702

Other intangible assets

87,556

25,891

20,756

Property, plant and equipment

587,602

593,355

620,034

Other non-current financial assets

5,329

4,984

5,057

Deferred tax assets

62

620

Non-current receivables from related parties

2,377

2,345

2,454

Other non-current assets

13,960

11,765

11,904

Total non-current assets

726,588

668,662

689,907

Current assets

Inventories

239,750

228,145

246,549

Trade and other receivables

283,990

276,633

242,262

Current receivables from related parties

3,105

3,063

3,076

Current income tax assets

8,826

12,277

12,072

Other current financial assets

1,003

1,004

1,008

Other current assets

57,219

45,028

20,714

Current restricted cash and cash equivalents

6,149

6,069

28,843

Cash and cash equivalents

99,940

78,298

102,714

Total current assets

699,982

650,517

657,238

Total assets

$

1,426,570

$

1,319,179

$

1,347,145

EQUITY AND LIABILITIES

Equity

$

299,469

$

298,974

$

365,719

Non-current liabilities

Deferred income

37,570

2,733

620

Provisions

107,501

106,220

108,487

Bank borrowings

4,871

5,042

5,277

Lease liabilities

12,995

11,942

13,994

Debt instruments

386,060

347,310

346,620

Other financial liabilities

37,608

37,530

29,094

Other non-current liabilities

16,955

16,727

16,767

Deferred tax liabilities

23,956

26,834

27,781

Total non-current liabilities

627,516

554,338

548,640

Current liabilities

Provisions

102,269

97,521

55,296

Bank borrowings

85,015

73,965

102,330

Lease liabilities

8,709

7,596

8,542

Debt instruments

10,858

2,656

10,888

Other financial liabilities

23,732

24,983

34,802

Payables to related parties

6,131

5,042

3,196

Trade and other payables

189,449

171,052

149,201

Current income tax liabilities

513

3,947

2,538

Other current liabilities

72,909

79,105

65,993

Total current liabilities

499,585

465,867

432,786

Total equity and liabilities

$

1,426,570

$

1,319,179

$

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

Year Ended

Year Ended

June 30, 2021

March 31, 2021

June 30, 2020

June 30, 2021

June 30, 2020

Cash flows from operating activities:

Profit (loss) for the period

$

730

$

(68,517

)

$

(14,035

)

$

(67,787

)

$

(63,093

)

Adjustments to reconcile net (loss) profit
to net cash used by operating activities:

Income tax (benefit) expense

(250

)

(844

)

(5,390

)

(1,094

)

(16,086

)

Depreciation and amortization charges,
operating allowances and write-downs

23,523

25,285

27,459

48,808

56,127

Net finance expense

11,178

15,864

16,693

27,042

33,177

Financial derivatives loss (gain)

(3,168

)

Exchange differences

(3,237

)

9,314

(2,634

)

6,077

(5,069

)

Net loss (gain) due to changes in the value of asset

(243

)

(21

)

(264

)

Gain on disposal of non-current assets

(43

)

(43

)

Share-based compensation

673

213

704

886

1,426

Other adjustments

(366

)

(2

)

(85

)

(368

)

586

Changes in operating assets and liabilities

(Increase) decrease in inventories

(8,770

)

11,446

(12,471

)

2,676

39,106

(Increase) decrease in trade receivables

(8,625

)

(41,692

)

45,537

(50,317

)

129,369

Increase (decrease) in trade payables

16,184

26,152

(4,875

)

42,336

(30,379

)

Other

8,214

41,179

(16,286

)

49,393

(27,884

)

Income taxes paid

(1,178

)

(57

)

3,522

(1,235

)

13,641

Net cash provided (used) by operating activities

37,833

18,277

38,139

56,110

127,753

Cash flows from investing activities:

Interest and finance income received

128

35

85

163

339

Payments due to investments:

-

Acquisition of subsidiary

Other intangible assets

(40,997

)

(3,486

)

(44,483

)

Property, plant and equipment

(3,245

)

(5,683

)

(5,056

)

(8,928

)

(9,662

)

Other

Disposals:

Disposal of subsidiaries

Other non-current assets

543

543

Other

Net cash (used) provided by investing activities

(43,571

)

(9,134

)

(4,971

)

(52,705

)

(9,323

)

Cash flows from financing activities:

Dividends paid

Payment for debt issuance costs

(11,093

)

(6,598

)

(279

)

(17,691

)

(1,855

)

Repayment of hydro leases

Proceeds from debt issuance

40,000

40,000

Increase/(decrease) in bank borrowings:

Borrowings

149,945

127,690

277,635

Payments

(144,983

)

(157,464

)

(20,680

)

(302,447

)

(65,560

)

Proceeds from stock option exercises

Amounts paid due to leases

(3,157

)

(2,856

)

(2,418

)

(6,013

)

(4,879

)

Other amounts received/(paid) due to financing activities

3,608

Payments to acquire or redeem own shares

Interest paid

(3,333

)

(17,015

)

(1,131

)

(20,348

)

(19,955

)

Net cash (used) provided by financing activities

27,379

(56,243

)

(24,508

)

(28,864

)

(88,641

)

Total net cash flows for the period

21,641

(47,100

)

8,660

(25,459

)

29,789

Beginning balance of cash and cash equivalents

84,367

131,557

144,489

131,557

123,175

Exchange differences on cash and
cash equivalents in foreign currencies

81

(90

)

93

(9

)

278

Ending balance of cash and cash equivalents

$

106,089

$

84,367

$

153,242

$

106,089

$

153,242

Cash from continuing operations

99,940

78,298

124,876

99,940

124,876

Current/Non-current restricted cash and cash equivalents

6,149

6,069

28,366

6,149

28,366

Cash and restricted cash in the statement of financial position

$

106,089

$

84,367

$

153,242

$

106,089

$

153,242


Adjusted EBITDA ($,000):

Quarter Ended

Quarter Ended

Quarter Ended

Year Ended

Year Ended

June 30, 2021

March 31, 2021

June 30, 2020

June 30, 2021

June 30, 2020

Profit (loss) attributable to the parent

$

1,910

$

(67,382

)

$

(12,107

)

$

(65,472

)

$

(60,006

)

Profit (loss) attributable to non-controlling interest

(1,180

)

(1,135

)

(1,928

)

(2,315

)

(3,087

)

Income tax (benefit) expense

(250

)

(844

)

(5,390

)

(1,094

)

(16,086

)

Net finance expense

11,178

15,864

16,693

27,042

33,177

Financial derivatives loss (gain)

(3,168

)

Exchange differences

(3,237

)

9,314

(2,634

)

6,077

(5,069

)

Depreciation and amortization charges, operating allowances and write-downs

23,523

25,285

27,459

48,808

56,127

EBITDA

31,944

(18,898

)

22,093

13,046

1,888

Restructuring and termination costs

2,144

40,967

43,111

Energy: France

(55

)

70

Staff Costs: South Africa

155

Other Idling Costs

375

2,683

Adjusted EBITDA

$

34,088

$

22,069

$

22,413

$

56,157

$

4,796


Adjusted profit attributable to Ferroglobe ($,000):

Quarter Ended

Quarter Ended

Quarter Ended

Year Ended

Year Ended

June 30, 2021

March 31, 2021

June 30, 2020

June 30, 2021

June 30, 2020

Profit (loss) attributable to the parent

$

1,910

$

(67,382

)

$

(12,107

)

$

(65,472

)

$

(60,006

)

Tax rate adjustment

(404

)

21,352

826

20,948

9,250

Impairment

Restructuring and termination costs

1,458

27,858

29,315

Energy: France

(37

)

48

Energy: South Africa

Staff Costs: South Africa

105

Other Idling Costs

255

1,824

Tolling agreement

Adjusted profit (loss) attributable to the parent

$

2,964

$

(18,172

)

$

(11,064

)

$

(15,208

)

$

(48,777

)


Adjusted diluted profit per share:

Quarter Ended

Quarter Ended

Quarter Ended

Year Ended

Year Ended

June 30, 2021

March 31, 2021

June 30, 2020

June 30, 2021

June 30, 2020

Diluted profit (loss) per ordinary share

$

0.01

$

(0.40

)

$

(0.07

)

$

(0.39

)

$

(0.35

)

Tax rate adjustment

(0.00

)

0.12

0.00

0.12

0.05

Restructuring and termination costs

0.01

0.16

0.17

Energy: France

(0.00

)

0.00

Energy: South Africa

Staff Costs: South Africa

0.00

Other Idling Costs

0.00

0.01

Tolling agreement

Adjusted diluted profit (loss) per ordinary share

$

0.02

$

(0.12

)

$

(0.07

)

$

(0.10

)

$

(0.29

)


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