Ferroglobe Files Annual Report on Form 20-F with the SEC
June 01 2020 - 7:30AM
Ferroglobe PLC (NASDAQ:GSM), (“Ferroglobe”, “the Company”,
“we” or “our”), a global, leading producer of silicon metal, and a
leading silicon- and manganese-based specialty alloys producer,
filed its Annual Report on Form 20-F, the annual SEC filing
required of foreign private issuers with securities listed on U.S.
exchanges on May 29, 2020. The filing includes audited
financial statements as of and for the year ended December 31, 2019
and is available at www.ferroglobe.com and www.sec.gov. As
reflected therein, the Company had an operating loss of $355.6
million and a net loss of $285.6 million for the year ended
December 31, 2019. As of that date, the Company had cash and
cash equivalents of $123.2 million, of which $28.3 is
restricted.
The Company’s financial statements are accompanied by an
unqualified audit opinion from its independent auditors.
However, the opinion does include a going concern explanatory
paragraph. This is attributable in part to the uncertainty
created by the COVID-19 pandemic and the limited visibility of the
impact on the business. As of the date of the issuance of the
financial statements, the COVID-19 pandemic has not had a material
effect on the Company’s liquidity or financial position.
Management continues to monitor the impact the pandemic is
having on the Company and the economies in which the Company
operates. Based on current visibility and scenario testing,
our analysis supports an expectation that the Company will have
sufficient cash to continue to operate through the next twelve
months.
The audit opinion’s going concern explanatory language is also
due in part to provisions of the Indenture governing the Company’s
outstanding Senior Notes that, in the event of a change of control,
would require the Company to offer to redeem its outstanding Senior
Notes at 101% of par value plus any accrued and unpaid interest.
Management believes a change of control as defined in the
Indenture is unlikely to occur, yet the matter is beyond the
Company’s control. If such a change of control were to occur, the
Company may not have sufficient financial resources available to
satisfy all of its obligations.
Marco Levi, Ferroglobe’s Chief Executive Officer commented,
“With the backdrop of COVID-19, our Company is faced with a degree
of uncertainty not seen before. A continued downturn may
adversely impact our value chain, including key customers and
suppliers. The going concern explanatory language does not
materially impact Ferroglobe’s business operationally or
financially in the near-term. We have taken steps to inform
our lenders and other stakeholders, and do not have any reason to
believe there will be a disruption to our business.”
Beatriz García-Cos, Ferroglobe’s Chief Financial Officer added,
“The Company is actively seeking new financing to bolster its
liquidity and remains confident in our ability to secure additional
financing in the near term, including COVID-19 related government
funding. Furthermore, we will continue to adapt our business
to the evolving operating environment as required with a focus on
cash management.”
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 Ferroglobe’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”, “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 Ferroglobe 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 Ferroglobe’s control.
Forward-looking financial information and other metrics
presented herein represent Ferroglobe’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.
About FerroglobeFerroglobe is one of
the world’s leading suppliers of silicon metal, silicon- 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.
CONTACT:Gaurav Mehta, EVP - Investor Relations
Email: investor.relations@ferroglobe.com
Louie TomaHayden IR - Managing Director+1 774-291-6000
Email: louie@haydenir.com
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