ferroglobe conference call
Good morning, ladies and gentlemen. Please dial in at least five minutes prior to the call to register. You are seeing a rebound in volume already in quarter four. Compared to a net loss of $296 million during the full-year 2019, which includes a goodwill impairment charge of $134 million. Turning now to Slide 14. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Next slide, please. We made changes in management at various levels and started redesigning parts of the organization to drive results and emphasize accountability. We have some alternative options that we are considering. The gross debt increased by $31 million during the quarter, primarily due to the bond coupon accrual. Beatriz García-Cos - Chief Financial Officer. It was related to the consumption in 2020. I would now like to turn the call over to Beatriz Garcia-Cos, Ferroglobe’s Chief Financial Officer. The Motley Fool has a disclosure policy. Yes. As we get deeper into the execution phase, we are also going deeper into our organization. If you look at the volumes, our commercial part in Q4, the volumes were substantially higher than in Q3 for all the three major value centers, and we have not been out destocking. And then do you have any sense of what the cash exit costs are going to be? In many ways, the challenges we were encountering, particularly during the early days of the pandemic highlighted gaps in our business and the opportunities to align the team to drive change. As I mentioned at the beginning of the call, we see some positive developments and meaningful market trends to monitor. During the quarter, we refinanced our prior account receivable securitization facility, replaced it with a new factoring facility in Europe. Which are non-IFRS measures. So the dynamics have been trying to negotiate the best possible price for the year in inventory, not to commit for the full volume. During the quarter, we benefited from some volume pick-up late in the year, and we also benefited from improved pricing across the portfolio. Please continue. Good morning, … We are proud of our achievements for 2020 to advance the company operationally, strategically, and financially. OK. That's helpful. Maybe let me start from silicon as a reference. Hi. International callers should dial +1-914-495-8526 (conference … Q4 2018 Earnings Conference Call. Next slide, please. By doing so, we have taken action to collect the cost structure, particularly the fixed costs so that we can effectively consider this as a smaller facility in the near term while preserving the optionality to restart the second furnace. This yielded approximately $19.7 million of cash release at closing. So we will start seeing benefits this year, but I expect a significant impact in 2022. Hi. Total assets were approximately $1.4 billion at year-end 2020, a slight decrease of $34 million over the prior balance at the end of Q3. And the new allocation for credits of 2021. This has been a focus area for the company, and we made significant strides to operate without any disruptions during a turbulent period. Company Participants. Shares of miner Ferroglobe (NASDAQ:GSM) were down 14.3% as of 1:45 p.m. EST today. Yes. Ferroglobe invites all interested persons to participate on its conference call at 9:00 AM, U.S. Eastern Daylight Time. As you can see in the pricing trends graphs, pricing in the U.S. and Europe steadily rebounded in the second half of 2020. As per the previous quarter, we had a significant mark-to-market adjustment relating to a potential earn-out liability tied to some manganese assets. The net impact of higher sales was partially offset by higher costs, which led to an improvement in our operating loss for the quarter before adjustments to negative $26.2 million, compared to a negative $38.8 million during the prior quarter. On the other hand, we benefit from a $3 million compensation on energy last quarter as a result of energy providers being unable to secure minimum energy levels of stakes. No. But this is a volatile market and what happened in the last two months, there has been a lot of appetite of investors into this market, and that's why the prices have been increased. After a rather weak demand picture for most of 2020, driven by COVID, there has been a pickup in activity across the industrial sector, and we are seeing that trend in our sales into the chemical and aluminum end markets in both U.S. and Europe. LONDON, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM) announced today that it will host an investor call on Wednesday, February 3, 2021 to review its recent announcement and related investor presentation dated February 1, 2021. Good morning, ladies and gentlemen, and welcome to the Ferroglobe's Fourth Quarter and Full Year 2018 Earnings Call. And lastly, we continue to make progress ahead of its cost reduction. I would now like to turn the call over to Beatriz to review the financial results in more detail. It's also true that a large part of our business is on fixed yearly pricing. Time-wise, this looks challenging at the moment, but this is what we are planning or striving for. In this CAPEX, there is almost nothing related to growth or nothing to process improvement, while related to the KTM initiative that I mentioned during my speech, we will need to spend some CAPEX to implement new technologies specifically. In creating a centralized procurement group we have disrupted the historical approach of operating and decision-making with the aim of driving cost savings and increased efficiencies. Thank you. Furthermore, our ferromanganese sales also improved on the back of granular recovery across the global automotive and market. But there's a disclosure that you accounted for a CO2 accrual of $6 million. The index pricing in the U.S. gradually increased by approximately 2.6% during the quarter, while the European index increased 7.5% during the same period. At this time, I would like to turn the call over to Marco, who will provide an update on the strategic plan. Thank you for the question, Marco Levi speaking. And we're going to be going above this figure, I would say, well above this in 2021. Good morning, everyone, and thank you for joining the Ferroglobe's Second Quarter 2019 Conference Call. In Q3, we realized $5 million benefit resulting from an R&D project in France. Focusing on both discretionary and non-discretionary spend. We have discussed our turnaround plan on recent calls and have recently published projections, we provide further details on how we are going to create value. The dial-in number for the call for participants in the United States is +1-877-293-5491 (conference ID 3128367). Overall, the market tension at the end of 2020 has carried over into the beginning of 2021 with the U.S. and European indices showing steady improvement. Additionally, it also includes the $12 million charge for the mark-to-market of the earn-out liability for the manganese assets. OK. And then can you talk about how the contracting environment was on a year-over-year basis? Show full articles without "Continue Reading" button for {0} hours. I will review our balance sheet in greater detail, where we have made improvements to our total available cash and working capital. We recognize that this is a very different way of working and have invested time and resources in training our people to work under this new structure. And as mentioned on the prior slide, we have been extremely focused on our corporate expenses. I would now like to turn the call over to Beatriz Garcia-Cos, Ferroglobe's chief financial officer. We are already seeing this new organization yield some positive results following the first round of tenders launched in the area of freight and logistics. With a challenging market environment, these improvements are critical for our business. During the quarter, our cost of sales increased by 36%. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Risk factors that could cause actual results to differ materially from these forward-looking statements can be found in Ferroglobe's most recent SEC filings and exhibits to those filings, which are available on our web page, www.ferroglobe.com. Joining me on the call are Jose Maria Calvo-Sotelo, Deputy CFO and EVP Corporate … The Company is based in London. As a reminder, there is a lag from the movement in the index when we realize the benefit. This demand improvement comes at a time when inventory levels are low throughout the value chain and logistical barriers and increased domestic consumption and limited Asian imports into our markets. Additionally, we had $6 million accrual for the potential purchase of CO2 emissions rights based on current pricing. Our Niagara facility has been idled since the end of 2018. And then didn't recover in Q3 and the recovery -- we are seeing a recovery only in the Q4. EBITDA for our silicon-based alloys business was positively impacted by prices, volumes, and cost during the quarter. With the silicon metal, what's the mix between the index and the annual contract? If I can ask that maybe just another way. We ended the year with gross debt of $473 million and net debt of $341 million. Javier Lopez Madrid - Executive Chairman. Yes. Microsoft and partners may be compensated if you purchase something through recommended links in this article. Good afternoon. You may begin. Now turning to Slide 16. In a market environment like the one we are experiencing now, we're growing demand, being more systematic and organized on this side of the business is critical to maximizing our potential. All in all, our financial performance was not what we would have liked to deliver, but we do view 2020 as a success in many areas. So the accrual of $6 million for the fact that they are more expensive now, however, you're going to be spending $6 million more than you would have in addition to some additional amount. The cash balance was $132 million at year end with the refinancing of our pre-year securitization program, there was a cash release of the previously trapped cash in the SPV structure. Now it looks that has been softening back. Not only we are involving more of our workforce throughout the organization. In refinancing, the prior account receivable securitization facility in Europe the special proposed vehicle structure supporting the financial fell away once the facility was refinanced. Good morning, ladies and gentlemen, and welcome to Ferroglobe's fourth-quarter and full-year 2020 earnings call. Ferroglobe invites all interested persons to participate on its conference call at 9:00 AM, U.S. Eastern Standard Time. Ferroglobe invites all interested persons to participate on its conference call … And we have been caught by surprise in quarter four. I certainly look forward to keeping our stakeholders updated on this journey over the coming quarters. This increase is driven by lower accounting cash as the SPV trapped cash is no longer consolidated, as mentioned earlier. How about this? OK. And then with the centralized procurement group that you created, when should we start seeing the real benefits from those?