LONDON, May 09, 2023 (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 first quarter 2023.
FINANCIAL HIGHLIGHTS
- Q1 2023 revenue of $400.9 million, down 11% over the prior quarter
- Q1 2023 adjusted EBITDA of $44.8 million, down 66% over the prior quarter
- Q1 2023 adjusted EBITDA margins were down at 11.2% versus 29.1% in the prior quarter and 33.7%% in Q1 2022
- Q1 2023 Adjusted EPS was $.05 versus $.39 in Q4 and $.88 in Q1-22
- Gross debt declined to $400 million, down from $450 million in Q4 and $518 in Q1-22
- Net debt declined to $55 million, down from $127 million in Q4 and $342 in Q1-22
- $100 million available from our ABL facility completely undrawn in Q1
- Total cash increased to $344 million, up from $323 million in Q4-22 and $176 million in Q1-22
BUSINESS HIGHLIGHTS
- Finalizing two multi-year power contracts in Spain to provide competitive source of renewable energy to ramp up Spanish footprint
- Investing in expansion of quartz mine in Spain to secure additional source of high quality quartz
- Signed letter of intent to acquire additional quartz mine
- Ready to start the third furnace in Polokwane resulting in total plant capacity of 55,000 tons
- Continue to focus on battery and solar opportunities
Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “We ended the first quarter with the lowest net debt level in the Company’s history and are on target to achieve a positive net cash position in the next couple of quarters. This achievement was a result of well planned execution and our continued focus on optimizing our working capital. Ferroglobe is at its strongest financial position since its inception.
“While the current macroeconomic environment is challenging, we are successfully managing through it and focused on positioning the Company for long-term success. Vertical integration is an important part of our overall strategy, positioning Ferroglobe with a competitive advantage, enhancing our ability to control our supply chain and ensure access to quality materials. In line with this strategy, we are currently in the process of expanding our capacity of high quality quartz reserves. We are expanding our quartz mine in Spain and we have also signed a letter of intent to acquire a new high quality quartz mine. High quality quartz is the most important raw material used in the production of high purity silicon metal.
“We are finalizing two multi-year energy contracts that will provide us with access to 100% renewable energy at competitive rates. These contracts affirm our commitment to clean energy as well as enabling us to ramp up production in Spain.
“As we discussed on our fourth quarter earnings call, the market has weakened in the first quarter and we believe it is currently at trough levels. Global economic conditions remain challenging with weak overall pricing and soft demand. We expect some improvement in the second quarter, continuing into the second half, in line with our 2023 estimations. Accordingly, we are reiterating our guidance for the full year of adjusted EBITDA of $270 to $300 million,” concluded Dr. Levi.
First Quarter 2023 Financial Highlights
| Quarter Ended | Quarter Ended | Quarter Ended | % | % | Twelve Months Ended | ||||||||||||||
| $,000 (unaudited) | March 31, 2023 | December 31, 2022 | March 31, 2022 | Q/Q | Y/Y | December 31, 2022 | |||||||||||||
| Sales | $ | 400,868 | $ | 448,625 | $ | 715,265 | (11%) | (44%) | $ | 2,597,916 | |||||||||
| Raw materials and energy consumption for production | $ | (255,036) | $ | (289,572) | $ | (340,555) | (20%) | (25%) | $ | (1,285,086) | |||||||||
| Energy consumption for production (PPA impact) | 23,193 | — | — | — | |||||||||||||||
| Operating profit (loss) | $ | 44,454 | $ | 29,696 | $ | 211,130 | 50% | (79%) | $ | 660,547 | |||||||||
| Operating margin | 11.1% | 6.6% | 29.5% | 25.4% | |||||||||||||||
| Adjusted net incomeattributable to the parent | $ | 7,807 | $ | 75,896 | $ | 165,303 | (90%) | (95%) | $ | 572,630 | |||||||||
| Adjusted diluted EPS | $ | 0.05 | $ | 0.39 | $ | 0.88 | $ | 3.04 | |||||||||||
| Adjusted EBITDA | $ | 44,767 | $ | 130,442 | $ | 241,119 | (66%) | (81%) | $ | 860,006 | |||||||||
| Adjusted EBITDA margin | 11.2% | 29.1% | 33.7% | 33.1% | |||||||||||||||
| Operating cash flow | $ | 134,532 | $ | 118,059 | $ | 65,908 | 14% | 104% | $ | 405,018 | |||||||||
| Free cash flow1 | $ | 117,240 | $ | 103,507 | $ | 56,783 | 13% | 106% | $ | 353,244 | |||||||||
| Working Capital | $ | 582,344 | $ | 705,888 | $ | 613,187 | (18%) | (5%) | $ | 705,888 | |||||||||
| Cash and Restricted Cash | $ | 344,197 | $ | 322,943 | $ | 176,022 | 7% | 96% | $ | 322,943 | |||||||||
| Adjusted Gross Debt2 | $ | 399,723 | $ | 449,711 | $ | 518,093 | (11%) | (23%) | $ | 459,620 | |||||||||
| Equity | $ | 658,490 | $ | 756,813 | $ | 475,477 | (13%) | 38% | $ | 756,813 | |||||||||
(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, 2022 March 31, 2023 & March 31, 2022
Sales
In the first quarter of 2023, Ferroglobe reported net sales of $400.8 million, a decrease of 11% over the prior quarter and a decrease of 44% over the year-ago period. The decrease in our first quarter results is primarily attributable to lower volumes across our product portfolio, and lower pricing in our main products. The $48 million decrease in sales over the prior quarter was primarily driven by silicon metal, which accounted for $23 million of the decrease, and manganese-based alloys, which accounted for $29 million, partially offset by an increase in silicon-based alloys, which accounted for $9 million.
Raw materials and energy consumption for production
Raw materials and energy consumption for production was $231.8 million in the first quarter of 2023 versus $289.6 million in the prior quarter, a decrease of 20%. As a percentage of sales, raw materials and energy consumption for production was 58% in the first quarter of 2023 versus 65% in the prior quarter. This variance was mainly due to the change in the fair value of a short-term power purchase agreement (PPA) that finalized on April 30, 2023 to hedge energy prices in Spain.
Net Income (Loss) Attributable to the Parent
In the first quarter of 2023, net profit attributable to the parent was $21.0 million, or $0.11 per diluted share, compared to a net profit attributable to the parent of $6.2 million, or $0.03 per diluted share in the fourth quarter.
Adjusted EBITDA
In the first quarter of 2023, adjusted EBITDA was $44,8 million, or 11% of sales, a decrease of 66% compared to adjusted EBITDA of $130.4 million, or 29% of sales in the fourth quarter of 2022. The decrease in the first quarter of 2023 adjusted EBITDA as a percentage of sales decrease is primarily attributable to a decrease in sales volumes, prices, and the indirect CO2 and energy compensation in France in December 2022.
Total Cash
The total cash balance was $344.2 million as of March 31, 2023, up $21.3 million from $322.9 million as of December 31, 2022.
During the first quarter of 2023, we generated positive operating cash flow of $134.8 million, had negative cash flow from investing activities of $17.3 million, and $96.2 million in negative cash flow from financing activities.
Total Working Capital
Total working capital was $582.3 million at March 31, 2023, decreasing from $705.9 million at December 31, 2022. The $123.5 million decrease in working capital during the quarter was due to a decrease in trade and other receivables by $113.0 million and inventories by $83.0 million, partially offset by an increase in trade and other payables by $72.5 million.
Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “During the first quarter, we followed through on our commitment to optimize working capital, with a total release of $131 million, driven by inventories and trade receivables. We continued to strengthen our balance sheet in the first quarter, achieving the lowest leverage in the company’s history with net debt of just $55 million. We expect continued improvement to our balance sheet and project to get to net debt positive in the next couple of quarters. With a strong balance sheet and improved cash flows, we are actively reviewing actions to optimize our capital structure and begin returning value to shareholders,” concluded Mrs. García-Cos.
Product Category Highlights
Silicon Metal
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve MonthsEnded | ||||||||||||||
| March 31, 2023 | December 31, 2022 | % Q/Q | March 31, 2022 | % Y/Y | December 31, 2022 | ||||||||||||
| Shipments in metric tons: | 36,942 | 39,459 | (6.4 | )% | 56,349 | (34.4 | )% | 209,342 | |||||||||
| Average selling price ($/MT): | 4,351 | 4,655 | (6.5 | )% | 5,552 | (21.6 | )% | 5,332 | |||||||||
| Silicon Metal Revenue ($,000) | 160,735 | 183,682 | (12.5 | )% | 312,850 | (48.6 | )% | 1,116,212 | |||||||||
| Silicon Metal Adj.EBITDA ($,000) | 31,120 | 89,064 | (65.1 | )% | 151,661 | (79.5 | )% | 529,355 | |||||||||
| Silicon Metal Adj.EBITDA Mgns | 19.4% | 48.5% | 48.5% | 47.4% | |||||||||||||
Silicon metal revenue in the first quarter was $160.7 million, a decrease of 12.5% over the prior quarter. The average realized selling price decreased by 6.5%, primarily due to a pricing market decline of 6.5% in the US and 8% in Europe. Total shipments decreased due to self-constraint of our European assets in response to the general demand slowdown. Adjusted EBITDA for silicon metal decreased to $31.1 million during the first quarter, a decrease of 65.1% compared with $89.1 million for the prior quarter. EBITDA margin in the quarter decreased mainly driven by the energy compensation in France in the fourth quarter of 2022.
Silicon-Based Alloys
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | ||||||||||||||
| March 31, 2023 | December 31, 2022 | % Q/Q | March 31, 2022 | % Y/Y | December 31, 2022 | ||||||||||||
| Shipments in metric tons: | 49,100 | 39,847 | 23.2 | % | 57,594 | (14.7 | )% | 204,076 | |||||||||
| Average selling price ($/MT): | 2,756 | 3,182 | (13.4 | )% | 3,680 | (25.1 | )% | 3,694 | |||||||||
| Silicon-based Alloys Revenue ($,000) | 135,320 | 126,793 | 6.7 | % | 211,946 | (36.2 | )% | 753,857 | |||||||||
| Silicon-based Alloys Adj.EBITDA ($,000) | 21,924 | 37,102 | (40.9 | )% | 78,411 | (72.0 | )% | 257,144 | |||||||||
| Silicon-based Alloys Adj.EBITDA Mgns | 16.2% | 29.3% | 37.0% | 34.1% | |||||||||||||
Silicon-based alloy revenue in the first quarter was $135.3 million, an increase of 6.7% over the prior quarter. The shipments increase by 23.2%, triggered by the restart of blast furnaces taking advantage of low energy prices. Adjusted EBITDA for the silicon-based alloys portfolio decreased to $21.9 million in the first quarter of 2023, a decrease of 40.9% compared with $37.1 million for the prior quarter. EBITDA margin decreased in the quarter mainly due to the decrease in sale prices.
Manganese-Based Alloys
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | ||||||||||||||
| March 31, 2023 | December 31, 2022 | % Q/Q | March 31, 2022 | % Y/Y | December 31, 2022 | ||||||||||||
| Shipments in metric tons: | 46,867 | 61,917 | (24.3 | )% | 75,082 | (37.6 | )% | 295,589 | |||||||||
| Average selling price ($/MT): | 1,316 | 1,466 | (10.2 | )% | 1,925 | (31.6 | )% | 1,778 | |||||||||
| Manganese-based Alloys Revenue ($,000) | 61,677 | 90,770 | (32.1 | )% | 144,533 | (57.3 | )% | 525,557 | |||||||||
| Manganese-based Alloys Adj.EBITDA ($,000) | 2,043 | 19,696 | (89.6 | )% | 20,371 | (90.0 | )% | 69,966 | |||||||||
| Manganese-based Alloys Adj.EBITDA Mgns | 3.3% | 21.7% | 14.1% | 13.3% | |||||||||||||
Manganese-based alloy revenue in the first quarter was $61.7 million, a decrease of 32.1% over the prior quarter. The average realized selling price decreased by 10.2% and total shipments decreased 24.3%. Adjusted EBITDA for the manganese-based alloys portfolio decreased to $2.0 million in the first quarter of 2023, a decrease of 89.6% compared with $19.9 million for the prior quarter. EBITDA margin in the quarter decreased mainly driven by the energy compensation in France in the fourth quarter of 2022.
Russia – Ukraine War
The ongoing war between Russia and Ukraine has disrupted supply chains and caused instability in the global economy, while the United States, United Kingdom and European Union, among other countries, announced sanctions against Russia. The ongoing conflict could result in the imposition of further economic sanctions against Russia. Sanctions imposed on coal and assimilated products such as anthracite and metallurgical coke have obliged Ferroglobe to redirect its sourcing of such products to other. New sourcing of carbon electrodes was put in place in 2022 allowing Ferroglobe to ensure supply continuity to its operations worldwide while maintaining compliance with applicable sanctions.
Conference Call
Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on May 10, 2023. 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/BI80b8c060e88c4ab7abcef347366e2149Once 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/xkwnauwt
About Ferroglobe
Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese- based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, 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
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:
Anis BarodawallaExecutive Vice President – Investor Relations Email: [email protected]
MEDIA CONTACT:
Cristina Feliu RoigExecutive Director – Communications & Public AffairsEmail: [email protected]
| 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 | Twelve Months Ended | ||||||||||||
| March 31, 2023 | December 31, 2022 | March 31, 2022 | December 31, 2022 | ||||||||||||
| Sales | $ | 400,868 | $ | 448,625 | $ | 715,265 | $ | 2,597,916 | |||||||
| Raw materials and energy consumption for production | (255,036 | ) | (289,572 | ) | (340,555 | ) | (1,285,086 | ) | |||||||
| Energy consumption for production (PPA impact) | 23,193 | — | — | — | |||||||||||
| Other operating income | 14,814 | 78,414 | 23,008 | 147,356 | |||||||||||
| Staff costs | (67,543 | ) | (76,431 | ) | (81,986 | ) | (314,810 | ) | |||||||
| Other operating expense | (54,145 | ) | (54,129 | ) | (83,176 | ) | (346,252 | ) | |||||||
| Depreciation and amortization charges, operating allowances and write-downs | (17,990 | ) | (20,547 | ) | (21,109 | ) | (81,559 | ) | |||||||
| Impairment (losses) gain | 246 | (56,999 | ) | — | (56,999 | ) | |||||||||
| Other gain (loss) | 47 | 335 | (317 | ) | (19 | ) | |||||||||
| Operating profit | 44,454 | 29,696 | 211,130 | 660,547 | |||||||||||
| Net finance expense | (10,980 | ) | (16,830 | ) | (12,455 | ) | (58,741 | ) | |||||||
| Exchange differences | 1,455 | 4,051 | (4,393 | ) | (9,995 | ) | |||||||||
| Profit before tax | 34,929 | 16,917 | 194,282 | 591,811 | |||||||||||
| Income tax (loss) | (9,461 | ) | (7,775 | ) | (43,495 | ) | (147,983 | ) | |||||||
| Profit for the period | 25,468 | 9,142 | 150,787 | 443,828 | |||||||||||
| Profit (loss) attributable to non-controlling interest | (4,477 | ) | (2,943 | ) | 376 | (3,514 | ) | ||||||||
| Profit attributable to the parent | $ | 20,991 | $ | 6,199 | $ | 151,163 | $ | 440,314 | |||||||
| EBITDA | $ | 62,444 | $ | 50,243 | $ | 232,239 | $ | 742,106 | |||||||
| Adjusted EBITDA | $ | 44,767 | $ | 130,442 | $ | 241,119 | $ | 860,006 | |||||||
| Weighted average shares outstanding | |||||||||||||||
| Basic | 187,873 | 187,523 | 187,408 | 187,816 | |||||||||||
| Diluted | 189,629 | 188,949 | 188,583 | 189,625 | |||||||||||
| Profit (loss) per ordinary share | |||||||||||||||
| Basic | $ | 0.11 | $ | 0.03 | $ | 0.81 | $ | 2.34 | |||||||
| Diluted | $ | 0.11 | $ | 0.03 | $ | 0.80 | $ | 2.32 | |||||||
| Ferroglobe PLC and Subsidiaries | |||||||||
| Unaudited Condensed Consolidated Statement of Financial Position | |||||||||
| (in thousands of U.S. dollars) | |||||||||
| March 31, | December 31, | March 31, | |||||||
| 2023 | 2022 | 2022 | |||||||
| ASSETS | |||||||||
| Non-current assets | |||||||||
| Goodwill | $ | 29,702 | $ | 29,702 | $ | 29,702 | |||
| Other intangible assets | 223,447 | 111,797 | 188,407 | ||||||
| Property, plant and equipment | 497,557 | 486,247 | 548,862 | ||||||
| Other non-current financial assets | 14,702 | 14,186 | 3,977 | ||||||
| Deferred tax assets | 7,123 | 7,136 | 246 | ||||||
| Non-current receivables from related parties | 2,915 | 1,600 | 1,665 | ||||||
| Other non-current assets | 19,297 | 18,218 | 18,819 | ||||||
| Non-current restricted cash and cash equivalents | 2,175 | 2,133 | 2,220 | ||||||
| Total non-current assets | 796,918 | 671,019 | 793,898 | ||||||
| Current assets | |||||||||
| Inventories | 417,042 | 500,080 | 362,298 | ||||||
| Trade and other receivables | 312,452 | 425,474 | 499,953 | ||||||
| Current receivables from related parties | 2,728 | 2,675 | 2,784 | ||||||
| Current income tax assets | 7,652 | 6,104 | 408 | ||||||
| Other current financial assets | 2 | 3 | 203 | ||||||
| Other current assets | 26,914 | 30,608 | 11,838 | ||||||
| Assets and disposal groups classified as held for sale | 1,088 | 1,067 | — | ||||||
| Current restricted cash and cash equivalents | 2,411 | 2,875 | — | ||||||
| Cash and cash equivalents | 339,611 | 317,935 | 173,802 | ||||||
| Total current assets | 1,109,900 | 1,286,821 | 1,051,286 | ||||||
| Total assets | $ | 1,906,818 | $ | 1,957,840 | $ | 1,845,184 | |||
| EQUITY AND LIABILITIES | |||||||||
| Equity | $ | 658,490 | $ | 756,813 | $ | 475,477 | |||
| Non-current liabilities | |||||||||
| Deferred income | 128,125 | 3,842 | 70,699 | ||||||
| Provisions | 50,937 | 47,670 | 57,858 | ||||||
| Bank borrowings | 15,590 | 15,774 | 3,360 | ||||||
| Lease liabilities | 11,744 | 12,942 | 10,636 | ||||||
| Debt instruments | 304,621 | 330,655 | 404,954 | ||||||
| Other financial liabilities | 39,276 | 38,279 | 38,674 | ||||||
| Other Obligations | 36,310 | 37,502 | 37,241 | ||||||
| Other non-current liabilities | 22 | 12 | — | ||||||
| Deferred tax liabilities | 35,272 | 35,854 | 35,423 | ||||||
| Total non-current liabilities | 621,897 | 522,530 | 658,845 | ||||||
| Current liabilities | |||||||||
| Provisions | 146,501 | 145,507 | 159,386 | ||||||
| Bank borrowings | 31,462 | 62,059 | 95,359 | ||||||
| Lease liabilities | 7,492 | 8,929 | 7,869 | ||||||
| Debt instruments | 4,688 | 12,787 | 6,382 | ||||||
| Other financial liabilities | 43,950 | 60,382 | 62,141 | ||||||
| Financial Instruments | 79,331 | — | — | ||||||
| Payables to related parties | 2,377 | 1,790 | 8,685 | ||||||
| Trade and other payables | 147,150 | 219,666 | 249,064 | ||||||
| Current income tax liabilities | 48,326 | 53,234 | 21,208 | ||||||
| Other Obligations | 18,790 | 9,580 | 18,369 | ||||||
| Other current liabilities | 96,364 | 104,563 | 82,399 | ||||||
| Total current liabilities | 626,431 | 678,497 | 710,862 | ||||||
| Total equity and liabilities | $ | 1,906,818 | $ | 1,957,840 | $ | 1,845,184 | |||
| Ferroglobe PLC and Subsidiaries | |||||||||||||||
| Unaudited Condensed Consolidated Statement of Cash Flows | |||||||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | ||||||||||||
| March 31, 2023 | December 31, 2022 | March 31, 2022 | December 31, 2022 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Profit for the period | $ | 25,468 | $ | 9,142 | $ | 150,787 | $ | 443,828 | |||||||
| Adjustments to reconcile net (loss) profit to net cash used by operating activities: | |||||||||||||||
| Income tax (benefit) expense | 9,461 | 7,775 | 43,495 | 147,983 | |||||||||||
| Depreciation and amortization charges, operating allowances and write-downs | 17,990 | 20,547 | 21,109 | 81,559 | |||||||||||
| Net finance expense | 10,980 | 16,830 | 12,455 | 58,741 | |||||||||||
| Exchange differences | (1,455 | ) | (4,051 | ) | 4,393 | 9,995 | |||||||||
| Impairment losses | (246 | ) | 56,999 | — | 56,999 | ||||||||||
| Net loss (gain) due to changes in the value of asset | (25 | ) | (209 | ) | (6 | ) | (349 | ) | |||||||
| Gain on disposal of non-current assets | (22 | ) | (120 | ) | 302 | 459 | |||||||||
| Share-based compensation | 1,905 | 1,941 | 1,807 | 5,836 | |||||||||||
| Other adjustments | — | (6 | ) | 21 | (91 | ) | |||||||||
| Changes in operating assets and liabilities | — | ||||||||||||||
| (Increase) decrease in inventories | 86,275 | 41,566 | (73,611 | ) | (220,823 | ) | |||||||||
| (Increase) decrease in trade receivables | 118,714 | 14,518 | (121,767 | ) | (72,558 | ) | |||||||||
| Increase (decrease) in trade payables | (73,864 | ) | (130 | ) | 40,073 | 30,640 | |||||||||
| Other | (44,100 | ) | (10,288 | ) | (12,463 | ) | (56,677 | ) | |||||||
| Income taxes paid | (16,298 | ) | (36,455 | ) | (687 | ) | (80,524 | ) | |||||||
| Net cash provided (used) by operating activities | 134,783 | 118,059 | 65,908 | 405,018 | |||||||||||
| Cash flows from investing activities: | |||||||||||||||
| Interest and finance income received | 668 | 257 | 68 | 1,520 | |||||||||||
| Payments due to investments: | |||||||||||||||
| Other intangible assets | — | (918 | ) | — | (1,147 | ) | |||||||||
| Property, plant and equipment | (17,960 | ) | (13,891 | ) | (9,193 | ) | (52,153 | ) | |||||||
| Other | — | — | — | 6 | |||||||||||
| Net cash (used) provided by investing activities | (17,292 | ) | (14,552 | ) | (9,125 | ) | (51,774 | ) | |||||||
| Cash flows from financing activities: | |||||||||||||||
| Payment for debt and equity issuance costs | — | (60 | ) | — | (853 | ) | |||||||||
| Repayment of debt instruments | (26,283 | ) | — | (4,943 | ) | (111,106 | ) | ||||||||
| Increase/(decrease) in bank borrowings: | — | ||||||||||||||
| Borrowings | 109,762 | 158,607 | 244,164 | 898,586 | |||||||||||
| Payments | (141,900 | ) | (168,230 | ) | (237,627 | ) | (919,932 | ) | |||||||
| Amounts paid due to leases | (2,247 | ) | (4,383 | ) | (2,518 | ) | (11,590 | ) | |||||||
| Proceeds from other financing liabilities | — | — | — | 38,298 | |||||||||||
| Other amounts received/(paid) due to financing activities | (17,377 | ) | — | 38,298 | 678 | ||||||||||
| Interest paid | (18,192 | ) | (3,569 | ) | (34,799 | ) | (60,822 | ) | |||||||
| Net cash (used) provided by financing activities | (96,237 | ) | (17,635 | ) | 2,575 | (166,741 | ) | ||||||||
| Total net cash flows for the period | 21,254 | 85,872 | 59,358 | 186,503 | |||||||||||
| Beginning balance of cash and cash equivalents | 322,943 | 236,789 | 116,663 | 116,663 | |||||||||||
| Exchange differences on cash and cash equivalents in foreign currencies | — | 282 | 1 | (6,506 | ) | ||||||||||
| Ending balance of cash and cash equivalents | $ | 344,197 | $ | 322,943 | $ | 176,022 | $ | 296,660 | |||||||
| Cash from continuing operations | 339,611 | 317,935 | 173,802 | 317,935 | |||||||||||
| Current/Non-current restricted cash and cash equivalents | 4,586 | 5,008 | 2,220 | 5,008 | |||||||||||
| Cash and restricted cash in the statement of financial position | $ | 344,197 | $ | 322,943 | $ | 176,022 | $ | 322,943 | |||||||
Adjusted EBITDA ($,000):
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | ||||||||||||
| March 31, 2023 | December 31, 2022 | March 31, 2022 | December 31, 2022 | ||||||||||||
| Profit attributable to the parent | $ | 20,991 | $ | 6,199 | $ | 151,163 | $ | 440,314 | |||||||
| Profit (loss) attributable to non-controlling interest | 4,477 | 2,943 | (376 | ) | 3,514 | ||||||||||
| Income tax expense | 9,461 | 7,775 | 43,495 | 147,983 | |||||||||||
| Net finance expense | 10,980 | 16,830 | 12,455 | 58,741 | |||||||||||
| Exchange differences | (1,455 | ) | (4,051 | ) | 4,393 | 9,995 | |||||||||
| Depreciation and amortization charges, operating allowances and write-downs | 17,990 | 20,547 | 21,109 | 81,559 | |||||||||||
| EBITDA | 62,444 | 50,243 | 232,239 | 742,106 | |||||||||||
| Impairment | (246 | ) | 56,999 | — | 56,999 | ||||||||||
| Restructuring and termination costs | — | — | 5,909 | 9,315 | |||||||||||
| New strategy implementation | 2,049 | 4,442 | 2,971 | 29,032 | |||||||||||
| Pension Plan buyout | — | — | — | — | |||||||||||
| Subactivity | 3,713 | 5,653 | — | 9,449 | |||||||||||
| PPA Energy | (23,193 | ) | — | — | — | ||||||||||
| Prior periods (loss) | — | 13,105 | — | 13,105 | |||||||||||
| Adjusted EBITDA | $ | 44,767 | $ | 130,442 | $ | 241,119 | $ | 860,006 | |||||||
Adjusted profit attributable to Ferroglobe ($,000):
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | ||||||||||||
| March 31, 2023 | December 31, 2022 | March 31, 2022 | December 31, 2022 | ||||||||||||
| Profit attributable to the parent | $ | 20,991 | $ | 6,199 | $ | 151,163 | $ | 440,314 | |||||||
| Tax rate adjustment | (599 | ) | 4,591 | 6,931 | 36,604 | ||||||||||
| Impairment | (175 | ) | 46,272 | — | 46,272 | ||||||||||
| Restructuring and termination costs | — | — | 4,797 | 7,562 | |||||||||||
| New strategy implementation | 1,459 | 3,606 | 2,412 | 23,568 | |||||||||||
| Pension Plan buyout | — | — | — | — | |||||||||||
| Subactivity | 2,644 | 4,589 | — | 7,671 | |||||||||||
| PPA Energy | (16,513 | ) | — | — | — | ||||||||||
| Prior periods (loss) | — | 10,639 | — | 10,639 | |||||||||||
| Adjusted profit attributable to the parent | $ | 7,807 | $ | 75,896 | $ | 165,303 | $ | 572,630 | |||||||
Adjusted diluted profit per share:
| Quarter Ended | Quarter Ended | Quarter Ended | Twelve Months Ended | ||||||||||||
| March 31, 2023 | December 31, 2022 | March 31, 2022 | December 31, 2022 | ||||||||||||
| Diluted profit per ordinary share | $ | 0.11 | $ | 0.03 | $ | 0.80 | $ | 2.32 | |||||||
| Tax rate adjustment | (0.00 | ) | 0.02 | 0.04 | 0.19 | ||||||||||
| Impairment | (0.00 | ) | 0.24 | — | 0.26 | ||||||||||
| Restructuring and termination costs | — | — | 0.03 | 0.04 | |||||||||||
| New strategy implementation | 0.01 | 0.02 | 0.01 | 0.13 | |||||||||||
| Subactivity | 0.01 | 0.02 | — | 0.04 | |||||||||||
| PPA Energy | (0.09 | ) | — | — | — | ||||||||||
| Prior periods (loss) | — | 0.06 | — | 0.06 | |||||||||||
| Adjusted diluted profit per ordinary share | $ | 0.05 | $ | 0.39 | $ | 0.88 | $ | 3.04 | |||||||
