LONDON, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the fourth quarter and full year 2023.

Introducing 2024 adjusted EBITDA guidance of $100 million to $170 million

FINANCIAL HIGHLIGHTS

  • 2023 revenue of $1.7 billion, down 36% Y/Y
  • 2023 adjusted EBITDA of $315 million, down 63% Y/Y
  • Q4 adjusted EBITDA declined to $60 million, down 42% from Q3 and down 54% from Q4-22
  • Q4 adjusted EBITDA margins were at 16% versus 25% in the prior quarter and 29% in Q4-22
  • Q4 adjusted EPS was $0.09 versus $0.27 in Q3 and $0.39 in Q4-22
  • Net debt increased to $101 million, up from $71 million in Q3 and down from $127 million in Q4-22
  • Total cash decreased to $138 million, down from $166 million in Q3 and $323 million in Q4-22

BUSINESS HIGHLIGHTS        

  • Posted solid financial and operational performance for the quarter and the full year despite softening demand and weak pricing
  • Adjusted gross debt remained flat in Q4; declining to less than $100 million in February as a result of a $148 million redemption on February 16, 2024
  • Initiated a quarterly cash dividend of $0.013 per share, payable on March 28, 2024, to shareholders of record as of the close of business on March 22, 2024
  • Expecting to request the board of directors and shareholders to approve a share repurchase program
  • Optimized French energy contract to drive strong results in 2023, received majority of related cash in 2024
  • Signed a term sheet for a partnership with a leading battery materials company in Europe and a memorandum of understanding with an advanced silicon-rich EV battery technology company in the US

Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “2023 was a successful year for Ferroglobe with strong financial, operating and strategic performance as we significantly reduced our debt, acquired a strategic quartz mine and entered into two EV battery agreements while operating our plants at high efficiency levels. This strong performance enabled us to announce a capital return policy today, with the board declaring a quarterly dividend of $0.013 per share and we expect to announce a share repurchase program in the coming months.

“Despite the current softness in our end markets, we are very bullish about the company’s long-term prospects as we expect strong secular growth in the solar and EV battery markets to boost the demand for silicon metal in the coming years. We have positioned Ferroglobe to fully participate in these growth opportunities as the leading western producer of silicon metal.

“We are introducing 2024 adjusted EBITDA guidance of $100 million to $170 million. Demand remains soft in early 2024, and while the recent increases in index prices are positive, we believe they have been partially driven by supply chain disruptions. We anticipate an improving demand picture in the second half of the year,” concluded Dr. Levi.

Fourth Quarter and Full Year 2023 Financial Highlights

                         
  Quarter Ended Quarter Ended Quarter Ended % %  Twelve Months Ended Twelve Months Ended %
$,000 (unaudited) December 31, 2023 September 30, 2023 December 31, 2022 Q/Q Y/Y  December 31, 2023 December 31, 2022 Y/Y
                         
Sales $375,951  $416,810  $448,625   (10%)  (16%)  $1,650,034  $2,597,916  (36%)
Raw materials and energy consumption for production $(199,911) $(195,600) $(289,572)  2%  (31%)  $(879,625) $(1,285,086) (32%)
Energy consumption for production (PPA impact)  339   —   —          339   —   
Operating profit (loss) $14,224  $75,419  $29,696   (81%)  (52%)  $196,940  $660,547  (70%)
Operating margin  3.8%   18.1%   6.6%          11.9%   25.4%   
Adjusted net income
attributable to the parent		 $16,300  $53,722  $75,896   (70%)  (79%)  $134,943  $572,630  (76%)
Adjusted diluted EPS $0.09  $0.27  $0.39         $0.71  $3.04   
Adjusted EBITDA $60,262  $104,496  $130,442   (42%)  (54%)  $315,198  $860,006  (63%)
Adjusted EBITDA margin  16.0%   25.1%   29.1%          19.1%   33.1%   
Operating cash flow $25,139  $(8,727) $114,111   388%  (78%)  $174,768  $410,016  (57%)
Free cash flow1 $1,888  $(27,357) $99,559   107%  (98%)  $92,962  $358,242  (74%)
                         
Working Capital $510,709  $510,064  $700,898   0%  (27%)  $510,709  $700,898  (27%)
Cash and Restricted Cash $137,649  $165,973  $322,943   (17%)  (57%)  $137,649  $322,943  (57%)
Adjusted Gross Debt2 $238,506  $237,056  $449,711   1%  (47%)  $238,506  $449,711  (47%)
Equity $876,180  $859,723  $756,813   2%  16%  $876,180  $756,813  16%

(1)  Free cash flow is calculated as operating cash flow plus investing cash flow
(2)  Adjusted gross debt excludes bank borrowings on factoring program and impact of leasing standard IFRS16 at December 31, 2023 September 30, 2023 & December 31, 2022

Sales

In the fourth quarter of 2023, Ferroglobe reported net sales of $376 million, a decrease of 10% over the prior quarter and a decrease of 16% over the year-ago period. For the full year 2023, sales were $1.7 billion versus $2.6 billion in the prior year, a decrease of 36%. The decrease in our fourth quarter results is primarily attributable to lower volumes across our product portfolio and lower pricing of our main products. The $41 million decrease in sales over the prior quarter was primarily driven by silicon metal, which accounted for $31 million of the decrease, and silicon-based alloys, which accounted for $8 million. These decreases were partially offset by manganese-based alloys, which increased by $1 million. The decrease in sales for the full year 2023 was mainly driven by a significant decrease in prices and volumes across all the products.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $200 million in the fourth quarter of 2023 versus $196 million in the prior quarter, an increase of 2%. As a percentage of sales, raw materials and energy consumption for production was 53% in the fourth quarter of 2023 versus 47% in the prior quarter. This variance was mainly due to lower energy compensation in France. For the full-year 2023, raw materials and energy consumption for production were $879 million, or 53% of sales, versus $1,285 million, or 49% of sales in 2022. The increase in these costs as a percent of sales was driven by lower pricing.

Net Income (Loss) Attributable to the Parent

In the fourth quarter of 2023, net loss attributable to the parent was $6 million, or ($0.03) per diluted share, compared to a net profit attributable to the parent of $41 million, or $0.21 per diluted share in the third quarter. For the full year 2023, net profit attributable to the parent was $87 million, or $0.46 per diluted share, compared to $440 million, or $2.32 per diluted share.

Adjusted EBITDA

In the fourth quarter of 2023, adjusted EBITDA was $60 million, or 16% of sales, a decrease of 42% compared to adjusted EBITDA of $104 million, or 25% of sales in the third quarter of 2023. The decrease in the fourth quarter of 2023 adjusted EBITDA as a percentage of sales is primarily attributable to a decrease in sales volumes and prices.

For the full year 2023, adjusted EBITDA was $315 million, or 19% of sales, compared to adjusted EBITDA of $860 million, or 33% of sales, for the full year 2022.

Total Cash

The total cash balance was $138 million as of December 31, 2023, down $28 million from $166 million as of September 30, 2023. During the year, the total cash balance declined by $185 million, mainly due to the partial redemption of senior secured notes in July 2023.

During the fourth quarter of 2023, we generated positive operating cash flow of $25 million, had negative cash flow from investing activities of $23 million, and $30 million in negative cash flow from financing activities. For the full year 2023, we generated positive operating cash flow of $175 million, had negative cash flow from investing activities of $82 million and $279 million in negative cash flow from financing activities.

Total Working Capital

Total working capital was $511 million as of December 31, 2023, a slight increase from $510 million on September 30, 2023. The increase in working capital during the quarter was primarily due to an increase in trade and other receivables of $17 million and an increase in inventories by $1 million, partially offset by a $17 million increase in trade and other payables.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “After reducing our working capital by $154 million in 2023, achieving a positive net cash position at the end of January this year was a significant milestone for Ferroglobe. Our strong cash generation allowed us to redeem the remaining Senior Secured Notes last week, enabling us to initiate a capital return policy. Our hybrid program includes a declaration of a quarterly dividend of $0.013 per share, while we expect to initiate a discretionary share repurchase plan in the coming months.

“After generating $93 million of free cash flow in 2023, we anticipate generating positive free cash in 2024, despite the soft demand we are currently facing. Our balance sheet is the strongest it has been in the Company’s history, and we have right-sized our capital structure systematically over the past year and a half,” concluded Mrs. García-Cos.        
        
Product Category Highlights

Silicon Metal

                      
  Quarter Ended Quarter Ended   Quarter Ended   Twelve Months Ended Twelve Months Ended 
  December 31,2023 September 30,2023 % Q/Q December 31, 2022 % Y/Y December 31, 2023 December 31, 2022 % Y/Y
Shipments in metric tons:  49,761   57,031  (12.7)%  39,459  26.1%  194,385   209,342  (7.1)%
Average selling price ($/MT):  3,371   3,481  (3.2)%  4,655  (27.6)%  3,715   5,332  (30.3)%
                      
Silicon Metal Revenue ($,000)   167,744    198,525  (15.5)%   183,682  (8.7)%   722,140    1,116,212  (35.3)%
Silicon Metal Adj.EBITDA ($,000)   22,188    80,823  (72.5)%   89,064  (75.1)%   216,534    529,355  (59.1)%
Silicon Metal Adj.EBITDA Mgns  13.2%   40.7%     48.5%     30.0%   47.4%   


Silicon metal revenue in the fourth quarter was $168 million, a decrease of 15.5% over the prior quarter. The average realized selling price decreased by 3.2% in the fourth quarter as prices remained under pressure. Total shipments decreased due to weak demand in chemicals and aluminum in Europe. Adjusted EBITDA for silicon metal decreased to $22 million during the fourth quarter compared to $81 million in the prior quarter. Adjusted EBITDA margin in the quarter decreased mainly due to lower energy compensation in France.

Silicon-Based Alloys

                      
     Quarter Ended    Quarter Ended      Quarter Ended   Twelve Months Ended Twelve Months Ended 
  December 31,2023 September 30,2023 % Q/Q December 31, 2022 % Y/Y December 31, 2023 December 31, 2022 % Y/Y
Shipments in metric tons:  46,446   46,427  0.0%  39,847  16.6%  191,431   204,076  (6.2)%
Average selling price ($/MT):  2,300   2,475  (7.1)%  3,182  (27.7)%  2,562   3,694  (30.6)%
                      
Silicon-based Alloys Revenue ($,000)   106,826    114,907  (7.0)%   126,793  (15.7)%   490,446    753,857  (34.9)%
Silicon-based Alloys Adj.EBITDA ($,000)   34,973    25,402  37.7%   37,102  (5.7)%   114,111    257,144  (55.6)%
Silicon-based Alloys Adj.EBITDA Mgns  32.7%   22.1%     29.3%     23.3%   34.1%   


Silicon-based alloy revenue in the fourth quarter was $107 million, a decrease of 7.0% over the prior quarter. The average realized selling price decreased by 7.1%, due to lower demand for ferrosilicon linked to general industry declines in the steel sector. Total shipments of silicon-based alloys were flat relative to the prior quarter. Adjusted EBITDA for the silicon-based alloys portfolio increased to $35 million in the fourth quarter of 2023 compared to $25 million for the prior quarter. Adjusted EBITDA margin increased in the quarter mainly due to improved costs.

Manganese-Based Alloys

                      
  Quarter Ended Quarter Ended   Quarter Ended   Twelve Months Ended Twelve Months Ended 
  December 31,2023 September 30,2023 % Q/Q December 31, 2022 % Y/Y December 31, 2023 December 31, 2022 % Y/Y
Shipments in metric tons:  61,404   56,399  8.9%  61,917  (0.8)%  227,243   295,589  (23.1)%
Average selling price ($/MT):  985   1,046  (5.8)%  1,466  (32.8)%  1,141   1,778  (35.8)%
                      
Manganese-based Alloys Revenue ($,000)   60,483    58,993  2.5%   90,770  (33.4)%   259,284    525,557  (50.7)%
Manganese-based Alloys Adj.EBITDA ($,000)   23,886    11,000  117.1%   19,696  21.3%   37,994    69,966  (45.7)%
Manganese-based Alloys Adj.EBITDA Mgns  39.5%   18.6%     21.7%     14.7%   13.3%   


Manganese-based alloy revenue in the fourth quarter was $60 million, an increase of 2.5% over the prior quarter. The average realized selling price decreased by 5.8% and total shipments increased 8.9%. Adjusted EBITDA for the manganese-based alloys portfolio increased to $24 million in the fourth quarter of 2023, an increase of 117.1% compared with $11 million in the prior quarter. Adjusted EBITDA margin in the quarter improved mainly driven by the increase in the volume sold.

Implemented a Capital Return Policy

The board of directors declared a quarterly cash dividend of $0.013 per share, payable on March 28, 2024, to shareholders of record as of the close of business on March 22, 2024. We intend to make this a recurring quarterly dividend, subject to board approval, and may be adjusted depending on market conditions and other factors. In addition, we are planning to request our board of directors to approve the initiation of a share repurchase program, which requires a shareholder vote as a UK company listed on Nasdaq.

Conference Call

Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on February 22, 2024. Please dial-in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast.

To join via phone:        
Conference call participants should pre-register using this link:        
https://register.vevent.com/register/BI99f4883faa1f4b43bdf1ff571a916e5b        

Once registered, you will receive the dial-in numbers and a personal PIN, which are required to access the conference call.

To join via webcast:                     
A simultaneous audio webcast, and replay will be accessible here:        
https://edge.media-server.com/mmc/p/weyyqhs6        

About Ferroglobe

Ferroglobe is a leading global producer of silicon metal, silicon-based and manganese-based ferroalloys serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. The Company is based in London. For more information, visit https://investor.ferroglobe.com

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “target”, “will” and words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.

Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Measures

This document may contain summarized, non-audited or non-GAAP financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, adjusted net profit, adjusted profit per share, working capital, adjusted gross debt and net debt, are non-IFRS financial metrics that management uses in its decision making. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important and useful to investors because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTOR CONTACT:

Alex Rotonen, CFA
Vice President, Investor Relations
Email: investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu Roig
Executive Director, Communications & Public Affairs
Email: corporate.comms@ferroglobe.com

  
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Income Statement
(in thousands of U.S. dollars, except per share amounts)		 
  
  Quarter Ended Quarter Ended Quarter Ended Twelve Months Ended Twelve Months Ended 
  December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022 
Sales $375,951  $416,810  $448,625  $1,650,034  $2,597,916  
Raw materials and energy consumption for production  (199,911)  (195,600)  (289,572)  (879,625)  (1,285,086) 
Energy consumption for production (PPA impact)  339   —   —   339   —  
Other operating income  34,944   23,546   78,414   100,992   147,356  
Staff costs  (79,761)  (83,582)  (76,431)  (305,859)  (314,810) 
Other operating expense  (73,071)  (65,708)  (54,129)  (270,090)  (346,252) 
Depreciation and amortization charges  (20,090)  (19,000)  (20,547)  (73,532)  (81,559) 
Impairment (loss) gain  (23,614)  (1,035)  (56,999)  (25,290)  (56,999) 
Other gain (loss)  (563)  (12)  335   (29)  (19) 
Operating profit   14,224    75,419    29,696    196,940    660,547  
Net finance income (expense)  (7,681)  (9,165)  (16,830)  (28,722)  (58,741) 
Exchange differences  (4,897)  1,258   4,051   (7,551)  (9,995) 
Profit before tax    1,646     67,512    16,917    160,667    591,811  
Income tax (loss)  (4,160)  (23,399)  (7,775)  (57,540)  (147,983) 
Profit for the period   (2,514)   44,113    9,142    103,127    443,828  
Profit (loss) attributable to non-controlling interest  (3,954)  (3,229)  (2,943)  (15,816)  (3,514) 
Profit attributable to the parent $(6,468) $40,884  $6,199  $87,311  $440,314  
                 
                 
EBITDA $34,314  $94,419  $50,243  $270,472  $742,106  
Adjusted EBITDA $60,262  $104,496  $130,442  $315,198  $860,006  
                 
                 
Weighted average shares outstanding                
Basic  187,872   187,872   187,523   187,872   187,816  
Diluted  190,801   190,531   188,949   190,290   189,625  
                 
Profit (loss) per ordinary share                
Basic $(0.03) $0.22  $0.03  $0.46  $2.34  
Diluted $(0.03) $0.21  $0.03  $0.46  $2.32  


 
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)
 
  December 31, September 30, December 31,
  2023 2023 2022
ASSETS
Non-current assets          
Goodwill $ 29,702 $29,702 $29,702
Other intangible assets   133,097  120,602  111,797
Property, plant and equipment   506,644  494,912  486,247
Other non-current financial assets   19,792  15,591  14,186
Deferred tax assets   8,760  7,169  7,136
Non-current receivables from related parties   1,658  1,589  1,600
Other non-current assets   22,156  19,410  18,218
Non-current restricted cash and cash equivalents   —  2,119  2,133
Total non-current assets    721,809   691,094   671,019
Current assets          
Inventories   383,841  383,452  500,080
Trade and other receivables   310,243  293,234  420,484
Current receivables from related parties   2,772  2,657  2,675
Current income tax assets   17,558  12,500  6,104
Other current financial assets   2  359  3
Other current assets   186,477  155,767  30,608
Assets and disposal groups classified as held for sale   0  795  1,067
Current restricted cash and cash equivalents   1,179  2,406  2,875
Cash and cash equivalents   136,470  161,448  317,935
Total current assets    1,038,542   1,012,618   1,281,831
Total assets $  1,760,351 $ 1,703,712 $ 1,952,850
           
EQUITY AND LIABILITIES
Equity $  876,180 $ 859,723 $ 756,813
Non-current liabilities          
Deferred income   26,980  49,467  3,842
Provisions   49,775  52,515  47,670
Bank borrowings   14,913  15,073  15,774
Lease liabilities   20,304  11,570  12,942
Debt instruments   149,015  150,167  330,655
Other financial liabilities   65,231  64,592  38,279
Other Obligations   31,170  30,363  37,502
Other non-current liabilities   199  166  12
Deferred tax liabilities   32,582  35,449  35,854
Total non-current liabilities    390,169   409,362   522,530
Current liabilities          
Provisions   122,926  84,308  145,507
Bank borrowings   31,635  52,071  57,069
Lease liabilities   8,083  7,058  8,929
Debt instruments   5,765  2,321  12,787
Other financial liabilities   16,052  13,538  60,382
Payables to related parties   2,429  3,065  1,790
Trade and other payables   183,375  166,622  219,666
Current income tax liabilities   8,351  11,901  53,234
Other Obligations   14,183  11,780  9,580
Other current liabilities   101,203  81,963  104,563
Total current liabilities    494,002   434,627   673,507
Total equity and liabilities $  1,760,351 $ 1,703,712 $ 1,952,850


 
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Cash Flows
 
  Quarter Ended Quarter Ended Quarter Ended  Twelve Months Ended  Twelve Months Ended
  December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023  December 31, 2022
Cash flows from operating activities:                
Profit for the period $ (2,514) $ 44,113  $ 9,142  $ 103,127   $ 443,828 
Adjustments to reconcile net (loss) profit
to net cash used by operating activities:		                
Income tax (benefit) expense  4,160   23,399   7,775   57,540    147,983 
Depreciation and amortization charges  20,090   19,000   20,547   73,532    81,559 
Net finance expense  7,681   9,165   16,830   28,722    58,741 
Exchange differences  4,897   (1,258)  (4,051)  7,551    9,995 
Impairment losses  23,614   1,035   56,999   25,290    56,999 
Net loss (gain) due to changes in the value of asset  504   4   (209)  139    (349)
Gain on disposal of non-current assets  —   —   (120)  (116)   459 
Share-based compensation  683   2,773   1,941   7,402    5,836 
Other adjustments  58   8   (6)  6    (91)
Changes in operating assets and liabilities                
(Increase) decrease in inventories  (1,746)  (12,482)  41,566   102,179    (220,823)
(Increase) decrease in trade receivables  (5,399)  (16,183)  10,570   126,458    (67,560)
Increase (decrease) in trade payables  2,879   (22,361)  (130)  (74,177)   30,640 
Other  (17,067)  (46,796)  (10,288)  (169,577)   (56,677)
Income taxes paid  (12,701)  (9,144)  (36,455)  (113,308)   (80,524)
Net cash provided (used) by operating activities   25,139    (8,727)   114,111    174,768     410,016 
Cash flows from investing activities:                
Interest and finance income received  1,349   739   257   3,725    1,520 
Payments due to investments:                
Other intangible assets  (1,331)  (516)  (918)  (2,787)   (1,147)
Property, plant and equipment  (24,204)  (18,853)  (13,891)  (83,679)   (52,153)
Other  —   —   —   —    6 
Disposals:                
Other non-current assets  935   —   —   935    — 
Net cash (used) provided by investing activities   (23,251)   (18,630)   (14,552)   (81,806)    (51,774)
Cash flows from financing activities:                
Payment for debt and equity issuance costs  —   —   (60)  —    (853)
Repayment of debt instruments  (1,050)  (150,000)  —   (179,075)   (84,823)
Increase/(decrease) in bank borrowings:                
Borrowings  39,239   131,063   140,832   432,274    838,710 
Payments  (58,052)  (129,714)  (146,507)  (456,506)   (865,054)
Amounts paid due to leases  (3,309)  (2,956)  (4,383)  (11,363)   (11,590)
Proceeds from other financing liabilities  —   —   —   —    38,298 
Other amounts received/(paid) due to financing activities  (4,289)  —   —   (21,666)   678 
Interest paid  (2,923)  (19,371)  (3,569)  (42,207)   (60,822)
Net cash (used) provided by financing activities   (30,384)   (170,978)   (13,687)   (278,543)    (145,456)
Total net cash flows for the period   (28,496)   (198,335)   85,872    (185,581)    212,786 
Beginning balance of cash and cash equivalents  165,973   363,181   236,789   322,943    116,663 
Exchange differences on cash and
cash equivalents in foreign currencies		  172   1,127   282   287    (6,506)
Ending balance of cash and cash equivalents $ 137,649  $ 165,973  $ 322,943  $ 137,649   $ 322,943 
Cash from continuing operations  136,470   161,448   317,935   136,470    317,935 
Current/Non-current restricted cash and cash equivalents  1,179   4,525   5,008   1,179    5,008 
Cash and restricted cash in the statement of financial position $ 137,649  $ 165,973  $ 322,943  $ 137,649   $ 322,943 


Adjusted EBITDA ($,000):

                
  Quarter Ended Quarter Ended Quarter Ended Twelve Months Ended Twelve Months Ended
  December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022
Profit attributable to the parent $ (6,468) $ 40,884  $ 6,199  $ 87,311 $ 440,314
Profit (loss) attributable to non-controlling interest  3,954   3,229   2,943   15,816  3,514
Income tax expense  4,160   23,399   7,775   57,540  147,983
Net finance expense  7,681   9,165   16,830   28,722  58,741
Exchange differences  4,897   (1,258)  (4,051)  7,551  9,995
Depreciation and amortization charges  20,090   19,000   20,547   73,532  81,559
EBITDA   34,314    94,419    50,243    270,472   742,106
Impairment  23,614   1,035   56,999   25,290  56,999
Restructuring and termination costs  —   5,535   —   5,535  9,315
New strategy implementation  (1,000)  —   4,442   973  29,032
Subactivity  2,995   3,507   5,653   12,589  9,449
PPA Energy  339   —   —   339  —
Prior periods (loss)  —   —   13,105   —  13,105
Adjusted EBITDA $ 60,262  $ 104,496  $ 130,442  $ 315,198 $ 860,006


Adjusted profit attributable to Ferroglobe ($,000):

                
  Quarter Ended Quarter Ended Quarter Ended Twelve Months Ended Twelve Months Ended
  December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022
Profit attributable to the parent $ (6,468) $ 40,884 $ 6,199 $ 87,311 $ 440,314
Tax rate adjustment  3,722   5,441  4,591  14,803  36,604
Impairment  17,333   760  46,272  18,563  46,272
Restructuring and termination costs  —   4,063  —  4,063  7,562
New strategy implementation  (734)  —  3,606  714  23,568
Subactivity  2,198   2,574  4,589  9,240  7,671
PPA Energy  249   —  —  249  —
Prior periods (loss)  —   —  10,639  —  10,639
Adjusted profit attributable to the parent $ 16,300  $ 53,722 $ 75,896 $ 134,943 $ 572,630


Adjusted diluted profit per share:

                
  Quarter Ended Quarter Ended Quarter Ended Twelve Months Ended Twelve Months Ended
  December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022
Diluted profit per ordinary share $ (0.03) $ 0.21 $ 0.03 $ 0.46 $ 2.32
Tax rate adjustment  0.02   0.03  0.02  0.08  0.19
Impairment  0.09   0.00  0.24  0.10  0.26
Restructuring and termination costs  —   0.02  —  0.02  0.04
New strategy implementation  (0.00)  —  0.02  0.00  0.13
Subactivity  0.01   0.01  0.02  0.05  0.04
PPA Energy  0.00   —  —  0.00  —
Prior periods (loss)  —   —  0.06  —  0.06
Adjusted diluted profit per ordinary share $ 0.09  $ 0.27 $ 0.39 $ 0.71 $ 3.04

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Source: Ferroglobe PLC

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