LONDON, Feb. 21, 2024 (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 financial results for the fourth quarter and full year 2023.
Introducing 2024 adjusted EBITDA guidance of $100 million to $170 million
FINANCIAL HIGHLIGHTS
- 2023 revenue of $1.7 billion, down 36% Y/Y
- 2023 adjusted EBITDA of $315 million, down 63% Y/Y
- Q4 adjusted EBITDA declined to $60 million, down 42% from Q3 and down 54% from Q4-22
- Q4 adjusted EBITDA margins were at 16% versus 25% in the prior quarter and 29% in Q4-22
- Q4 adjusted EPS was $0.09 versus $0.27 in Q3 and $0.39 in Q4-22
- Net debt increased to $101 million, up from $71 million in Q3 and down from $127 million in Q4-22
- Total cash decreased to $138 million, down from $166 million in Q3 and $323 million in Q4-22
BUSINESS HIGHLIGHTS
- Posted solid financial and operational performance for the quarter and the full year despite softening demand and weak pricing
- Adjusted gross debt remained flat in Q4; declining to less than $100 million in February as a result of a $148 million redemption on February 16, 2024
- Initiated a quarterly cash dividend of $0.013 per share, payable on March 28, 2024, to shareholders of record as of the close of business on March 22, 2024
- Expecting to request the board of directors and shareholders to approve a share repurchase program
- Optimized French energy contract to drive strong results in 2023, received majority of related cash in 2024
- Signed a term sheet for a partnership with a leading battery materials company in Europe and a memorandum of understanding with an advanced silicon-rich EV battery technology company in the US
Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “2023 was a successful year for Ferroglobe with strong financial, operating and strategic performance as we significantly reduced our debt, acquired a strategic quartz mine and entered into two EV battery agreements while operating our plants at high efficiency levels. This strong performance enabled us to announce a capital return policy today, with the board declaring a quarterly dividend of $0.013 per share and we expect to announce a share repurchase program in the coming months.
“Despite the current softness in our end markets, we are very bullish about the company’s long-term prospects as we expect strong secular growth in the solar and EV battery markets to boost the demand for silicon metal in the coming years. We have positioned Ferroglobe to fully participate in these growth opportunities as the leading western producer of silicon metal.
“We are introducing 2024 adjusted EBITDA guidance of $100 million to $170 million. Demand remains soft in early 2024, and while the recent increases in index prices are positive, we believe they have been partially driven by supply chain disruptions. We anticipate an improving demand picture in the second half of the year,” concluded Dr. Levi.
Fourth Quarter and Full Year 2023 Financial Highlights
| Quarter Ended | Quarter Ended | Quarter Ended | % | % | Twelve Months Ended | Twelve Months Ended | % | ||||||||||||||||||||||
| $,000 (unaudited) | December 31, 2023 | September 30, 2023 | December 31, 2022 | Q/Q | Y/Y | December 31, 2023 | December 31, 2022 | Y/Y | |||||||||||||||||||||
| Sales | $ | 375,951 | $ | 416,810 | $ | 448,625 | (10%) | (16%) | $ | 1,650,034 | $ | 2,597,916 | (36%) | ||||||||||||||||
| Raw materials and energy consumption for production | $ | (199,911 | ) | $ | (195,600 | ) | $ | (289,572 | ) | 2% | (31%) | $ | (879,625 | ) | $ | (1,285,086 | ) | (32%) | |||||||||||
| Energy consumption for production (PPA impact) | 339 | — | — | 339 | — | ||||||||||||||||||||||||
| Operating profit (loss) | $ | 14,224 | $ | 75,419 | $ | 29,696 | (81%) | (52%) | $ | 196,940 | $ | 660,547 | (70%) | ||||||||||||||||
| Operating margin | 3.8% | 18.1% | 6.6% | 11.9% | 25.4% | ||||||||||||||||||||||||
| Adjusted net income attributable to the parent |
$ | 16,300 | $ | 53,722 | $ | 75,896 | (70%) | (79%) | $ | 134,943 | $ | 572,630 | (76%) | ||||||||||||||||
| Adjusted diluted EPS | $ | 0.09 | $ | 0.27 | $ | 0.39 | $ | 0.71 | $ | 3.04 | |||||||||||||||||||
| Adjusted EBITDA | $ | 60,262 | $ | 104,496 | $ | 130,442 | (42%) | (54%) | $ | 315,198 | $ | 860,006 | (63%) | ||||||||||||||||
| Adjusted EBITDA margin | 16.0% | 25.1% | 29.1% | 19.1% | 33.1% | ||||||||||||||||||||||||
| Operating cash flow | $ | 25,139 | $ | (8,727 | ) | $ | 114,111 | 388% | (78%) | $ | 174,768 | $ | 410,016 | (57%) | |||||||||||||||
| Free cash flow1 | $ | 1,888 | $ | (27,357 | ) | $ | 99,559 | 107% | (98%) | $ | 92,962 | $ | 358,242 | (74%) | |||||||||||||||
| Working Capital | $ | 510,709 | $ | 510,064 | $ | 700,898 | 0% | (27%) | $ | 510,709 | $ | 700,898 | (27%) | ||||||||||||||||
| Cash and Restricted Cash | $ | 137,649 | $ | 165,973 | $ | 322,943 | (17%) | (57%) | $ | 137,649 | $ | 322,943 | (57%) | ||||||||||||||||
| Adjusted Gross Debt2 | $ | 238,506 | $ | 237,056 | $ | 449,711 | 1% | (47%) | $ | 238,506 | $ | 449,711 | (47%) | ||||||||||||||||
| Equity | $ | 876,180 | $ | 859,723 | $ | 756,813 | 2% | 16% | $ | 876,180 | $ | 756,813 | 16% | ||||||||||||||||
(1) Free cash flow is calculated as operating cash flow plus investing cash flow
(2) Adjusted gross debt excludes bank borrowings on factoring program and impact of leasing standard IFRS16 at December 31, 2023 September 30, 2023 & December 31, 2022
Sales
In the fourth quarter of 2023, Ferroglobe reported net sales of $376 million, a decrease of 10% over the prior quarter and a decrease of 16% over the year-ago period. For the full year 2023, sales were $1.7 billion versus $2.6 billion in the prior year, a decrease of 36%. The decrease in our fourth quarter results is primarily attributable to lower volumes across our product portfolio and lower pricing of our main products. The $41 million decrease in sales over the prior quarter was primarily driven by silicon metal, which accounted for $31 million of the decrease, and silicon-based alloys, which accounted for $8 million. These decreases were partially offset by manganese-based alloys, which increased by $1 million. The decrease in sales for the full year 2023 was mainly driven by a significant decrease in prices and volumes across all the products.
Raw materials and energy consumption for production
Raw materials and energy consumption for production was $200 million in the fourth quarter of 2023 versus $196 million in the prior quarter, an increase of 2%. As a percentage of sales, raw materials and energy consumption for production was 53% in the fourth quarter of 2023 versus 47% in the prior quarter. This variance was mainly due to lower energy compensation in France. For the full-year 2023, raw materials and energy consumption for production were $879 million, or 53% of sales, versus $1,285 million, or 49% of sales in 2022. The increase in these costs as a percent of sales was driven by lower pricing.
Net Income (Loss) Attributable to the Parent
In the fourth quarter of 2023, net loss attributable to the parent was $6 million, or ($0.03) per diluted share, compared to a net profit attributable to the parent of $41 million, or $0.21 per diluted share in the third quarter. For the full year 2023, net profit attributable to the parent was $87 million, or $0.46 per diluted share, compared to $440 million, or $2.32 per diluted share.
Adjusted EBITDA
In the fourth quarter of 2023, adjusted EBITDA was $60 million, or 16% of sales, a decrease of 42% compared to adjusted EBITDA of $104 million, or 25% of sales in the third quarter of 2023. The decrease in the fourth quarter of 2023 adjusted EBITDA as a percentage of sales is primarily attributable to a decrease in sales volumes and prices.
For the full year 2023, adjusted EBITDA was $315 million, or 19% of sales, compared to adjusted EBITDA of $860 million, or 33% of sales, for the full year 2022.
Total Cash
The total cash balance was $138 million as of December 31, 2023, down $28 million from $166 million as of September 30, 2023. During the year, the total cash balance declined by $185 million, mainly due to the partial redemption of senior secured notes in July 2023.
During the fourth quarter of 2023, we generated positive operating cash flow of $25 million, had negative cash flow from investing activities of $23 million, and $30 million in negative cash flow from financing activities. For the full year 2023, we generated positive operating cash flow of $175 million, had negative cash flow from investing activities of $82 million and $279 million in negative cash flow from financing activities.
Total Working Capital
Total working capital was $511 million as of December 31, 2023, a slight increase from $510 million on September 30, 2023. The increase in working capital during the quarter was primarily due to an increase in trade and other receivables of $17 million and an increase in inventories by $1 million, partially offset by a $17 million increase in trade and other payables.
Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “After reducing our working capital by $154 million in 2023, achieving a positive net cash position at the end of January this year was a significant milestone for Ferroglobe. Our strong cash generation allowed us to redeem the remaining Senior Secured Notes last week, enabling us to initiate a capital return policy. Our hybrid program includes a declaration of a quarterly dividend of $0.013 per share, while we expect to initiate a discretionary share repurchase plan in the coming months.
“After generating $93 million of free cash flow in 2023, we anticipate generating positive free cash in 2024, despite the soft demand we are currently facing. Our balance sheet is the strongest it has been in the Company’s history, and we have right-sized our capital structure systematically over the past year and a half,” concluded Mrs. García-Cos.
Product Category Highlights
Silicon Metal
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| December 31,2023 | September 30,2023 | % Q/Q | December 31, 2022 | % Y/Y | December 31, 2023 | December 31, 2022 | % Y/Y | ||||||||||||||||||||||
| Shipments in metric tons: | 49,761 | 57,031 | (12.7 | )% | 39,459 | 26.1 | % | 194,385 | 209,342 | (7.1 | )% | ||||||||||||||||||
| Average selling price ($/MT): | 3,371 | 3,481 | (3.2 | )% | 4,655 | (27.6 | )% | 3,715 | 5,332 | (30.3 | )% | ||||||||||||||||||
| Silicon Metal Revenue ($,000) | 167,744 | 198,525 | (15.5 | )% | 183,682 | (8.7 | )% | 722,140 | 1,116,212 | (35.3 | )% | ||||||||||||||||||
| Silicon Metal Adj.EBITDA ($,000) | 22,188 | 80,823 | (72.5 | )% | 89,064 | (75.1 | )% | 216,534 | 529,355 | (59.1 | )% | ||||||||||||||||||
| Silicon Metal Adj.EBITDA Mgns | 13.2% | 40.7% | 48.5% | 30.0% | 47.4% | ||||||||||||||||||||||||
Silicon metal revenue in the fourth quarter was $168 million, a decrease of 15.5% over the prior quarter. The average realized selling price decreased by 3.2% in the fourth quarter as prices remained under pressure. Total shipments decreased due to weak demand in chemicals and aluminum in Europe. Adjusted EBITDA for silicon metal decreased to $22 million during the fourth quarter compared to $81 million in the prior quarter. Adjusted EBITDA margin in the quarter decreased mainly due to lower energy compensation in France.
Silicon-Based Alloys
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| December 31,2023 | September 30,2023 | % Q/Q | December 31, 2022 | % Y/Y | December 31, 2023 | December 31, 2022 | % Y/Y | ||||||||||||||||||||||
| Shipments in metric tons: | 46,446 | 46,427 | 0.0 | % | 39,847 | 16.6 | % | 191,431 | 204,076 | (6.2 | )% | ||||||||||||||||||
| Average selling price ($/MT): | 2,300 | 2,475 | (7.1 | )% | 3,182 | (27.7 | )% | 2,562 | 3,694 | (30.6 | )% | ||||||||||||||||||
| Silicon-based Alloys Revenue ($,000) | 106,826 | 114,907 | (7.0 | )% | 126,793 | (15.7 | )% | 490,446 | 753,857 | (34.9 | )% | ||||||||||||||||||
| Silicon-based Alloys Adj.EBITDA ($,000) | 34,973 | 25,402 | 37.7 | % | 37,102 | (5.7 | )% | 114,111 | 257,144 | (55.6 | )% | ||||||||||||||||||
| Silicon-based Alloys Adj.EBITDA Mgns | 32.7% | 22.1% | 29.3% | 23.3% | 34.1% | ||||||||||||||||||||||||
Silicon-based alloy revenue in the fourth quarter was $107 million, a decrease of 7.0% over the prior quarter. The average realized selling price decreased by 7.1%, due to lower demand for ferrosilicon linked to general industry declines in the steel sector. Total shipments of silicon-based alloys were flat relative to the prior quarter. Adjusted EBITDA for the silicon-based alloys portfolio increased to $35 million in the fourth quarter of 2023 compared to $25 million for the prior quarter. Adjusted EBITDA margin increased in the quarter mainly due to improved costs.
Manganese-Based Alloys
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| December 31,2023 | September 30,2023 | % Q/Q | December 31, 2022 | % Y/Y | December 31, 2023 | December 31, 2022 | % Y/Y | ||||||||||||||||||||||
| Shipments in metric tons: | 61,404 | 56,399 | 8.9 | % | 61,917 | (0.8 | )% | 227,243 | 295,589 | (23.1 | )% | ||||||||||||||||||
| Average selling price ($/MT): | 985 | 1,046 | (5.8 | )% | 1,466 | (32.8 | )% | 1,141 | 1,778 | (35.8 | )% | ||||||||||||||||||
| Manganese-based Alloys Revenue ($,000) | 60,483 | 58,993 | 2.5 | % | 90,770 | (33.4 | )% | 259,284 | 525,557 | (50.7 | )% | ||||||||||||||||||
| Manganese-based Alloys Adj.EBITDA ($,000) | 23,886 | 11,000 | 117.1 | % | 19,696 | 21.3 | % | 37,994 | 69,966 | (45.7 | )% | ||||||||||||||||||
| Manganese-based Alloys Adj.EBITDA Mgns | 39.5% | 18.6% | 21.7% | 14.7% | 13.3% | ||||||||||||||||||||||||
Manganese-based alloy revenue in the fourth quarter was $60 million, an increase of 2.5% over the prior quarter. The average realized selling price decreased by 5.8% and total shipments increased 8.9%. Adjusted EBITDA for the manganese-based alloys portfolio increased to $24 million in the fourth quarter of 2023, an increase of 117.1% compared with $11 million in the prior quarter. Adjusted EBITDA margin in the quarter improved mainly driven by the increase in the volume sold.
Implemented a Capital Return Policy
The board of directors declared a quarterly cash dividend of $0.013 per share, payable on March 28, 2024, to shareholders of record as of the close of business on March 22, 2024. We intend to make this a recurring quarterly dividend, subject to board approval, and may be adjusted depending on market conditions and other factors. In addition, we are planning to request our board of directors to approve the initiation of a share repurchase program, which requires a shareholder vote as a UK company listed on Nasdaq.
Conference Call
Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on February 22, 2024. Please dial-in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast.
To join via phone:
Conference call participants should pre-register using this link:
https://register.vevent.com/register/BI99f4883faa1f4b43bdf1ff571a916e5b
Once registered, you will receive the dial-in numbers and a personal PIN, which are required to access the conference call.
To join via webcast:
A simultaneous audio webcast, and replay will be accessible here:
https://edge.media-server.com/mmc/p/weyyqhs6
About Ferroglobe
Ferroglobe is a leading global producer of silicon metal, silicon-based and manganese-based 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 https://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
This document may contain summarized, non-audited or non-GAAP financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, adjusted net profit, adjusted profit per share, working capital, adjusted gross debt and net debt, are non-IFRS financial metrics that management uses in its decision making. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important and useful to investors 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:
Alex Rotonen, CFA
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) |
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| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||||
| Sales | $ | 375,951 | $ | 416,810 | $ | 448,625 | $ | 1,650,034 | $ | 2,597,916 | |||||||||||
| Raw materials and energy consumption for production | (199,911 | ) | (195,600 | ) | (289,572 | ) | (879,625 | ) | (1,285,086 | ) | |||||||||||
| Energy consumption for production (PPA impact) | 339 | — | — | 339 | — | ||||||||||||||||
| Other operating income | 34,944 | 23,546 | 78,414 | 100,992 | 147,356 | ||||||||||||||||
| Staff costs | (79,761 | ) | (83,582 | ) | (76,431 | ) | (305,859 | ) | (314,810 | ) | |||||||||||
| Other operating expense | (73,071 | ) | (65,708 | ) | (54,129 | ) | (270,090 | ) | (346,252 | ) | |||||||||||
| Depreciation and amortization charges | (20,090 | ) | (19,000 | ) | (20,547 | ) | (73,532 | ) | (81,559 | ) | |||||||||||
| Impairment (loss) gain | (23,614 | ) | (1,035 | ) | (56,999 | ) | (25,290 | ) | (56,999 | ) | |||||||||||
| Other gain (loss) | (563 | ) | (12 | ) | 335 | (29 | ) | (19 | ) | ||||||||||||
| Operating profit | 14,224 | 75,419 | 29,696 | 196,940 | 660,547 | ||||||||||||||||
| Net finance income (expense) | (7,681 | ) | (9,165 | ) | (16,830 | ) | (28,722 | ) | (58,741 | ) | |||||||||||
| Exchange differences | (4,897 | ) | 1,258 | 4,051 | (7,551 | ) | (9,995 | ) | |||||||||||||
| Profit before tax | 1,646 | 67,512 | 16,917 | 160,667 | 591,811 | ||||||||||||||||
| Income tax (loss) | (4,160 | ) | (23,399 | ) | (7,775 | ) | (57,540 | ) | (147,983 | ) | |||||||||||
| Profit for the period | (2,514 | ) | 44,113 | 9,142 | 103,127 | 443,828 | |||||||||||||||
| Profit (loss) attributable to non-controlling interest | (3,954 | ) | (3,229 | ) | (2,943 | ) | (15,816 | ) | (3,514 | ) | |||||||||||
| Profit attributable to the parent | $ | (6,468 | ) | $ | 40,884 | $ | 6,199 | $ | 87,311 | $ | 440,314 | ||||||||||
| EBITDA | $ | 34,314 | $ | 94,419 | $ | 50,243 | $ | 270,472 | $ | 742,106 | |||||||||||
| Adjusted EBITDA | $ | 60,262 | $ | 104,496 | $ | 130,442 | $ | 315,198 | $ | 860,006 | |||||||||||
| Weighted average shares outstanding | |||||||||||||||||||||
| Basic | 187,872 | 187,872 | 187,523 | 187,872 | 187,816 | ||||||||||||||||
| Diluted | 190,801 | 190,531 | 188,949 | 190,290 | 189,625 | ||||||||||||||||
| Profit (loss) per ordinary share | |||||||||||||||||||||
| Basic | $ | (0.03 | ) | $ | 0.22 | $ | 0.03 | $ | 0.46 | $ | 2.34 | ||||||||||
| Diluted | $ | (0.03 | ) | $ | 0.21 | $ | 0.03 | $ | 0.46 | $ | 2.32 | ||||||||||
| Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars) |
||||||||||
| December 31, | September 30, | December 31, | ||||||||
| 2023 | 2023 | 2022 | ||||||||
| ASSETS | ||||||||||
| Non-current assets | ||||||||||
| Goodwill | $ | 29,702 | $ | 29,702 | $ | 29,702 | ||||
| Other intangible assets | 133,097 | 120,602 | 111,797 | |||||||
| Property, plant and equipment | 506,644 | 494,912 | 486,247 | |||||||
| Other non-current financial assets | 19,792 | 15,591 | 14,186 | |||||||
| Deferred tax assets | 8,760 | 7,169 | 7,136 | |||||||
| Non-current receivables from related parties | 1,658 | 1,589 | 1,600 | |||||||
| Other non-current assets | 22,156 | 19,410 | 18,218 | |||||||
| Non-current restricted cash and cash equivalents | — | 2,119 | 2,133 | |||||||
| Total non-current assets | 721,809 | 691,094 | 671,019 | |||||||
| Current assets | ||||||||||
| Inventories | 383,841 | 383,452 | 500,080 | |||||||
| Trade and other receivables | 310,243 | 293,234 | 420,484 | |||||||
| Current receivables from related parties | 2,772 | 2,657 | 2,675 | |||||||
| Current income tax assets | 17,558 | 12,500 | 6,104 | |||||||
| Other current financial assets | 2 | 359 | 3 | |||||||
| Other current assets | 186,477 | 155,767 | 30,608 | |||||||
| Assets and disposal groups classified as held for sale | 0 | 795 | 1,067 | |||||||
| Current restricted cash and cash equivalents | 1,179 | 2,406 | 2,875 | |||||||
| Cash and cash equivalents | 136,470 | 161,448 | 317,935 | |||||||
| Total current assets | 1,038,542 | 1,012,618 | 1,281,831 | |||||||
| Total assets | $ | 1,760,351 | $ | 1,703,712 | $ | 1,952,850 | ||||
| EQUITY AND LIABILITIES | ||||||||||
| Equity | $ | 876,180 | $ | 859,723 | $ | 756,813 | ||||
| Non-current liabilities | ||||||||||
| Deferred income | 26,980 | 49,467 | 3,842 | |||||||
| Provisions | 49,775 | 52,515 | 47,670 | |||||||
| Bank borrowings | 14,913 | 15,073 | 15,774 | |||||||
| Lease liabilities | 20,304 | 11,570 | 12,942 | |||||||
| Debt instruments | 149,015 | 150,167 | 330,655 | |||||||
| Other financial liabilities | 65,231 | 64,592 | 38,279 | |||||||
| Other Obligations | 31,170 | 30,363 | 37,502 | |||||||
| Other non-current liabilities | 199 | 166 | 12 | |||||||
| Deferred tax liabilities | 32,582 | 35,449 | 35,854 | |||||||
| Total non-current liabilities | 390,169 | 409,362 | 522,530 | |||||||
| Current liabilities | ||||||||||
| Provisions | 122,926 | 84,308 | 145,507 | |||||||
| Bank borrowings | 31,635 | 52,071 | 57,069 | |||||||
| Lease liabilities | 8,083 | 7,058 | 8,929 | |||||||
| Debt instruments | 5,765 | 2,321 | 12,787 | |||||||
| Other financial liabilities | 16,052 | 13,538 | 60,382 | |||||||
| Payables to related parties | 2,429 | 3,065 | 1,790 | |||||||
| Trade and other payables | 183,375 | 166,622 | 219,666 | |||||||
| Current income tax liabilities | 8,351 | 11,901 | 53,234 | |||||||
| Other Obligations | 14,183 | 11,780 | 9,580 | |||||||
| Other current liabilities | 101,203 | 81,963 | 104,563 | |||||||
| Total current liabilities | 494,002 | 434,627 | 673,507 | |||||||
| Total equity and liabilities | $ | 1,760,351 | $ | 1,703,712 | $ | 1,952,850 | ||||
| Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows |
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| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||||
| Profit for the period | $ | (2,514 | ) | $ | 44,113 | $ | 9,142 | $ | 103,127 | $ | 443,828 | ||||||||||
| Adjustments to reconcile net (loss) profit to net cash used by operating activities: |
|||||||||||||||||||||
| Income tax (benefit) expense | 4,160 | 23,399 | 7,775 | 57,540 | 147,983 | ||||||||||||||||
| Depreciation and amortization charges | 20,090 | 19,000 | 20,547 | 73,532 | 81,559 | ||||||||||||||||
| Net finance expense | 7,681 | 9,165 | 16,830 | 28,722 | 58,741 | ||||||||||||||||
| Exchange differences | 4,897 | (1,258 | ) | (4,051 | ) | 7,551 | 9,995 | ||||||||||||||
| Impairment losses | 23,614 | 1,035 | 56,999 | 25,290 | 56,999 | ||||||||||||||||
| Net loss (gain) due to changes in the value of asset | 504 | 4 | (209 | ) | 139 | (349 | ) | ||||||||||||||
| Gain on disposal of non-current assets | — | — | (120 | ) | (116 | ) | 459 | ||||||||||||||
| Share-based compensation | 683 | 2,773 | 1,941 | 7,402 | 5,836 | ||||||||||||||||
| Other adjustments | 58 | 8 | (6 | ) | 6 | (91 | ) | ||||||||||||||
| Changes in operating assets and liabilities | |||||||||||||||||||||
| (Increase) decrease in inventories | (1,746 | ) | (12,482 | ) | 41,566 | 102,179 | (220,823 | ) | |||||||||||||
| (Increase) decrease in trade receivables | (5,399 | ) | (16,183 | ) | 10,570 | 126,458 | (67,560 | ) | |||||||||||||
| Increase (decrease) in trade payables | 2,879 | (22,361 | ) | (130 | ) | (74,177 | ) | 30,640 | |||||||||||||
| Other | (17,067 | ) | (46,796 | ) | (10,288 | ) | (169,577 | ) | (56,677 | ) | |||||||||||
| Income taxes paid | (12,701 | ) | (9,144 | ) | (36,455 | ) | (113,308 | ) | (80,524 | ) | |||||||||||
| Net cash provided (used) by operating activities | 25,139 | (8,727 | ) | 114,111 | 174,768 | 410,016 | |||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||||
| Interest and finance income received | 1,349 | 739 | 257 | 3,725 | 1,520 | ||||||||||||||||
| Payments due to investments: | |||||||||||||||||||||
| Other intangible assets | (1,331 | ) | (516 | ) | (918 | ) | (2,787 | ) | (1,147 | ) | |||||||||||
| Property, plant and equipment | (24,204 | ) | (18,853 | ) | (13,891 | ) | (83,679 | ) | (52,153 | ) | |||||||||||
| Other | — | — | — | — | 6 | ||||||||||||||||
| Disposals: | |||||||||||||||||||||
| Other non-current assets | 935 | — | — | 935 | — | ||||||||||||||||
| Net cash (used) provided by investing activities | (23,251 | ) | (18,630 | ) | (14,552 | ) | (81,806 | ) | (51,774 | ) | |||||||||||
| Cash flows from financing activities: | |||||||||||||||||||||
| Payment for debt and equity issuance costs | — | — | (60 | ) | — | (853 | ) | ||||||||||||||
| Repayment of debt instruments | (1,050 | ) | (150,000 | ) | — | (179,075 | ) | (84,823 | ) | ||||||||||||
| Increase/(decrease) in bank borrowings: | |||||||||||||||||||||
| Borrowings | 39,239 | 131,063 | 140,832 | 432,274 | 838,710 | ||||||||||||||||
| Payments | (58,052 | ) | (129,714 | ) | (146,507 | ) | (456,506 | ) | (865,054 | ) | |||||||||||
| Amounts paid due to leases | (3,309 | ) | (2,956 | ) | (4,383 | ) | (11,363 | ) | (11,590 | ) | |||||||||||
| Proceeds from other financing liabilities | — | — | — | — | 38,298 | ||||||||||||||||
| Other amounts received/(paid) due to financing activities | (4,289 | ) | — | — | (21,666 | ) | 678 | ||||||||||||||
| Interest paid | (2,923 | ) | (19,371 | ) | (3,569 | ) | (42,207 | ) | (60,822 | ) | |||||||||||
| Net cash (used) provided by financing activities | (30,384 | ) | (170,978 | ) | (13,687 | ) | (278,543 | ) | (145,456 | ) | |||||||||||
| Total net cash flows for the period | (28,496 | ) | (198,335 | ) | 85,872 | (185,581 | ) | 212,786 | |||||||||||||
| Beginning balance of cash and cash equivalents | 165,973 | 363,181 | 236,789 | 322,943 | 116,663 | ||||||||||||||||
| Exchange differences on cash and cash equivalents in foreign currencies |
172 | 1,127 | 282 | 287 | (6,506 | ) | |||||||||||||||
| Ending balance of cash and cash equivalents | $ | 137,649 | $ | 165,973 | $ | 322,943 | $ | 137,649 | $ | 322,943 | |||||||||||
| Cash from continuing operations | 136,470 | 161,448 | 317,935 | 136,470 | 317,935 | ||||||||||||||||
| Current/Non-current restricted cash and cash equivalents | 1,179 | 4,525 | 5,008 | 1,179 | 5,008 | ||||||||||||||||
| Cash and restricted cash in the statement of financial position | $ | 137,649 | $ | 165,973 | $ | 322,943 | $ | 137,649 | $ | 322,943 | |||||||||||
Adjusted EBITDA ($,000):
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||||
| Profit attributable to the parent | $ | (6,468 | ) | $ | 40,884 | $ | 6,199 | $ | 87,311 | $ | 440,314 | |||||||
| Profit (loss) attributable to non-controlling interest | 3,954 | 3,229 | 2,943 | 15,816 | 3,514 | |||||||||||||
| Income tax expense | 4,160 | 23,399 | 7,775 | 57,540 | 147,983 | |||||||||||||
| Net finance expense | 7,681 | 9,165 | 16,830 | 28,722 | 58,741 | |||||||||||||
| Exchange differences | 4,897 | (1,258 | ) | (4,051 | ) | 7,551 | 9,995 | |||||||||||
| Depreciation and amortization charges | 20,090 | 19,000 | 20,547 | 73,532 | 81,559 | |||||||||||||
| EBITDA | 34,314 | 94,419 | 50,243 | 270,472 | 742,106 | |||||||||||||
| Impairment | 23,614 | 1,035 | 56,999 | 25,290 | 56,999 | |||||||||||||
| Restructuring and termination costs | — | 5,535 | — | 5,535 | 9,315 | |||||||||||||
| New strategy implementation | (1,000 | ) | — | 4,442 | 973 | 29,032 | ||||||||||||
| Subactivity | 2,995 | 3,507 | 5,653 | 12,589 | 9,449 | |||||||||||||
| PPA Energy | 339 | — | — | 339 | — | |||||||||||||
| Prior periods (loss) | — | — | 13,105 | — | 13,105 | |||||||||||||
| Adjusted EBITDA | $ | 60,262 | $ | 104,496 | $ | 130,442 | $ | 315,198 | $ | 860,006 | ||||||||
Adjusted profit attributable to Ferroglobe ($,000):
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | Twelve Months Ended | ||||||||||||
| December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
| Profit attributable to the parent | $ | (6,468 | ) | $ | 40,884 | $ | 6,199 | $ | 87,311 | $ | 440,314 | |||||
| Tax rate adjustment | 3,722 | 5,441 | 4,591 | 14,803 | 36,604 | |||||||||||
| Impairment | 17,333 | 760 | 46,272 | 18,563 | 46,272 | |||||||||||
| Restructuring and termination costs | — | 4,063 | — | 4,063 | 7,562 | |||||||||||
| New strategy implementation | (734 | ) | — | 3,606 | 714 | 23,568 | ||||||||||
| Subactivity | 2,198 | 2,574 | 4,589 | 9,240 | 7,671 | |||||||||||
| PPA Energy | 249 | — | — | 249 | — | |||||||||||
| Prior periods (loss) | — | — | 10,639 | — | 10,639 | |||||||||||
| Adjusted profit attributable to the parent | $ | 16,300 | $ | 53,722 | $ | 75,896 | $ | 134,943 | $ | 572,630 | ||||||
Adjusted diluted profit per share:
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | Twelve Months Ended | ||||||||||||
| December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
| Diluted profit per ordinary share | $ | (0.03 | ) | $ | 0.21 | $ | 0.03 | $ | 0.46 | $ | 2.32 | |||||
| Tax rate adjustment | 0.02 | 0.03 | 0.02 | 0.08 | 0.19 | |||||||||||
| Impairment | 0.09 | 0.00 | 0.24 | 0.10 | 0.26 | |||||||||||
| Restructuring and termination costs | — | 0.02 | — | 0.02 | 0.04 | |||||||||||
| New strategy implementation | (0.00 | ) | — | 0.02 | 0.00 | 0.13 | ||||||||||
| Subactivity | 0.01 | 0.01 | 0.02 | 0.05 | 0.04 | |||||||||||
| PPA Energy | 0.00 | — | — | 0.00 | — | |||||||||||
| Prior periods (loss) | — | — | 0.06 | — | 0.06 | |||||||||||
| Adjusted diluted profit per ordinary share | $ | 0.09 | $ | 0.27 | $ | 0.39 | $ | 0.71 | $ | 3.04 | ||||||
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