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 2022.

Introducing 2023 adjusted EBITDA guidance of approximately $290 million

FINANCIAL HIGHLIGHTS

  • Record 2022 revenue of $2.6 billion, up 46% Y/Y
  • Record 2022 adjusted EBITDA of $860 million, up 380% Y/Y
  • Q4 adjusted EBITDA declined to $130 million, down 30% from Q3 and up 52% from Q4-21
  • Q4 adjusted EBITDA margins were strong at 29% versus 31% in the prior quarter and 15% in Q4-21
  • Q4 Adjusted EPS was $.42 versus $.64 in Q3 and $.19 in Q4-21
  • Net debt declined to a record low of $137 million, down from $194 million in Q3 and $397 in Q4-21
  • Total cash increased to $323 million, up from $237 million in Q3 and $116 million in Q4-21

BUSINESS HIGHLIGHTS        

  • Good quarter performance in spite of low market liquidity and high customer destocking
  • Value creation plan has generated approximately $150 million of cost savings and an additional $40 million in commercial excellence on a run-rate basis, and is projected to increase to a total of $225 million by the end of 2023
  • Started production of high purity silicon used in batteries with limited volumes. Have begun to receive orders
  • Enhancing our global footprint with 22k tons of silicon metal capacity added in Selma, Alabama plant in 2022 and in the process of adding 55k tons at our plant in Polokwane, South Africa

Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “2022 was a record year for Ferroglobe with revenue and adjusted EBITDA at the highest in the Company’s history. Our strong performance was the result of strong prices and demand early in the year followed by a weaker environment in the second half, driven by sluggish activity in our end markets. Our performance in 2022 was amplified by the improvements we have made to the business through our value creation plan. The value creation plan has generated approximately $150 million of cost savings and an additional $40 million in commercial excellence on a run-rate basis, and is projected to increase to $225 million by the end of 2023.

“The prospects for Ferroglobe have never been stronger. We have optimized the cost structure of the Company to enable us to outperform throughout the cycle. In addition, we are well positioned to capitalize on several trends taking place in the market that will drive growth in the coming years. We expect the battery market for electric vehicles and the solar market presents an extraordinary opportunity, driven by the need for high purity silicon. The use of silicon in batteries is still in its early stages of development and we expect to see significant growth as this technology is perfected. We are currently partnered with battery developers and have recently started production, albeit at low volumes. Solar is another market that requires high purity silicon, which represents an enormous market that we expect to continue to capitalize on, particularly as the trend to onshoring gains momentum.

“In 2022, we added an additional 22k tons at our Selma, Alabama facility and are currently in the process of completing a 55k ton expansion at our Polokwane, South Africa plant. These capacity additions required minimal investment and enabled us to expand our access to low-cost silicon metal, enhancing our flexible global footprint enabling us to move volume to optimize our cost of production. During recent periods of extreme energy volatility, particularly in Europe, we were able to minimize our exposure by moving production from Spain and France to lower cost regions. This flexibility enabled us to lower our costs and still service our customers.

“Given our insights into customer orders and end markets, we expect the first quarter to be down from Q4, but increase throughout the remainder of the year. In an effort to provide more insight to investors, we are introducing adjusted EBITDA guidance for 2023, which we expect to be approximately $270 million to $300m,” concluded Dr. Levi.Fourth Quarter and Full Year 2022 Financial Highlights

    Quarter Ended   Quarter Ended   Quarter Ended   %   %     Twelve Months Ended   Twelve Months Ended   %
$,000 (unaudited)   December 31, 2022   September 30, 2022   December 31, 2021   Q/Q   Y/Y     December 31, 2022   December 31, 2021   Y/Y
                                                 
Sales   $ 448,625     $ 593,218     $ 569,771       (24 %)     (21 %)     $ 2,597,916     $ 1,778,908     46 %
Raw materials and energy consumption for production   $ (281,303 )   $ (285,210 )   $ (371,519 )     (1 %)     (24 %)     $ (1,276,817 )   $ (1,184,896 )   8 %
Operating profit (loss)   $ 55,800     $ 154,424     $ 55,888       (64 %)     (0 %)     $ 686,653     $ 31,386     2,088 %
Operating margin     12.4%       26.0%       10%                     26.4%       2%      
Adjusted net income (loss) attributable to the parent   $ 78,864     $ 118,264     $ 37,035       (33 %)     113 %     $ 575,599     $ (42,387 )   NA  
Adjusted diluted EPS   $ 0.42     $ 0.64     $ 0.19                   $ 3.07     $ (0.23 )   NA  
Adjusted EBITDA   $ 130,442     $ 185,293     $ 85,579       (30 %)     52 %     $ 860,008     $ 179,330     380 %
Adjusted EBITDA margin     29.1%       31.2%       15.0%                     33.1%       10.1%      
Operating cash flow   $ 118,059     $ 54,822     $ 21,707       115 %     444 %     $ 405,018     $ (1,341 )   NA  
Free cash flow1   $ 93,598     $ 40,345     $ 14,249       132 %     557 %     $ 343,335     $ (25,189 )   NA  
                                                 
Working Capital   $ 705,888     $ 717,283     $ 464,870       (2 %)     52 %     $ 705,888     $ 464,870     52 %
Cash and Restricted Cash   $ 322,943     $ 236,789     $ 116,663       36 %     177 %     $ 322,943     $ 116,663     177 %
Adjusted Gross Debt2   $ 459,620     $ 431,207     $ 513,794       7 %     (11 %)     $ 459,620     $ 513,794     (11 %)
Equity   $ 771,143     $ 700,340     $ 320,031       10 %     141 %     $ 771,143     $ 320,031     141 %

(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 September 30, 2022 & December 31, 2021

Sales

In the fourth quarter of 2022, Ferroglobe reported net sales of $448.6 million, a decrease of 24% over the prior quarter and a decrease of 21% over the year-ago period. For the full year 2022, sales were $2.6 billion versus $1.8 billion in the prior year, an increase of 46%. The decrease in our fourth quarter results is primarily attributable to lower volumes across our product portfolio, and lower pricing in our main products. The $145 million decrease in sales over the prior quarter was primarily driven by silicon metal, which accounted for $80 million of the decrease, silicon-based alloys, which accounted for $52 million and manganese-based alloys, which accounted for $7 million. The increase in sales for the full year 2022 was driven by higher volumes and a significant increase in prices, particularly during the first half of the year.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $281.3 million in the fourth quarter of 2022 versus $285.2 million in the prior quarter, a decrease of 1%. As a percentage of sales, raw materials and energy consumption for production was 63% in the fourth quarter of 2022 versus 48% in the prior quarter. This variance was mainly due to higher energy costs, higher raw material costs and lower fixed cost absorption as a result of the decrease in production in France. For full year 2022, raw materials and energy consumption for production was $1.3 billion, or 49% of sales, versus $1.2 billion, or 67% of sales. The improvement in these costs as a percent of sales was driven by operating leverage as a result of higher pricing.

Net Income (Loss) Attributable to the Parent

In the fourth quarter of 2022, net profit attributable to the parent was $25.3 million, or $0.13 per diluted share, compared to a net profit attributable to the parent of $97.6 million, or $0.52 per diluted share in the third quarter. For the full year 2022, net profit attributable to the parent was $459.5million, or $2.43 per diluted share, compared to negative $110.6 million, or negative $0.63.eps

Adjusted EBITDA

In the fourth quarter of 2022, Adjusted EBITDA was $130.4 million, or 29% of sales, a decrease of 30% compared to adjusted EBITDA of $185.3 million, or 31% of sales in the third quarter of 2022. The decrease in the fourth quarter of 2022 Adjusted EBITDA as a percentage of sales is primarily attributable to a decrease in sales volumes and prices.

For the full year 2022, Adjusted EBITDA was $860.1 million, or 33% of sales, compared to Adjusted EBITDA of $179.3 million, or 10% of sales, for the full year 2021.

Total Cash

The total cash balance was $322.9 million as of December 31, 2022, up $86.1 million from $236.8 million as of September 30, 2022.

During the fourth quarter of 2022, we generated positive operating cash flow of $118.1 million, had negative cash flow from investing activities of $24.5 million, and $7.7 million in negative cash flow from financing activities.

Total Working Capital

Total working capital was $705.9 million at December 31, 2022, decreasing from $717.3 million at September 30, 2022. The $11.5 million decrease in working capital during the quarter was due primarily to a decrease in inventories.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “Our balance sheet improved dramatically in the fourth quarter as we continued to reduce our net debt balance from $194 million in the third quarter to $137 million, an improvement of $57 million. This improvement was a result of strong cash flow generation, aided by a reduction in working capital. We expect the release working capital to continue in the first and second quarters of 2023 driving continued improvement to our balance sheet.

“We are targeting a positive net cash position in 2023. As our balance sheet continues to improve, we are focused on optimizing our capital structure and how best to return money to our shareholders,” concluded Mrs. García-Cos.        Product Category Highlights

Silicon Metal

                                           
    Quarter Ended   Quarter Ended       Quarter Ended       Twelve Months Ended   Twelve Months Ended  
    December 31, 2022   September 30, 2022   % Q/Q   December 31, 2021   % Y/Y   December 31, 2022   December 31, 2021   % Y/Y
Shipments in metric tons:     39,459       50,545     (21.9 )%     63,681     (38.0 )%     209,342       253,991     (17.6 )%
Average selling price ($/MT):     4,655       5,220     (10.8 )%     2,944     58.1 %     5,332       2,511     112.3 %
                                           
Silicon Metal Revenue ($,000)     183,682       263,845     (30.4 )%     187,477     (2.0 )%     1,116,212       637,695     75.0 %
Silicon Metal Adj.EBITDA ($,000)     89,064       113,151     (21.3 )%     32,501     174.0 %     529,355       72,346     631.7 %
Silicon Metal Adj.EBITDA Mgns     48.5%       42.9%           17.3%           47.4%       11.3%      

Silicon metal revenue in the fourth quarter was $183.7 million, a decrease of 30.4% over the prior quarter. The average realized selling price decreased by 10.8%, primarily due to a pricing market decline of 22% in the US and 8% in Europe. Total shipments decreased due to weak demand in chemicals and aluminum in Europe. Adjusted EBITDA for silicon metal decreased to $89.1 million during the fourth quarter, a decrease of 21.3% compared with $113.2 million for the prior quarter. EBITDA margin in the quarter improved mainly driven by the energy compensation in France.

Silicon-Based Alloys

                                           
    Quarter Ended   Quarter Ended       Quarter Ended       Twelve Months Ended   Twelve Months Ended  
    December 31, 2022   September 30, 2022   % Q/Q   December 31, 2021   % Y/Y   December 31, 2022   December 31, 2021   % Y/Y
Shipments in metric tons:     39,847       48,977     (18.6 )%     60,078     (33.7 )%     204,076       242,766     (15.9 )%
Average selling price ($/MT):     3,182       3,655     (12.9 )%     2,770     14.9 %     3,694       2,058     79.5 %
                                           
Silicon-based Alloys Revenue ($,000)     126,793       179,011     (29.2 )%     166,439     (23.8 )%     753,857       499,584     50.9 %
Silicon-based Alloys Adj.EBITDA ($,000)     37,102       59,668     (37.8 )%     51,174     (27.5 )%     272,322       81,022     236.1 %
Silicon-based Alloys Adj.EBITDA Mgns     29.3%       33.3%           30.7%           36.1%       16.2%      

Silicon-based alloy revenue in the fourth quarter was $126.8 million, a decrease of 29.2% over the prior quarter. The average realized selling price decreased by 12.9%, due to a decline in demand for ferrosilicons linked to general industry declines in the steel sector. Total shipments of silicon-based alloys decreased 18.6%, driven by weak demand from steel manufacturers. Adjusted EBITDA for the silicon-based alloys portfolio decreased to $37.1 million in the fourth quarter of 2022, a decrease of 37.8% compared with $59.7 million for the prior quarter. EBITDA margin decreased in the quarter mainly due to the decrease in sale prices driven by a reduction in the indexes.

Manganese-Based Alloys

                                           
       Quarter Ended      Quarter Ended          Quarter Ended       Twelve Months Ended   Twelve Months Ended  
    December 31, 2022   September 30, 2022   % Q/Q   December 31, 2021   % Y/Y   December 31, 2022   December 31, 2021   % Y/Y
Shipments in metric tons:     61,917       61,583     0.5 %     97,053     (36.2 )%     295,589       314,439     (6.0 )%
Average selling price ($/MT):     1,466       1,584     (7.4 )%     1,720     (14.8 )%     1,778       1,492     19.2 %
                                           
Manganese-based Alloys Revenue ($,000)     90,770       97,547     (6.9 )%     166,953     (45.6 )%     525,557       469,138     12.0 %
Manganese-based Alloys Adj.EBITDA ($,000)     19,696       14,681     34.2 %     28,620     (31.2 )%     87,619       76,950     13.9 %
Manganese-based Alloys Adj.EBITDA Mgns     21.7%       15.1%           17.1%           16.7%       16.4%      

Manganese-based alloy revenue in the fourth quarter was $90.7 million, a decrease of 6.9% over the prior quarter. The average realized selling price decreased by 7.4% and total shipments increased 0.5%. Adjusted EBITDA for the manganese-based alloys portfolio increased to $19.7 million in the fourth quarter of 2022, an increase of 34.2% compared with $14.7 million for the prior quarter. EBITDA margin in the quarter improved mainly driven by the energy compensation in France.

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 origins at a moment of strong market demand, leading to a temporary increase in raw materials prices. The uncertain supply and logistical conditions in Russia have also led Ferroglobe to diversify its sourcing of carbon electrodes. New sourcing was put in place in the previous quarter allowing Ferroglobe to ensure supply continuity to its operations worldwide while maintaining compliance with applicable sanctions.

Subsequent events

Reindus loan

On January 25, 2022, the Ministry opened a hearing regarding repayment of the loan. The company presented its allegations on February 15, 2022. On January 19, 2023, a new Resolution was signed by the Ministry terminating the reimbursement procedure initiated in January 2022.        

On February 10, 2023, €16.3 million was repaid. A formal confirmation of the amortization calendar is expected to be received soon from the Ministry.

Conference Call

Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on February 23, 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/BI8d32353732624463a89c30a381b5df28 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/7ajafqyn 

About Ferroglobe

Ferroglobe 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.

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 BarodawallaVice President – Investor Relations Email:   investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu RoigExecutive Director – Communications & Public AffairsEmail:   corporate.comms@ferroglobe.com

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Income Statement(in thousands of U.S. dollars, except per share amounts)

    Quarter Ended   Quarter Ended   Quarter Ended   Twelve Months Ended   Twelve Months Ended  
    December 31, 2022   September 30, 2022   December 31, 2021   December 31, 2022   December 31, 2021  
Sales   $ 448,625     $ 593,218     $ 569,771     $ 2,597,916     $ 1,778,908    
Raw materials and energy consumption for production     (281,303 )     (285,210 )     (371,519 )     (1,276,817 )     (1,184,896 )  
Other operating income     78,414       19,711       39,619       147,356       110,085    
Staff costs     (75,891 )     (75,689 )     (72,068 )     (314,270 )     (280,917 )  
Other operating expense     (49,833 )     (77,954 )     (87,016 )     (341,956 )     (296,809 )  
Depreciation and amortization charges, operating allowances and write-downs     (20,547 )     (19,719 )     (24,549 )     (81,559 )     (97,328 )  
Impairment losess     (44,000 )           501       (44,000 )     137    
Other gain (loss)     335       67       1,149       (17 )     2,206    
Operating profit (loss)     55,800       154,424       55,888       686,653       31,386    
Net finance expense     (13,862 )     (16,630 )     (18,516 )     (55,776 )     (148,936 )  
Exchange differences     4,048       (1,770 )     9,874       (9,997 )     (2,386 )  
Profit (loss) before tax      45,986        136,024       47,246       620,880       (119,936 )  
Income tax benefit (loss)     (18,259 )     (37,184 )     2,789       (158,466 )     4,562    
Profit (loss) for the period     27,727       98,840       50,035       462,414       (115,374 )  
Profit (loss) attributable to non-controlling interest     (2,382 )     (1,212 )     1,412       (2,952 )     4,750    
Profit (loss) attributable to the parent   $ 25,345     $ 97,628     $ 51,447     $ 459,462     $ (110,624 )  
                                 
                                 
EBITDA   $ 76,347     $ 174,143     $ 80,437     $ 768,212     $ 128,714    
Adjusted EBITDA   $ 130,442     $ 185,293     $ 85,579     $ 860,008     $ 179,330    
                                 
                                 
Weighted average shares outstanding                                
Basic     187,523       187,424       187,358       187,471       176,508    
Diluted     188,949       188,850       188,587       188,853       176,508    
                                 
Profit (loss) per ordinary share                                
Basic   $ 0.14     $ 0.52     $ 0.27     $ 2.45     $ (0.63 )  
Diluted   $ 0.13     $ 0.52     $ 0.27     $ 2.43     $ (0.63 )  

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Financial Position(in thousands of U.S. dollars)

    December 31,   September 30,   December 31,
    2022   2022   2021
ASSETS
Non-current assets                    
Goodwill   $   29,702   $ 29,702   $ 29,702
Other intangible assets       111,797     97,467     100,642
Property, plant and equipment       515,983     511,256     554,914
Other non-current financial assets       14,186     3,904     4,091
Deferred tax assets       2,514     158     7,010
Non-current receivables from related parties       1,600     1,462     1,699
Other non-current assets       18,218     17,072     18,734
Non-current restricted cash and cash equivalents       2,133     1,950     2,272
Total non-current assets       696,133     662,971     719,064
Current assets                    
Inventories       500,080     511,557     289,797
Trade and other receivables       425,474     413,722     381,073
Current receivables from related parties       2,675     2,445     2,841
Current income tax assets       6,046     1,155     7,660
Other current financial assets       3     2     104
Other current assets       30,608     35,581     8,408
Assets and disposal groups classified as held for sale       1,067        
Current restricted cash and cash equivalents       2,875        
Cash and cash equivalents       317,935     234,839     114,391
Total current assets       1,286,763     1,199,301     804,274
Total assets   $   1,982,896   $ 1,862,272   $ 1,523,338
                     
EQUITY AND LIABILITIES
Equity   $   771,143   $ 700,340   $ 320,031
Non-current liabilities                    
Deferred income       17,813     23,130     895
Provisions       44,169     53,487     60,958
Bank borrowings       15,774     2,534     3,670
Lease liabilities       12,942     9,181     9,968
Debt instruments       330,655     330,990     404,938
Other financial liabilities       38,279     34,695     4,549
Other Obligations (1)       37,502     43,009     38,082
Other non-current liabilities (1)       12         1,476
Deferred tax liabilities       35,854     34,461     25,145
Total non-current liabilities       533,000     531,487     549,681
Current liabilities                    
Provisions       145,507     121,826     137,625
Bank borrowings       62,059     68,446     95,297
Lease liabilities       8,929     7,800     8,390
Debt instruments       12,787     5,146     35,359
Other financial liabilities       60,382     56,078     62,464
Payables to related parties       1,790     848     9,545
Trade and other payables       219,666     207,996     206,000
Current income tax liabilities       53,521     70,564     1,775
Other Obligations (1)       9,580     7,171     22,843
Other current liabilities (1)       104,532     84,570     74,328
Total current liabilities       678,753     630,445     653,626
Total equity and liabilities   $   1,982,896   $ 1,862,272   $ 1,523,338

(1)   In 2021 we disaggregated “Other liabilities” into an additional line to the balance sheet “Other obligations“ to separately present certain contractual obligations whose nature and function differs from other items presented in the “Other liabilities line”, so as to allow a better understanding of the Company´s financial position.

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Cash Flows

    Quarter Ended   Quarter Ended   Quarter Ended   Twelve Months Ended     Twelve Months Ended  
    December 31, 2022   September 30, 2022   December 31, 2021   December 31, 2022     December 31, 2021  
Cash flows from operating activities:                                  
Profit (loss) for the period   $ 27,727     $ 98,840     $ 50,035     $ 462,414       $ (115,374 )  
Adjustments to reconcile net (loss) profit to net cash used by operating activities:                                  
Income tax (benefit) expense     18,259       37,184       (2,789 )     158,466         (4,562 )  
Depreciation and amortization charges, operating allowances and write-downs     20,547       19,719       24,549       81,559         97,328    
Net finance expense     13,862       16,630       18,516       55,776         148,936    
Exchange differences     (4,048 )     1,770       (9,874 )     9,997         2,386    
Impairment losses     44,000             (501 )     44,000         (137 )  
Net loss (gain) due to changes in the value of asset     (209 )     (124 )     (70 )     (349 )       (758 )  
Gain on disposal of non-current assets     (120 )     142       (1,036 )     459         (1,386 )  
Share-based compensation     1,941       1,118       1,464       5,836         3,627    
Other adjustments     (7 )     (85 )     (43 )     (93 )       (62 )  
Changes in operating assets and liabilities                                  
(Increase) decrease in inventories     41,566       (129,210 )     (11,137 )     (220,823 )       (60,296 )  
(Increase) decrease in trade receivables     14,518       60,654       (83,434 )     (72,558 )       (161,434 )  
Increase (decrease) in trade payables     (130 )     1,656       12,908       30,640         64,382    
Other     (23,392 )     (40,991 )     26,037       (69,782 )       29,803    
Income taxes paid     (36,455 )     (12,481 )     (2,918 )     (80,524 )       (3,794 )  
Net cash provided (used) by operating activities     118,059       54,822       21,707       405,018         (1,341 )  
Cash flows from investing activities:                                  
Interest and finance income received     257       1,055       23       1,520         207    
Payments due to investments:                                  
Other intangible assets     (918 )     (229 )           (1,147 )          
Property, plant and equipment     (13,891 )     (15,303 )     (10,480 )     (52,153 )       (27,597 )  
Other                       6            
Disposals:                                  
Other non-current assets                 1,376               1,919    
Other                 1,623               1,623    
Loan to affiliates     (9,909 )                 (9,909 )          
Net cash (used) provided by investing activities     (24,461 )     (14,477 )     (7,458 )     (61,683 )       (23,848 )  
Cash flows from financing activities:                                  
Payment for debt and equity issuance costs     (60 )     (693 )           (853 )       (43,755 )  
Proceeds from equity issuance                               40,000    
Proceeds from debt issuance                               60,000    
Repayment of debt instruments           (60,000 )           (84,823 )          
Increase/(decrease) in bank borrowings:                                  
Borrowings     168,516       193,644       221,587       908,495         659,083    
Payments     (168,230 )     (219,415 )     (210,902 )     (919,932 )       (671,467 )  
Amounts paid due to leases     (4,383 )     (2,412 )     (2,617 )     (11,590 )       (11,232 )  
Proceeds from other financing liabilities                       38,298            
Other amounts received/(paid) due to financing activities           (179 )           678            
Interest paid     (3,569 )     (20,078 )     (704 )     (60,822 )       (22,177 )  
Net cash (used) provided by financing activities     (7,726 )     (109,133 )     7,364       (130,549 )       10,452    
Total net cash flows for the period     85,872       (68,788 )     21,613       212,786         (14,737 )  
Beginning balance of cash and cash equivalents     236,789       306,511       95,043       116,663         131,557    
Exchange differences on cash and cash equivalents in foreign currencies     282       (934 )     7       (6,506 )       (157 )  
Ending balance of cash and cash equivalents   $ 322,943     $ 236,789     $ 116,663     $ 322,943       $ 116,663    
Cash from continuing operations     317,935       234,839       114,391       317,935         114,391    
Current/Non-current restricted cash and cash equivalents     5,008       1,950       2,272       5,008         2,272    
Cash and restricted cash in the statement of financial position   $ 322,943     $ 236,789     $ 116,663     $ 322,943       $ 116,663    

Adjusted EBITDA ($,000):

    Quarter Ended   Quarter Ended   Quarter Ended   Twelve Months Ended   Twelve Months Ended  
    December 31, 2022   September 30, 2022   December 31, 2021   December 31, 2022   December 31, 2021  
Profit (loss) attributable to the parent   $ 25,345     $ 97,628   $ 51,447     $ 459,462   $ (110,624 )  
Profit (loss) attributable to non-controlling interest     2,382       1,212     (1,412 )     2,952     (4,750 )  
Income tax (benefit) expense     18,259       37,184     (2,789 )     158,466     (4,562 )  
Net finance expense     13,862       16,630     18,516       55,776     148,936    
Exchange differences     (4,048 )     1,770     (9,874 )     9,997     2,386    
Depreciation and amortization charges, operating allowances and write-downs     20,547       19,719     24,549       81,559     97,328    
EBITDA     76,347       174,143     80,437       768,212     128,714    
Impairment     44,000           (501 )     44,000     (137 )  
Restructuring and termination costs               455       9,315     27,368    
New strategy implementation     4,442       7,354     5,188       29,032     22,700    
Pension Plan buyout                         685    
Subactivity     5,653       3,796           9,449        
Adjusted EBITDA   $ 130,442     $ 185,293   $ 85,579     $ 860,008   $ 179,330    

Adjusted profit attributable to Ferroglobe ($,000):

    Quarter Ended   Quarter Ended   Quarter Ended   Twelve Months Ended   Twelve Months Ended
    December 31, 2022   September 30, 2022   December 31, 2021   December 31, 2022   December 31, 2021
Profit (loss) attributable to the parent   $ 25,345   $ 97,628   $ 51,447     $ 459,462   $ (110,624 )
Tax rate adjustment     9,604     11,584     (17,908 )     41,616     33,818  
Impairment     35,719         (341 )     35,719     (93 )
Restructuring and termination costs             309       7,562     18,610  
New strategy implementation     3,606     5,970     3,528       23,568     15,436  
Pension Plan buyout                       466  
Subactivity     4,589     3,082           7,671      
Adjusted profit (loss) attributable to the parent   $ 78,864   $ 118,264   $ 37,035     $ 575,599   $ (42,387 )

Adjusted diluted profit per share:

    Quarter Ended   Quarter Ended   Quarter Ended   Twelve Months Ended   Twelve Months Ended
    December 31, 2022   September 30, 2022   December 31, 2021   December 31, 2022   December 31, 2021
Diluted profit (loss) per ordinary share   $ 0.13   $ 0.52   $ 0.27     $ 2.43   $ (0.63 )
Tax rate adjustment     0.05     0.06     (0.10 )     0.22     0.20  
Impairment     0.19         (0.00 )     0.20     (0.00 )
Restructuring and termination costs     0.01     0.01     0.00       0.04     0.11  
New strategy implementation     0.02     0.03     0.02       0.13     0.09  
Subactivity     0.02     0.02           0.04      
Adjusted diluted profit (loss) per ordinary share   $ 0.42   $ 0.64   $ 0.19     $ 3.07   $ (0.23 )
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