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 2024.
Financial Highlights
| |
|
|
|
|
% |
|
|
|
% |
| ($ in millions, except
EPS) |
Q1 2024 |
|
Q4 2023 |
|
Q/Q |
|
Q1 2023 |
|
Y/Y |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
391.9 |
|
|
$ |
376.0 |
|
|
4% |
|
$ |
400.9 |
|
|
(2%) |
| Net (loss) income |
$ |
(2.0 |
) |
|
$ |
(11.1 |
) |
|
82% |
|
$ |
21.0 |
|
|
(110%) |
| Adjusted diluted EPS |
$ |
— |
|
|
$ |
0.07 |
|
|
82% |
|
$ |
0.05 |
|
|
(110%) |
| Adj. EBITDA |
$ |
25.8 |
|
|
$ |
60.3 |
|
|
(57%) |
|
$ |
44.8 |
|
|
(42%) |
| Operating cash flow |
$ |
198.0 |
|
|
$ |
25.1 |
|
|
688% |
|
$ |
134.8 |
|
|
47% |
| Capital expenditures1 |
$ |
18.2 |
|
|
$ |
25.5 |
|
|
(29%) |
|
$ |
18.0 |
|
|
1% |
| Free cash flow2 |
$ |
179.8 |
|
|
$ |
(0.4 |
) |
|
(45.509%) |
|
$ |
116.8 |
|
|
54% |
|
(1) Cash outflows for capital expenditures |
|
(2) Free cash flow is calculated as operating cash
flow less capital expenditures |
Dr. Marco Levi, Ferroglobe’s Chief Executive
Officer, commented, “In the first quarter, we continued to make
progress in improving Ferroglobe’s financial position, ending the
quarter with a positive net cash position for the first time,
representing the strongest financial position in the Company’s
history. We announced a dividend last quarter and are declaring
another dividend of $0.013. Our board recently approved a buyback
initiative, and we expect our shareholders to do the same during
our annual shareholders’ meeting in June. We will continue to focus
on policies that return value to our shareholders.
“As we position the Company to exploit the
strong anticipated demand in silicon metal to address the solar and
EV battery markets, we are in the process of applying for a permit
to expand our silicon metal operations in North America. This will
be in the form of a brownfield expansion, which is significantly
less costly than a greenfield buildout. In March, we signed a
memorandum of understanding with Coreshell, a leading US-based
battery technology company, working towards building the world's
first battery-grade metallurgical silicon for electric vehicles.
Recently we solidified this relationship by making a strategic
investment in Coreshell. This is an important opportunity for
Ferroglobe to play a key role in the ongoing evolution of the
electric vehicle battery market. Using silicon in EV batteries has
significant advantages over graphite, including lower cost, an
increase of up to 40% in driving range as well as significantly
faster charging times. We believe silicon will be an important
component in the innovation of EV batteries and we are positioning
the company to be an integral part of it.
“The indices across all our businesses are up
from the lows. While the initial improvement in prices was driven
by supply-related issues, these prices have held strong and we are
starting to see some signs of fundamental improvements in demand in
the U.S. Accordingly, we are raising the low end of our annual
adjusted EBITDA guidance, increasing the range from $100-170
million to $130-170 million,” concluded Dr. Levi.
Consolidated Sales
In the first quarter of 2024, Ferroglobe
reported net sales of $391.9 million, an increase of 4% over the
prior quarter and a decrease of 2% over the year-ago period. The
increase in our first quarter results is primarily attributable to
higher volumes across our product portfolio, partly offset by lower
pricing in silicon metal and silicon-based alloys. Over the prior
quarter, the sales increase was primarily driven by silicon-based
alloys, which accounted for $5 million, and manganese-based alloys,
which accounted for $6 million of the increase, while silicon
metals sales remained stable.
Product Category Highlights
Silicon Metal
| ($,000) |
Q1 2024 |
|
Q4 2023 |
|
% Q/Q |
|
Q1 2023 |
|
% Y/Y |
|
Shipments in metric tons: |
|
53,183 |
|
|
|
49,761 |
|
|
6.9 |
% |
|
|
36,942 |
|
|
44.0 |
% |
|
Average selling price ($/MT): |
|
3,155 |
|
|
|
3,371 |
|
|
(6.4 |
)% |
|
|
4,351 |
|
|
(27.5 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Silicon Metal
Revenue |
|
167,792 |
|
|
|
167,744 |
|
|
0.0 |
% |
|
|
160,735 |
|
|
4.4 |
% |
| Silicon Metal
Adj.EBITDA |
|
16,071 |
|
|
|
22,188 |
|
|
(27.6 |
)% |
|
|
31,120 |
|
|
(48.4 |
)% |
| Silicon Metal
Adj.EBITDA Margin |
|
9.6 |
% |
|
|
13.2 |
% |
|
|
|
|
19.4 |
% |
|
|
Silicon metal revenue in the first quarter was
$167.8 million, in line with the prior quarter. The average
realized selling price decreased by 6.4%, primarily due to a price
decline of 10% in the U.S. Total shipments increased due to higher
volumes in EMEA. Adjusted EBITDA for silicon metal decreased to
$16.1 million during the first quarter, a decrease of 27.6%
compared with $22.2 million for the prior quarter. The Adjusted
EBITDA margin in the quarter decreased mainly driven by reduced
energy compensation in France in the first quarter of 2024.
Silicon-Based Alloys
| ($,000) |
Q1 2024 |
|
Q4 2023 |
|
% Q/Q |
|
Q1 2023 |
|
% Y/Y |
|
Shipments in metric tons: |
|
51,171 |
|
|
|
46,446 |
|
|
10.2 |
% |
|
|
49,100 |
|
|
4.2 |
% |
|
Average selling price ($/MT): |
|
2,188 |
|
|
|
2,300 |
|
|
(4.9 |
)% |
|
|
2,756 |
|
|
(20.6 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Silicon-based Alloys
Revenue |
|
111,962 |
|
|
|
106,826 |
|
|
4.8 |
% |
|
|
135,320 |
|
|
(17.3 |
)% |
| Silicon-based Alloys
Adj.EBITDA |
|
14,412 |
|
|
|
34,973 |
|
|
(58.8 |
)% |
|
|
21,924 |
|
|
(34.3 |
)% |
| Silicon-based Alloys
Adj.EBITDA Margin |
|
12.9 |
% |
|
|
32.7 |
% |
|
|
|
|
16.2 |
% |
|
|
Silicon-based alloy revenue in the first quarter
was $112.0 million, an increase of 4.8% over the prior quarter. The
shipment increase of 10.2% is attributable to stronger volumes in
the U.S. Adjusted EBITDA for the silicon-based alloys decreased to
$14.4 million in the first quarter of 2024, a decrease of 58.8%
compared with $35.0 million for the prior quarter. The Adjusted
EBITDA margin decreased in the quarter mainly due to the decrease
in average realized price during the first quarter of 2024.
Manganese-Based Alloys
| ($,000) |
Q1 2024 |
|
Q4 2023 |
|
% Q/Q |
|
Q1 2023 |
|
% Y/Y |
|
Shipments in metric tons: |
|
62,320 |
|
|
|
61,404 |
|
|
1.5 |
% |
|
|
46,867 |
|
|
33.0 |
% |
|
Average selling price ($/MT): |
|
1,066 |
|
|
|
985 |
|
|
8.2 |
% |
|
|
1,316 |
|
|
(19.0 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Manganese-based Alloys
Revenue |
|
66,433 |
|
|
|
60,483 |
|
|
9.8 |
% |
|
|
61,677 |
|
|
7.7 |
% |
| Manganese-based Alloys
Adj.EBITDA |
|
5,520 |
|
|
|
23,886 |
|
|
(76.9 |
)% |
|
|
2,043 |
|
|
170.2 |
% |
| Manganese-based Alloys
Adj.EBITDA Margin |
|
8.3 |
% |
|
|
39.5 |
% |
|
|
|
|
3.3 |
% |
|
|
Manganese-based alloy revenue in the first
quarter was $66.4 million, an increase of 9.8% over the prior
quarter. The average realized selling price increased by 8.2% and
total shipments increased 1.5%. Adjusted EBITDA for the
manganese-based alloys portfolio decreased to $5.5 million in the
first quarter of 2024, a decrease of 76.9% compared with $23.9
million for the prior quarter. The Adjusted EBITDA margin decrease
was mainly driven by reduced energy compensation in France.
Raw materials and energy consumption for
production
Raw materials and energy consumption for
production was $257.4 million in the first quarter of 2024 versus
$199.9 million in the prior quarter, an increase of 29%. As a
percentage of sales, raw materials and energy consumption for
production was 66% in the first quarter of 2024 versus 53% in the
prior quarter. This variance was mainly due to higher production
costs in Europe related to the idling of operations in France
during the first quarter of 2024 compared to the fourth quarter of
2023.
Net (Loss) Income Attributable to the
Parent
In the first quarter of 2024, net loss
attributable to the parent was $2.0 million, or ($0.01) per diluted
share, compared to a net loss attributable to the parent of $11.1
million, or ($0.06) per diluted share in the fourth quarter.
Adjusted EBITDA
In the first quarter of 2024, adjusted EBITDA
was $25.8 million, or 6.6% of sales, a decrease of 57.2% compared
to adjusted EBITDA of $60.3 million, or 16% of sales in the fourth
quarter of 2023. The decrease in the first quarter of 2024 adjusted
EBITDA as a percentage of sales is primarily attributable to lower
realized prices and lower indirect CO2 and energy compensation in
France.
Total Cash, Adjusted Gross Debt and
Working Capital
| |
|
|
|
|
|
|
|
|
|
|
|
|
% |
| ($ in
millions) |
Q1 2024 |
|
Q4 2023 |
|
$ |
|
% |
|
Q1 2023 |
|
$ |
|
Y/Y |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash |
$ |
159.8 |
|
|
$ |
137.6 |
|
|
22 |
|
16% |
|
$ |
344.2 |
|
|
(184) |
|
(54%) |
| Adjusted Gross Debt1 |
|
80.8 |
|
|
|
238.5 |
|
|
(158) |
|
(66%) |
|
|
399.7 |
|
|
(319) |
|
(80%) |
| Net (Cash)/Debt |
$ |
(79.0 |
) |
|
$ |
(100.9 |
) |
|
22 |
|
22% |
|
$ |
55.5 |
|
|
(134) |
|
(242%) |
| Total Working Capital |
$ |
487.5 |
|
|
$ |
510.7 |
|
|
(23) |
|
(5%) |
|
$ |
582.3 |
|
|
(95) |
|
(16%) |
|
(1) Adjusted gross debt excludes bank borrowings on
factoring program and impact of leasing standard IFRS16 for each of
the periods presented |
The total cash balance was $159.8 million as of
March 31, 2024, up $22.1 million from $137.6 million as of December
31, 2023.
During the first quarter of 2024, we generated
$198.0 million of operating cash flow and had a negative cash flow
from investing activities of $17.5 million. Cash flow from
financing activities was negative $156.3 million as we paid the
remaining senior secured notes of approximately $150 million.
Total working capital was $487.5 million on
March 31, 2024, improving from $510.7 million as of December 31,
2023. The $23.2 million decrease in working capital balance during
the quarter was mainly due to a $22.2 million decrease in
inventories and a $6.3 million decrease in trade and other
receivables, partially offset by a $5.3 million decrease in trade
and other payables.
Beatriz García-Cos, Ferroglobe’s Chief Financial
Officer, commented, “This quarter Ferroglobe turned net cash
positive for the first time in its history, a significant milestone
for the Company. We achieved a net cash balance of $79 million at
quarter end, representing a total cash of $160 million and adjusted
gross debt of $81 million. Our operating cash flow in the quarter
was strong, driven by a payment of $154 million from our French
energy agreement. Also, for the first time in the Company’s
history, we declared a dividend last quarter of $0.013, which was
paid on March 28th and are announcing another dividend this quarter
of $0.013, which will be payable on June 27th. With a strong
financial position, we are working on various strategies to return
value to shareholders. Our board has approved a share buyback
program and once approved by our shareholders at our annual general
meeting we will implement the buyback strategy.”
Enhanced Capital Return
Policy
Ferroglobe's board of directors approved a share
buyback program, which requires a shareholder vote as a UK company
listed on Nasdaq. As part of the annual general meeting in June, we
are seeking authorization of $200 million for a share repurchase
program over a 5-year period.
The company paid a quarterly cash dividend of
$0.013 per share on March 28, 2024, to shareholders of record as of
the close of business on March 22, 2024. A cash dividend of $0.013
per share will be paid on June 27, 2024, to shareholders of record
as of June 17, 2024.
Conference Call
Ferroglobe invites all interested persons to
participate on its conference call at 8:30 AM, Eastern Time on May
15, 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/BI3710d5099e3c4756b47a1496c71ce9abOnce
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/ur2yewsw
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, working capital,
adjusted net profit, adjusted profit per share, adjusted gross debt
and net cash/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, CFAVice 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) |
| |
|
|
|
|
|
|
|
|
| |
For the Three Months Ended |
|
For the Three Months Ended |
|
|
For the Three Months Ended |
| |
March 31, 2024 |
|
December 31, 2023 |
|
|
March 31, 2023 |
|
Sales |
$ |
391,854 |
|
|
$ |
375,951 |
|
|
$ |
400,868 |
|
| Raw materials and energy
consumption for production |
|
(257,357 |
) |
|
|
(199,911 |
) |
|
|
(255,036 |
) |
| Energy consumption for
production (PPA impact) |
|
(1,932 |
) |
|
|
339 |
|
|
|
23,193 |
|
| Other operating income |
|
10,836 |
|
|
|
34,944 |
|
|
|
14,814 |
|
| Staff costs |
|
(70,519 |
) |
|
|
(79,761 |
) |
|
|
(67,543 |
) |
| Other operating expense |
|
(52,348 |
) |
|
|
(73,071 |
) |
|
|
(54,145 |
) |
| Depreciation and amortization
charges |
|
(18,669 |
) |
|
|
(20,090 |
) |
|
|
(17,990 |
) |
| Impairment (loss) gain |
|
— |
|
|
|
(23,614 |
) |
|
|
246 |
|
| Other gain (loss) |
|
696 |
|
|
|
(563 |
) |
|
|
47 |
|
| Operating
profit |
|
2,561 |
|
|
|
14,224 |
|
|
|
44,454 |
|
| Net finance income
(expense) |
|
(7,669 |
) |
|
|
(12,331 |
) |
|
|
(10,980 |
) |
| Exchange differences |
|
1,383 |
|
|
|
(4,897 |
) |
|
|
1,455 |
|
| (Loss) profit before
tax |
|
(3,725 |
) |
|
|
(3,004 |
) |
|
|
34,929 |
|
| Income tax (expense)
benefit |
|
1,155 |
|
|
|
(4,160 |
) |
|
|
(9,461 |
) |
| Total (Loss) profit
for the period |
|
(2,570 |
) |
|
|
(7,164 |
) |
|
|
25,468 |
|
| |
|
|
|
|
|
|
|
|
| (Loss) profit attributable to
the parent |
$ |
(2,024 |
) |
|
$ |
(11,118 |
) |
|
$ |
20,991 |
|
| (Loss) profit attributable to
non-controlling interest |
|
(546 |
) |
|
|
3,954 |
|
|
|
4,477 |
|
| |
|
|
|
|
|
|
|
|
| EBITDA |
$ |
22,613 |
|
|
$ |
29,417 |
|
|
$ |
63,899 |
|
| Adjusted EBITDA |
$ |
25,803 |
|
|
$ |
60,262 |
|
|
$ |
44,767 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Weighted average
shares outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
187,927 |
|
|
|
187,872 |
|
|
|
187,873 |
|
|
Diluted |
|
187,927 |
|
|
|
187,872 |
|
|
|
189,629 |
|
| |
|
|
|
|
|
|
|
|
| Profit (loss) per
ordinary share |
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.01 |
) |
|
$ |
(0.06 |
) |
|
$ |
0.11 |
|
|
Diluted |
$ |
(0.01 |
) |
|
$ |
(0.06 |
) |
|
$ |
0.11 |
|
| |
|
Ferroglobe PLC and SubsidiariesUnaudited Condensed
Consolidated Statement of Financial Position(in thousands
of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of March 31, |
|
As of December 31, |
|
As of March 31, |
| |
2024 |
|
2023 |
|
2023 |
|
ASSETS |
| Non-current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
$ |
29,702 |
|
|
$ |
29,702 |
|
|
$ |
29,702 |
|
|
Intangible assets |
|
193,592 |
|
|
|
138,345 |
|
|
|
223,447 |
|
|
Property, plant and equipment |
|
500,940 |
|
|
|
501,396 |
|
|
|
497,557 |
|
|
Other financial assets |
|
13,944 |
|
|
|
19,792 |
|
|
|
14,702 |
|
|
Deferred tax assets |
|
10,636 |
|
|
|
8,760 |
|
|
|
7,123 |
|
|
Receivables from related parties |
|
1,622 |
|
|
|
1,658 |
|
|
|
2,915 |
|
|
Other non-current assets |
|
21,770 |
|
|
|
22,156 |
|
|
|
19,297 |
|
|
Restricted cash and cash equivalents |
|
— |
|
|
|
— |
|
|
|
2,175 |
|
| Total non-current
assets |
|
772,206 |
|
|
|
721,809 |
|
|
|
796,918 |
|
| Current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
Inventories |
|
361,602 |
|
|
|
383,841 |
|
|
|
417,042 |
|
|
Trade and other receivables |
|
303,942 |
|
|
|
310,243 |
|
|
|
312,452 |
|
|
Receivables from related parties |
|
2,712 |
|
|
|
2,772 |
|
|
|
2,728 |
|
|
Current income tax assets |
|
10,740 |
|
|
|
15,977 |
|
|
|
7,652 |
|
|
Other financial assets |
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
Other current assets |
|
27,894 |
|
|
|
186,477 |
|
|
|
26,914 |
|
|
Assets and disposal groups classified as held for sale |
|
— |
|
|
|
— |
|
|
|
1,088 |
|
|
Restricted cash and cash equivalents |
|
298 |
|
|
|
1,179 |
|
|
|
2,411 |
|
|
Cash and cash equivalents |
|
159,470 |
|
|
|
136,470 |
|
|
|
339,611 |
|
| Total current
assets |
|
866,660 |
|
|
|
1,036,961 |
|
|
|
1,109,900 |
|
| Total
assets |
$ |
1,638,866 |
|
|
$ |
1,758,770 |
|
|
$ |
1,906,818 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
| Equity |
$ |
843,702 |
|
|
$ |
869,886 |
|
|
$ |
658,490 |
|
| Non-current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income |
|
77,185 |
|
|
|
26,980 |
|
|
|
128,125 |
|
|
Provisions |
|
22,102 |
|
|
|
19,970 |
|
|
|
25,027 |
|
|
Provision for pensions |
|
29,293 |
|
|
|
29,805 |
|
|
|
25,910 |
|
|
Bank borrowings |
|
14,643 |
|
|
|
14,913 |
|
|
|
15,590 |
|
|
Lease liabilities |
|
54,361 |
|
|
|
20,304 |
|
|
|
11,744 |
|
|
Debt instruments |
|
— |
|
|
|
149,015 |
|
|
|
304,621 |
|
|
Other financial liabilities |
|
68,186 |
|
|
|
65,231 |
|
|
|
39,276 |
|
|
Other obligations |
|
1,536 |
|
|
|
35,883 |
|
|
|
36,310 |
|
|
Other non-current liabilities |
|
224 |
|
|
|
199 |
|
|
|
22 |
|
|
Deferred tax liabilities |
|
30,253 |
|
|
|
32,582 |
|
|
|
35,272 |
|
| Total non-current
liabilities |
|
297,783 |
|
|
|
394,882 |
|
|
|
621,897 |
|
| Current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Provisions |
|
127,533 |
|
|
|
122,757 |
|
|
|
146,308 |
|
|
Provision for pensions |
|
165 |
|
|
|
169 |
|
|
|
193 |
|
|
Bank borrowings |
|
42,762 |
|
|
|
31,635 |
|
|
|
31,462 |
|
|
Lease liabilities |
|
12,297 |
|
|
|
8,083 |
|
|
|
7,492 |
|
|
Debt instruments |
|
— |
|
|
|
5,765 |
|
|
|
4,688 |
|
|
Other financial liabilities |
|
15,190 |
|
|
|
16,052 |
|
|
|
123,281 |
|
|
Payables to related parties |
|
3,527 |
|
|
|
2,429 |
|
|
|
2,377 |
|
|
Trade and other payables |
|
178,038 |
|
|
|
183,375 |
|
|
|
147,150 |
|
|
Current income tax liabilities |
|
6,262 |
|
|
|
8,351 |
|
|
|
48,326 |
|
|
Other obligations |
|
11,999 |
|
|
|
14,183 |
|
|
|
18,790 |
|
|
Other current liabilities |
|
99,608 |
|
|
|
101,203 |
|
|
|
96,364 |
|
| Total current
liabilities |
|
497,381 |
|
|
|
494,002 |
|
|
|
626,431 |
|
| Total equity and
liabilities |
$ |
1,638,866 |
|
|
$ |
1,758,770 |
|
|
$ |
1,906,818 |
|
| |
|
Ferroglobe PLC and SubsidiariesUnaudited Condensed
Consolidated Statement of Cash Flows |
| |
|
|
|
|
|
|
|
|
| |
For the Three Months Ended |
|
For the Three Months Ended |
|
For the Three Months Ended |
| |
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
| Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
(Loss) profit for the period |
$ |
(2,570 |
) |
|
$ |
(7,164 |
) |
|
$ |
25,468 |
|
| Adjustments to
reconcile net profit (loss) to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense |
|
(1,155 |
) |
|
|
4,160 |
|
|
|
9,461 |
|
|
Depreciation and amortization charges |
|
18,669 |
|
|
|
20,090 |
|
|
|
17,990 |
|
|
Net finance expense |
|
7,669 |
|
|
|
12,331 |
|
|
|
10,980 |
|
|
Exchange differences |
|
(1,383 |
) |
|
|
4,897 |
|
|
|
(1,455 |
) |
|
Impairment loss (gain) |
|
— |
|
|
|
23,614 |
|
|
|
(246 |
) |
|
Share-based compensation |
|
928 |
|
|
|
683 |
|
|
|
1,905 |
|
|
Other loss (gain) |
|
(696 |
) |
|
|
562 |
|
|
|
(47 |
) |
| Changes in operating
assets and liabilities |
|
|
|
|
|
|
|
|
|
Decrease (increase) in inventories |
|
19,011 |
|
|
|
(1,746 |
) |
|
|
86,275 |
|
|
Decrease (increase) in trade receivables |
|
320 |
|
|
|
(5,399 |
) |
|
|
118,714 |
|
|
(Decrease) increase in trade payables |
|
(1,925 |
) |
|
|
2,879 |
|
|
|
(73,864 |
) |
|
Other changes in operating assets and liabilities |
|
154,596 |
|
|
|
(17,067 |
) |
|
|
(44,100 |
) |
| Income taxes (paid)
received |
|
4,580 |
|
|
|
(12,701 |
) |
|
|
(16,298 |
) |
| Net cash provided by
(used in ) operating activities: |
|
198,044 |
|
|
|
25,139 |
|
|
|
134,783 |
|
| Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
| Interest and finance income
received |
|
741 |
|
|
|
1,349 |
|
|
|
668 |
|
| Payments due to
investments: |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
(584 |
) |
|
|
(1,331 |
) |
|
|
— |
|
|
Property, plant and equipment |
|
(17,641 |
) |
|
|
(24,204 |
) |
|
|
(17,960 |
) |
|
Disposals: |
|
|
|
|
|
|
|
|
|
Other non-current assets |
|
— |
|
|
|
935 |
|
|
|
— |
|
| Net cash used in by
investing activities |
|
(17,484 |
) |
|
|
(23,251 |
) |
|
|
(17,292 |
) |
| Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
| Dividends paid |
|
(2,438 |
) |
|
|
— |
|
|
|
— |
|
| Proceeds from debt
issuance |
|
(147,624 |
) |
|
|
— |
|
|
|
— |
|
| Repayment of debt
instruments |
|
— |
|
|
|
(1,050 |
) |
|
|
(26,283 |
) |
| Increase/(decrease) in
bank borrowings: |
|
|
|
|
|
|
|
|
|
Borrowings |
|
94,611 |
|
|
|
39,239 |
|
|
|
109,762 |
|
|
Payments |
|
(83,012 |
) |
|
|
(58,052 |
) |
|
|
(141,900 |
) |
| Payments for lease
liabilities |
|
(2,973 |
) |
|
|
(3,309 |
) |
|
|
(2,247 |
) |
| Other (payments) receipts from
financing activities |
|
(192 |
) |
|
|
(4,289 |
) |
|
|
(17,377 |
) |
| Interest paid |
|
(14,634 |
) |
|
|
(2,923 |
) |
|
|
(18,192 |
) |
| Net cash (used in)
provided by financing activities |
|
(156,262 |
) |
|
|
(30,384 |
) |
|
|
(96,237 |
) |
| Total net (decrease)
increase in cash and cash equivalents |
|
24,298 |
|
|
|
(28,496 |
) |
|
|
21,254 |
|
|
Beginning balance of cash and cash equivalents |
|
137,649 |
|
|
|
165,973 |
|
|
|
322,943 |
|
|
Exchange differences on cash and cash equivalents in foreign
currencies |
|
(2,179 |
) |
|
|
172 |
|
|
|
— |
|
| Ending balance of cash
and cash equivalents |
$ |
159,768 |
|
|
$ |
137,649 |
|
|
$ |
344,197 |
|
| Restricted cash and cash
equivalents |
|
298 |
|
|
|
1,179 |
|
|
|
4,586 |
|
| Cash and cash equivalents |
|
159,470 |
|
|
|
136,470 |
|
|
|
339,611 |
|
| Ending balance of cash
and cash equivalents |
$ |
159,768 |
|
|
$ |
137,649 |
|
|
$ |
344,197 |
|
Adjusted EBITDA ($,000):
| |
Q1´24 |
|
Q4´23 |
|
Q1´23 |
|
Profit (loss) attributable to the parent |
$ |
(2,024 |
) |
|
$ |
(11,118 |
) |
|
$ |
20,991 |
|
| Profit (loss) attributable to
non-controlling interest |
|
(546 |
) |
|
|
3,954 |
|
|
|
4,477 |
|
| Income tax (benefit)
expense |
|
(1,155 |
) |
|
|
4,160 |
|
|
|
9,461 |
|
| Net finance expense |
|
7,669 |
|
|
|
12,331 |
|
|
|
10,980 |
|
| Depreciation and amortization
charges |
|
18,669 |
|
|
|
20,090 |
|
|
|
17,990 |
|
| EBITDA |
|
22,613 |
|
|
|
29,417 |
|
|
|
63,899 |
|
| Exchange differences |
|
(1,383 |
) |
|
|
4,897 |
|
|
|
(1,455 |
) |
| Impairment |
|
— |
|
|
|
23,614 |
|
|
|
(246 |
) |
| New strategy
implementation |
|
1,361 |
|
|
|
(1,000 |
) |
|
|
2,049 |
|
| Subactivity |
|
942 |
|
|
|
2,995 |
|
|
|
3,713 |
|
| PPA Energy |
|
2,270 |
|
|
|
339 |
|
|
|
(23,193 |
) |
| Adjusted
EBITDA |
$ |
25,803 |
|
|
$ |
60,262 |
|
|
$ |
44,767 |
|
Adjusted profit attributable to
Ferroglobe ($,000):
| |
Q1´24 |
|
Q4´23 |
|
Q1´23 |
|
(Loss) profit attributable to the parent |
$ |
(2,024 |
) |
|
$ |
(11,118 |
) |
|
$ |
20,991 |
|
|
Tax rate adjustment |
|
17 |
|
|
|
4,959 |
|
|
|
(599 |
) |
|
Impairment |
|
— |
|
|
|
17,333 |
|
|
|
(175 |
) |
|
New strategy implementation |
|
933 |
|
|
|
(734 |
) |
|
|
1,459 |
|
|
Subactivity |
|
646 |
|
|
|
2,198 |
|
|
|
2,644 |
|
|
PPA Energy |
|
1,556 |
|
|
|
249 |
|
|
|
(16,513 |
) |
| Adjusted profit
attributable to the parent |
$ |
1,168 |
|
|
$ |
12,887 |
|
|
$ |
7,807 |
|
Adjusted diluted profit per
share:
| |
Q1´24 |
|
Q4´23 |
|
Q1´23 |
|
Diluted (loss) profit per ordinary share |
$ |
(0.01 |
) |
|
$ |
(0.06 |
) |
|
$ |
0.11 |
|
|
Tax rate adjustment |
|
0.00 |
|
|
|
0.03 |
|
|
|
(0.00 |
) |
|
Impairment |
|
— |
|
|
|
0.09 |
|
|
|
(0.00 |
) |
|
New strategy implementation |
|
0.00 |
|
|
|
— |
|
|
|
0.01 |
|
|
Subactivity |
|
0.00 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
PPA Energy |
|
0.01 |
|
|
|
0.00 |
|
|
|
(0.09 |
) |
| Adjusted diluted
(loss) profit per ordinary share |
$ |
— |
|
|
$ |
0.07 |
|
|
$ |
0.05 |
|
Ferroglobe (NASDAQ:GSM)
過去 株価チャート
から 10 2024 まで 11 2024
Ferroglobe (NASDAQ:GSM)
過去 株価チャート
から 11 2023 まで 11 2024
