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CASH FLOW SUMMARY 14 Free cash flow is defined as ‘Cash Flow From Operating Activities’ less ‘Payments for Capital Expenditure’ $’000 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 EBITDA 22,093 (12,242) (630) (18,898) 31,943 Non-cash items 620 33,379 2,014 36,563 65 Changes in Working capital 11,904 2,484 3,320 668 7,003 Changes in Accounts Receivables 45,537 (4,731) (53,604) (41,692) (8,625) Changes in Accounts Payable (4,875) (20,359) (4,667) 26,152 16,184 Changes in Inventory (12,471) 3,725 71,754 11,446 (8,770) Securitization and others (16,287) 23,849 (10,163) 4,762 8,214 Less Cash Tax Payments 3,522 (633) (1,177) (57) (1,178) Operating cash flow 38,139 22,988 3,527 18,277 37,833 Cash-flow from Investing Activities (4,971) (8,410) (14,207) (9,134) (43,571) Cash-flow from Financing Activities (24,508) (19,979) (4,713) (56,243) 27,379 Bank Borrowings - 8,022 169,571 127,690 149,945 Bank Payments (20,680) (7,800) (161,936) (157,464) (144,983) Other amounts paid due to financing activities (2,418) (2,463) (9,444) (2,856) (3,157) Payment of debt issuance costs (279) (608) (2,077) (6,598) (11,093) Proceeds from debt issuance - - - - 40,000 Interest Paid (1,131) (17,130) (827) (17,015) (3,333) Net cash flow 8,660 (5,401) (15,393) (47,100) 21,641 Total cash * (Beginning Bal.) 144,489 153,242 147,425 131,557 84,367 Exchange differences on cash and cash equivalents in foreign currencies 93 (416) (475) (90) 81 Total cash * (Ending Bal.) 153,242 147,425 131,557 84,367 106,089 Free cash flow1 33,083 14,300 (10,693) 9,108 (6,409) 1. 14 Ferroglobe
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