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 announces
financial results for the second quarter of 2024.
Financial Highlights
| ($ in millions, except
EPS) |
|
Q2 2024 |
|
Q1 2024 |
|
%Q/Q |
|
Q2 2023 |
|
%Y/Y |
|
YTD 2024 |
|
YTD 2023 |
|
%Y/Y |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
451.0 |
|
|
$ |
391.9 |
|
|
15% |
|
$ |
456.4 |
|
(1%) |
|
$ |
842.9 |
|
$ |
857.3 |
|
(2%) |
| Net income (loss) |
|
$ |
34.9 |
|
|
$ |
(2.0 |
) |
|
(1.844%) |
|
$ |
31.9 |
|
9% |
|
$ |
32.9 |
|
$ |
52.9 |
|
(38%) |
| Adjusted diluted EPS |
|
$ |
0.13 |
|
|
$ |
(0.00 |
) |
|
(4.000%) |
|
$ |
0.30 |
|
(58%) |
|
$ |
0.13 |
|
$ |
0.34 |
|
(61%) |
| Adj. EBITDA |
|
$ |
57.7 |
|
|
$ |
25.8 |
|
|
124% |
|
$ |
105.7 |
|
(45%) |
|
$ |
83.5 |
|
$ |
150.4 |
|
(44%) |
| Operating cash flow |
|
$ |
2.0 |
|
|
$ |
198.0 |
|
|
(99%) |
|
$ |
23.6 |
|
(91%) |
|
$ |
200.1 |
|
$ |
158.4 |
|
26% |
| Capital expenditures1 |
|
$ |
21.9 |
|
|
$ |
18.2 |
|
|
20% |
|
$ |
23.6 |
|
(7%) |
|
$ |
40.1 |
|
$ |
41.6 |
|
(4%) |
| Free cash flow2 |
|
$ |
(19.9 |
) |
|
$ |
179.8 |
|
|
(111%) |
|
$ |
0.9 |
|
(2.215%) |
|
$ |
160.0 |
|
$ |
118.4 |
|
35% |
|
(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, “We continued to execute well on multiple
fronts during the second quarter. We posted strong quarterly
results with a 15% increase in sales and more than doubled our
adjusted EBITDA from the prior quarter. We successfully restarted
our French operations in April, helping drive silicon metal and
manganese-based specialty alloy volumes.
“We were also successful in our ferrosilicon
trade case in the U.S. as our actions impacted the U.S. Department
of Commerce’s decision to impose preliminary anti-dumping and
countervailing duties of 283% and 748%, respectively, on all
Russian ferrosilicon imports, which were announced in June. This is
a very positive development that we expect to benefit our
ferrosilicon business in the US, beginning in early 2025. Finally,
the EV battery testing using Coreshell nanocoating technology with
silicon-rich anode is yielding excellent results. We are excited
about these results as it confirms our belief that high-grade
silicon metal will play a critical role in the future of batteries
used in EVs.
“We are narrowing the adjusted EBITDA guidance
range from $130-$170 million to $150-$170 million. The strong
second quarter combined with higher index prices should positively
impact the third quarter, giving us more confidence for the second
half of the year,” concluded Dr. Levi.
Consolidated Sales
In the second quarter of 2024, Ferroglobe
reported net sales of $451 million, an increase of 15% over the
prior quarter and a decrease of 1% over the year-ago period. This
increase over the prior quarter is primarily attributable to higher
sales volumes in silicon metal and manganese-based specialty alloys
and also higher pricing in our portfolio products. Silicon metal
and manganese-based alloys contributed $36 million and $32 million
of the increase, respectively, partially offset by a $7 million
decrease in silicon-based alloy sales.
Product Category Highlights
Silicon Metal
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ($,000) |
|
Q2 2024 |
|
Q1 2024 |
|
% Q/Q |
|
Q2 2023 |
|
% Y/Y |
|
YTD 2024 |
|
YTD 2023 |
|
% Y/Y |
|
Shipments in metric tons: |
|
|
62,872 |
|
|
|
53,183 |
|
|
18.2 |
% |
|
|
50,651 |
|
|
24.1 |
% |
|
|
116,055 |
|
|
|
87,593 |
|
|
32.5 |
% |
|
Average selling price ($/MT): |
|
|
3,244 |
|
|
|
3,155 |
|
|
2.8 |
% |
|
|
3,855 |
|
|
(15.8 |
)% |
|
|
3,203 |
|
|
|
4,064 |
|
|
(21.2 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Silicon Metal
Revenue |
|
|
203,957 |
|
|
|
167,792 |
|
|
21.6 |
% |
|
|
195,260 |
|
|
4.5 |
% |
|
|
371,724 |
|
|
|
355,995 |
|
|
4.4 |
% |
| Silicon Metal
Adj.EBITDA |
|
|
34,584 |
|
|
|
16,071 |
|
|
115.2 |
% |
|
|
82,403 |
|
|
(58.0 |
)% |
|
|
50,655 |
|
|
|
113,523 |
|
|
(55.4 |
)% |
| Silicon Metal
Adj.EBITDA Margin |
|
|
17.0 |
% |
|
|
9.6 |
% |
|
|
|
|
42.2 |
% |
|
|
|
|
13.6 |
% |
|
|
31.9 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silicon metal revenue in the second quarter was
$204.0 million, an increase of 21.6% over the prior quarter and an
increase of 4.5% over the year-ago period. Average realized selling
price increased by 2.8%, primarily due to increased prices in the
U.S. Total shipments increased due to higher volumes in EMEA. The
adjusted EBITDA for silicon metal increased to $34.6 million during
the second quarter, an increase of 115.2% compared with $16.1
million for the prior quarter. The improvement in adjusted EBITDA
margin in the quarter was mainly driven by price and volume
increases.
Silicon-Based Alloys
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ($,000) |
|
Q2 2024 |
|
Q1 2024 |
|
% Q/Q |
|
Q2 2023 |
|
% Y/Y |
|
YTD 2024 |
|
YTD 2023 |
|
% Y/Y |
|
Shipments in metric tons: |
|
|
46,953 |
|
|
|
51,171 |
|
|
(8.2 |
)% |
|
|
49,457 |
|
|
(5.1 |
)% |
|
|
98,124 |
|
|
|
98,557 |
|
|
(0.4 |
)% |
|
Average selling price ($/MT): |
|
|
2,241 |
|
|
|
2,188 |
|
|
2.4 |
% |
|
|
2,697 |
|
|
(16.9 |
)% |
|
|
2,213 |
|
|
|
2,726 |
|
|
(18.8 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Silicon-based Alloys
Revenue |
|
|
105,222 |
|
|
|
111,962 |
|
|
(6.0 |
)% |
|
|
133,386 |
|
|
(21.1 |
)% |
|
|
217,148 |
|
|
|
268,706 |
|
|
(19.2 |
)% |
| Silicon-based Alloys
Adj.EBITDA |
|
|
10,199 |
|
|
|
14,412 |
|
|
(29.2 |
)% |
|
|
31,812 |
|
|
(67.9 |
)% |
|
|
24,611 |
|
|
|
53,736 |
|
|
(54.2 |
)% |
| Silicon-based Alloys
Adj.EBITDA Margin |
|
|
9.7 |
% |
|
|
12.9 |
% |
|
|
|
|
23.8 |
% |
|
|
|
|
11.3 |
% |
|
|
20.0 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silicon-based alloy revenue in the second
quarter was $105.2 million, a decrease of 6.0% over the prior
quarter and a decrease of 21.1% in the year-ago period. Shipments
decreased by 8.2%, which was attributable to demand weakness in the
U.S. The adjusted EBITDA for the silicon-based alloys decreased to
$10.2 million in the second quarter of 2024, a decrease of 29.2%
compared with $14.4 million for the prior quarter. The adjusted
EBITDA margin decreased mainly due to the decrease in shipments
during the second quarter of 2024.
Manganese-Based Alloys
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ($,000) |
|
Q2 2024 |
|
Q1 2024 |
|
% Q/Q |
|
Q2 2023 |
|
% Y/Y |
|
YTD 2024 |
|
YTD 2023 |
|
% Y/Y |
|
Shipments in metric tons: |
|
|
81,464 |
|
|
|
62,320 |
|
|
30.7 |
% |
|
|
62,573 |
|
|
30.2 |
% |
|
|
143,784 |
|
|
|
109,440 |
|
|
31.4 |
% |
|
Average selling price ($/MT): |
|
|
1,204 |
|
|
|
1,066 |
|
|
12.9 |
% |
|
|
1,248 |
|
|
(3.5 |
)% |
|
|
1,144 |
|
|
|
1,277 |
|
|
(10.4 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Manganese-based Alloys
Revenue |
|
|
98,083 |
|
|
|
66,433 |
|
|
47.6 |
% |
|
|
78,091 |
|
|
25.6 |
% |
|
|
164,489 |
|
|
|
139,768 |
|
|
17.7 |
% |
| Manganese-based Alloys
Adj.EBITDA |
|
|
13,832 |
|
|
|
5,520 |
|
|
150.6 |
% |
|
|
1,065 |
|
|
1198.8 |
% |
|
|
19,352 |
|
|
|
3,108 |
|
|
522.7 |
% |
| Manganese-based Alloys
Adj.EBITDA Margin |
|
|
14.1 |
% |
|
|
8.3 |
% |
|
|
|
|
1.4 |
% |
|
|
|
|
11.8 |
% |
|
|
2.2 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manganese-based alloy revenue in the second
quarter was $98.1 million, an increase of 47.6% over the prior
quarter and an increase of 25.6% over the year-ago period. Average
realized selling price increased by 12.9% and total shipments
increased by 30.7%. Adjusted EBITDA for the manganese-based alloys
portfolio increased to $13.8 million in the second quarter of 2024,
an increase of 150.6% compared with $5.5 million for the prior
quarter. The adjusted EBITDA margin increase was mainly driven by
price and volume increases.
Raw materials and energy consumption for
production
Raw materials and energy consumption for
production was $264.3 million in the second quarter of 2024 versus
$257.4 million in the prior quarter, an increase of 2.7%. As a
percentage of sales, raw materials and energy consumption for
production was 59% in the second quarter of 2024, an improvement
versus 66% in the prior quarter. This variance was mainly due to
lower production costs in Europe related to the restart of
operations in France during the second quarter of 2024.
Net Income (Loss) Attributable to the
Parent
In the second quarter of 2024, net income
attributable to the parent was $34.9 million, or $0.18 per diluted
share, compared to a net loss attributable to the parent of $2.0
million, or ($0.01) per diluted share in the first quarter. The
company reported adjusted diluted earnings per share of $0.13 for
the second quarter, compared with adjusted earnings per share of
$0.00 per share in the prior quarter.
Adjusted EBITDA
In the second quarter of 2024, adjusted EBITDA
was $57.7 million, or 12.8% of sales, an increase of 123.8%
compared to adjusted EBITDA of $25.8 million, or 6.6% of sales,
from the first quarter of 2024. The increase in adjusted EBITDA as
a percentage of sales in the second quarter of 2024 is primarily
attributable to higher realized prices and volumes.
Total Cash, Adjusted Gross Debt and
Working Capital
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ($ in
millions) |
|
Q2 2024 |
|
Q1 2024 |
|
$ |
|
% |
|
Q2 2023 |
|
$ |
|
% Y/Y |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash1 |
|
$ |
144.5 |
|
|
$ |
159.8 |
|
|
|
(15.3 |
) |
|
|
(10 |
%) |
|
$ |
363.2 |
|
|
(218.7 |
) |
|
(60 |
%) |
| Adjusted Gross Debt2 |
|
$ |
80.7 |
|
|
$ |
80.8 |
|
|
|
(0.1 |
) |
|
|
(0 |
%) |
|
$ |
400.1 |
|
|
(319.4 |
) |
|
(80 |
%) |
| Net (Cash)/Debt |
|
$ |
(63.7 |
) |
|
$ |
(79.0 |
) |
|
|
15.3 |
|
|
|
19 |
% |
|
$ |
36.8 |
|
|
(100.5 |
) |
|
(273 |
%) |
| Total Working Capital |
|
$ |
499.1 |
|
|
$ |
487.5 |
|
|
|
11.6 |
|
|
|
2 |
% |
|
$ |
475.0 |
|
|
24.2 |
|
|
5 |
% |
|
(1) Total cash is comprised of restricted cash, cash and cash
equivalents |
|
(2) 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 $144.5 million as of
June 30, 2024, down $15.3 million from $159.8 million as of March
31, 2024.
During the second quarter, the Company generated
$2.0 million of operating cash flow and had a negative cash flow
from investing activities of $24.3 million. Cash flow from
financing activities was positive $7.0 million.
Total working capital was $499.1 million on June
30, 2024, up from $487.5 million on March 31, 2024. The $11.6
million increase in working capital balance during the quarter was
mainly due to a $35.8 million increase in inventories, partially
offset by a $17.2 million increase in trade and other payables and
a $7.0 million decrease in trade and other receivables.
Beatriz García-Cos, Ferroglobe’s Chief Financial
Officer, commented, “We continued our strong performance in the
second quarter, increasing our adjusted EBITDA by 124% to $58
million and sales by 15% to $451 million while maintaining a strong
balance sheet and net cash positive position of $64 million. The
increase in our overall working capital over the first quarter was
due to inventory build-up as we restarted our French operations and
increased purchases of manganese ore. Our increase in manganese ore
purchases was a strategic decision to capitalize on the disruption
caused by the shutdown of the South32 manganese ore mine. As a
result, the cost of our manganese ore purchases was below the
current market. We are focused on increasing our working capital
efficiency in the coming quarters.”
Enhanced Capital Return
Policy
After Ferroglobe's board of directors approved a
share buyback program, shareholders approved it at the June annual
general meeting. We are authorized to repurchase up to 37.8 million
shares, or approximately 20% of the outstanding shares, over a
5-year period.
The Company paid a quarterly cash dividend of
$0.013 per share on June 27, 2024. Our next cash dividend of $0.013
per share will be paid on September 27, 2024, to shareholders of
record as of September 20, 2024.
Conference Call
Ferroglobe invites all interested persons to
participate on its conference call at 8:30 AM, Eastern Time on
August 6, 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/BI13217e2c34d24a3384eaac756b699a70
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/wczmto79
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 RoigVice President, 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 ThreeMonths Ended |
|
For the ThreeMonths Ended |
|
For the ThreeMonths Ended |
|
For the SixMonths Ended |
|
For the SixMonths Ended |
| |
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
|
Sales |
|
$ |
451,048 |
|
|
$ |
391,854 |
|
|
$ |
456,441 |
|
|
$ |
842,902 |
|
|
$ |
857,309 |
|
| Raw materials and energy
consumption for production |
|
|
(264,285 |
) |
|
|
(257,357 |
) |
|
|
(229,077 |
) |
|
|
(521,642 |
) |
|
|
(484,113 |
) |
| Energy consumption for
production (PPA impact) |
|
|
2,270 |
|
|
|
(1,932 |
) |
|
|
(23,193 |
) |
|
|
338 |
|
|
|
— |
|
| Other operating income |
|
|
27,448 |
|
|
|
10,836 |
|
|
|
27,689 |
|
|
|
38,284 |
|
|
|
42,503 |
|
| Staff costs |
|
|
(67,220 |
) |
|
|
(70,519 |
) |
|
|
(74,972 |
) |
|
|
(137,739 |
) |
|
|
(142,515 |
) |
| Other operating expense |
|
|
(86,071 |
) |
|
|
(52,348 |
) |
|
|
(77,202 |
) |
|
|
(138,419 |
) |
|
|
(131,347 |
) |
| Depreciation and amortization
charges |
|
|
(18,875 |
) |
|
|
(18,669 |
) |
|
|
(16,452 |
) |
|
|
(37,544 |
) |
|
|
(34,442 |
) |
| Impairment (loss) gain |
|
|
— |
|
|
|
— |
|
|
|
(887 |
) |
|
|
— |
|
|
|
(641 |
) |
| Other gain |
|
|
238 |
|
|
|
696 |
|
|
|
499 |
|
|
|
934 |
|
|
|
546 |
|
| Operating
profit |
|
|
44,553 |
|
|
|
2,561 |
|
|
|
62,846 |
|
|
|
47,114 |
|
|
|
107,300 |
|
| Net finance income
(expense) |
|
|
(5,315 |
) |
|
|
(7,669 |
) |
|
|
(895 |
) |
|
|
(12,984 |
) |
|
|
(11,875 |
) |
| Exchange differences |
|
|
3,591 |
|
|
|
1,383 |
|
|
|
(5,367 |
) |
|
|
4,974 |
|
|
|
(3,912 |
) |
| Profit (loss) profit
before tax |
|
|
42,829 |
|
|
|
(3,725 |
) |
|
|
56,584 |
|
|
|
39,104 |
|
|
|
91,513 |
|
| Income tax (expense)
benefit |
|
|
(8,481 |
) |
|
|
1,155 |
|
|
|
(20,520 |
) |
|
|
(7,326 |
) |
|
|
(29,981 |
) |
| Total profit (loss)
for the period |
|
|
34,348 |
|
|
|
(2,570 |
) |
|
|
36,064 |
|
|
|
31,778 |
|
|
|
61,532 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit (loss) attributable to
the parent |
|
$ |
34,880 |
|
|
$ |
(2,024 |
) |
|
$ |
31,908 |
|
|
$ |
32,856 |
|
|
$ |
52,899 |
|
| Profit (loss) profit
attributable to non-controlling interest |
|
|
532 |
|
|
|
546 |
|
|
|
(4,156 |
) |
|
|
1,078 |
|
|
|
(8,633 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EBITDA |
|
$ |
67,019 |
|
|
$ |
22,613 |
|
|
$ |
73,931 |
|
|
$ |
89,632 |
|
|
$ |
137,830 |
|
| Adjusted EBITDA |
|
$ |
57,739 |
|
|
$ |
25,803 |
|
|
$ |
105,674 |
|
|
$ |
83,542 |
|
|
$ |
150,441 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
189,298 |
|
|
|
187,927 |
|
|
|
187,872 |
|
|
|
189,237 |
|
|
|
187,873 |
|
|
Diluted |
|
|
191,006 |
|
|
|
187,927 |
|
|
|
190,174 |
|
|
|
190,915 |
|
|
|
189,914 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit (loss) per
ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.18 |
|
|
$ |
(0.01 |
) |
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.28 |
|
|
Diluted |
|
$ |
0.18 |
|
|
$ |
(0.01 |
) |
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.28 |
|
| |
|
Ferroglobe PLC and SubsidiariesUnaudited
Condensed Consolidated Statement of Financial
Position(in thousands of U.S.
dollars) |
| |
| |
|
As of June 30, |
|
As of March 31, |
|
As of December 31, |
| |
|
2024 |
|
2024 |
|
2023 |
|
ASSETS |
|
Non-current assets |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
$ |
29,702 |
|
$ |
29,702 |
|
$ |
29,702 |
|
Intangible assets |
|
|
192,127 |
|
|
193,592 |
|
|
138,345 |
|
Property, plant and equipment |
|
|
502,610 |
|
|
500,940 |
|
|
501,396 |
|
Other financial assets |
|
|
15,744 |
|
|
13,944 |
|
|
19,792 |
|
Deferred tax assets |
|
|
9,501 |
|
|
10,636 |
|
|
8,760 |
|
Receivables from related parties |
|
|
1,606 |
|
|
1,622 |
|
|
1,658 |
|
Other non-current assets |
|
|
22,003 |
|
|
21,770 |
|
|
22,156 |
| Total non-current
assets |
|
|
773,293 |
|
|
772,206 |
|
|
721,809 |
| Current
assets |
|
|
|
|
|
|
|
|
|
|
Inventories |
|
|
397,436 |
|
|
361,602 |
|
|
383,841 |
|
Trade and other receivables |
|
|
296,980 |
|
|
303,942 |
|
|
310,243 |
|
Receivables from related parties |
|
|
2,685 |
|
|
2,712 |
|
|
2,772 |
|
Current income tax assets |
|
|
8,901 |
|
|
10,740 |
|
|
15,977 |
|
Other financial assets |
|
|
275 |
|
|
2 |
|
|
2 |
|
Other current assets |
|
|
46,528 |
|
|
27,894 |
|
|
186,477 |
|
Restricted cash and cash equivalents |
|
|
301 |
|
|
298 |
|
|
1,179 |
|
Cash and cash equivalents |
|
|
144,186 |
|
|
159,470 |
|
|
136,470 |
| Total current
assets |
|
|
897,292 |
|
|
866,660 |
|
|
1,036,961 |
| Total
assets |
|
$ |
1,670,585 |
|
$ |
1,638,866 |
|
$ |
1,758,770 |
| |
|
|
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
| Equity |
|
$ |
876,006 |
|
$ |
843,702 |
|
$ |
869,886 |
| Non-current
liabilities |
|
|
|
|
|
|
|
|
|
|
Deferred income |
|
|
59,267 |
|
|
77,185 |
|
|
26,980 |
|
Provisions |
|
|
23,434 |
|
|
22,102 |
|
|
19,970 |
|
Provision for pensions |
|
|
29,760 |
|
|
29,293 |
|
|
29,805 |
|
Bank borrowings |
|
|
14,397 |
|
|
14,643 |
|
|
14,913 |
|
Lease liabilities |
|
|
54,463 |
|
|
54,361 |
|
|
20,304 |
|
Debt instruments |
|
|
— |
|
|
— |
|
|
149,015 |
|
Other financial liabilities |
|
|
28,116 |
|
|
68,186 |
|
|
65,231 |
|
Other obligations |
|
|
5,444 |
|
|
1,536 |
|
|
35,883 |
|
Other non-current liabilities |
|
|
194 |
|
|
224 |
|
|
199 |
|
Deferred tax liabilities |
|
|
30,265 |
|
|
30,253 |
|
|
32,582 |
| Total non-current
liabilities |
|
|
245,340 |
|
|
297,783 |
|
|
394,882 |
| Current
liabilities |
|
|
|
|
|
|
|
|
|
|
Provisions |
|
|
137,094 |
|
|
127,533 |
|
|
122,757 |
|
Provision for pensions |
|
|
163 |
|
|
165 |
|
|
169 |
|
Bank borrowings |
|
|
57,573 |
|
|
42,762 |
|
|
31,635 |
|
Lease liabilities |
|
|
11,229 |
|
|
12,297 |
|
|
8,083 |
|
Debt instruments |
|
|
— |
|
|
— |
|
|
5,765 |
|
Other financial liabilities |
|
|
49,338 |
|
|
15,190 |
|
|
16,052 |
|
Payables to related parties |
|
|
4,537 |
|
|
3,527 |
|
|
2,429 |
|
Trade and other payables |
|
|
195,275 |
|
|
178,038 |
|
|
183,375 |
|
Current income tax liabilities |
|
|
5,632 |
|
|
6,262 |
|
|
8,351 |
|
Other obligations |
|
|
11,608 |
|
|
11,999 |
|
|
14,183 |
|
Other current liabilities |
|
|
76,790 |
|
|
99,608 |
|
|
101,203 |
| Total current
liabilities |
|
|
549,239 |
|
|
497,381 |
|
|
494,002 |
| Total equity and
liabilities |
|
$ |
1,670,585 |
|
$ |
1,638,866 |
|
$ |
1,758,770 |
| |
|
Ferroglobe PLC and SubsidiariesUnaudited
Condensed Consolidated Statement of Cash Flows |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the ThreeMonths Ended |
|
For the ThreeMonths Ended |
|
For the ThreeMonths Ended |
|
For the SixMonths Ended |
|
For the SixMonths Ended |
| |
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
| Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
|
$ |
34,348 |
|
|
$ |
(2,570 |
) |
|
$ |
36,064 |
|
|
$ |
31,778 |
|
|
$ |
61,532 |
|
| Adjustments to
reconcile net profit (loss) to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense |
|
|
8,481 |
|
|
|
(1,155 |
) |
|
|
20,520 |
|
|
|
7,326 |
|
|
|
29,981 |
|
|
Depreciation and amortization charges |
|
|
18,875 |
|
|
|
18,669 |
|
|
|
16,452 |
|
|
|
37,544 |
|
|
|
34,442 |
|
|
Net finance expense |
|
|
5,315 |
|
|
|
7,669 |
|
|
|
895 |
|
|
|
12,984 |
|
|
|
11,875 |
|
|
Exchange differences |
|
|
(3,591 |
) |
|
|
(1,383 |
) |
|
|
5,367 |
|
|
|
(4,974 |
) |
|
|
3,912 |
|
|
Impairment loss (gain) |
|
|
— |
|
|
|
— |
|
|
|
887 |
|
|
|
— |
|
|
|
641 |
|
|
Share-based compensation |
|
|
913 |
|
|
|
928 |
|
|
|
2,041 |
|
|
|
1,841 |
|
|
|
3,946 |
|
|
Other loss (gain) |
|
|
(238 |
) |
|
|
(696 |
) |
|
|
(499 |
) |
|
|
(934 |
) |
|
|
(546 |
) |
| Changes in operating
assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in inventories |
|
|
(36,696 |
) |
|
|
19,011 |
|
|
|
30,132 |
|
|
|
(17,685 |
) |
|
|
116,407 |
|
|
Decrease (increase) in trade receivables |
|
|
5,982 |
|
|
|
320 |
|
|
|
29,326 |
|
|
|
6,302 |
|
|
|
148,040 |
|
|
(Decrease) increase in trade payables |
|
|
17,387 |
|
|
|
(1,925 |
) |
|
|
19,169 |
|
|
|
15,462 |
|
|
|
(54,695 |
) |
|
Other changes in operating assets and liabilities |
|
|
(40,014 |
) |
|
|
154,596 |
|
|
|
(61,617 |
) |
|
|
114,582 |
|
|
|
(105,717 |
) |
| Income taxes (paid)
received |
|
|
(8,756 |
) |
|
|
4,580 |
|
|
|
(75,165 |
) |
|
|
(4,176 |
) |
|
|
(91,463 |
) |
| Net cash provided by
(used in ) operating activities: |
|
|
2,006 |
|
|
|
198,044 |
|
|
|
23,572 |
|
|
|
200,050 |
|
|
|
158,355 |
|
| Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and finance income
received |
|
|
600 |
|
|
|
741 |
|
|
|
969 |
|
|
|
1,341 |
|
|
|
1,637 |
|
| Payments due to
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets |
|
|
(735 |
) |
|
|
(584 |
) |
|
|
(940 |
) |
|
|
(1,319 |
) |
|
|
(940 |
) |
|
Property, plant and equipment |
|
|
(21,132 |
) |
|
|
(17,641 |
) |
|
|
(22,662 |
) |
|
|
(38,773 |
) |
|
|
(40,622 |
) |
|
Disposals: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-current assets |
|
|
(3,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,000 |
) |
|
|
|
| Net cash used in by
investing activities |
|
|
(24,267 |
) |
|
|
(17,484 |
) |
|
|
(22,633 |
) |
|
|
(41,751 |
) |
|
|
(39,925 |
) |
| Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends paid |
|
|
(2,443 |
) |
|
|
(2,438 |
) |
|
|
— |
|
|
|
(4,881 |
) |
|
|
— |
|
| Proceeds from debt
issuance |
|
|
— |
|
|
|
(147,624 |
) |
|
|
— |
|
|
|
(147,624 |
) |
|
|
— |
|
| Repayment of debt
instruments |
|
|
— |
|
|
|
— |
|
|
|
(1,742 |
) |
|
|
— |
|
|
|
(28,025 |
) |
| Increase/(decrease) in
bank borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
|
145,962 |
|
|
|
94,611 |
|
|
|
152,210 |
|
|
|
240,573 |
|
|
|
261,972 |
|
|
Payments |
|
|
(130,772 |
) |
|
|
(83,012 |
) |
|
|
(126,840 |
) |
|
|
(213,784 |
) |
|
|
(268,740 |
) |
| Payments for lease
liabilities |
|
|
(2,883 |
) |
|
|
(2,973 |
) |
|
|
(2,851 |
) |
|
|
(5,856 |
) |
|
|
(5,098 |
) |
| Other (payments) receipts from
financing activities |
|
|
(289 |
) |
|
|
(192 |
) |
|
|
— |
|
|
|
(481 |
) |
|
|
(17,377 |
) |
| Interest paid |
|
|
(2,574 |
) |
|
|
(14,634 |
) |
|
|
(1,721 |
) |
|
|
(17,208 |
) |
|
|
(19,913 |
) |
| Net cash (used in)
provided by financing activities |
|
|
7,001 |
|
|
|
(156,262 |
) |
|
|
19,056 |
|
|
|
(149,261 |
) |
|
|
(77,181 |
) |
| Total net (decrease)
increase in cash and cash equivalents |
|
|
(15,260 |
) |
|
|
24,298 |
|
|
|
19,995 |
|
|
|
9,038 |
|
|
|
41,249 |
|
|
Beginning balance of cash and cash equivalents |
|
|
159,768 |
|
|
|
137,649 |
|
|
|
344,197 |
|
|
|
137,649 |
|
|
|
322,943 |
|
|
Exchange differences on cash and cash equivalents in foreign
currencies |
|
|
(21 |
) |
|
|
(2,179 |
) |
|
|
(1,011 |
) |
|
|
(2,200 |
) |
|
|
(1,011 |
) |
| Ending balance of cash
and cash equivalents |
|
$ |
144,487 |
|
|
$ |
159,768 |
|
|
$ |
363,181 |
|
|
$ |
144,487 |
|
|
$ |
363,181 |
|
| Restricted cash and cash
equivalents |
|
|
301 |
|
|
|
298 |
|
|
|
4,579 |
|
|
|
301 |
|
|
|
4,579 |
|
| Cash and cash equivalents |
|
|
144,186 |
|
|
|
159,470 |
|
|
|
358,602 |
|
|
|
144,186 |
|
|
|
358,602 |
|
| Ending balance of cash
and cash equivalents |
|
$ |
144,487 |
|
|
$ |
159,768 |
|
|
$ |
363,181 |
|
|
$ |
144,487 |
|
|
$ |
363,181 |
|
| |
| Adjusted
EBITDA ($,000): |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Q2´24 |
|
Q1´24 |
|
Q2´23 |
|
YTD´24 |
|
YTD´23 |
|
Profit (loss) attributable to the parent |
|
$ |
34,880 |
|
|
$ |
(2,024 |
) |
|
$ |
31,908 |
|
|
$ |
32,856 |
|
|
$ |
52,899 |
| Profit (loss) attributable to
non-controlling interest |
|
|
(532 |
) |
|
|
(546 |
) |
|
|
4,156 |
|
|
|
(1,078 |
) |
|
|
8,633 |
| Income tax (benefit)
expense |
|
|
8,481 |
|
|
|
(1,155 |
) |
|
|
20,520 |
|
|
|
7,326 |
|
|
|
29,981 |
| Net finance expense |
|
|
5,315 |
|
|
|
7,669 |
|
|
|
895 |
|
|
|
12,984 |
|
|
|
11,875 |
| Depreciation and amortization
charges |
|
|
18,875 |
|
|
|
18,669 |
|
|
|
16,452 |
|
|
|
37,544 |
|
|
|
34,442 |
| EBITDA |
|
|
67,019 |
|
|
|
22,613 |
|
|
|
73,931 |
|
|
|
89,632 |
|
|
|
137,830 |
| Exchange differences |
|
|
(3,591 |
) |
|
|
(1,383 |
) |
|
|
5,367 |
|
|
|
(4,974 |
) |
|
|
3,912 |
| Impairment |
|
|
— |
|
|
|
— |
|
|
|
887 |
|
|
|
— |
|
|
|
641 |
| Restructuring and termination
costs |
|
|
(4,540 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,540 |
) |
|
|
— |
| New strategy
implementation |
|
|
1,012 |
|
|
|
1,361 |
|
|
|
(77 |
) |
|
|
2,373 |
|
|
|
1,972 |
| Subactivity |
|
|
109 |
|
|
|
942 |
|
|
|
2,373 |
|
|
|
1,051 |
|
|
|
6,086 |
| PPA Energy |
|
|
(2,270 |
) |
|
|
2,270 |
|
|
|
23,193 |
|
|
|
— |
|
|
|
— |
| Adjusted
EBITDA |
|
$ |
57,739 |
|
|
$ |
25,803 |
|
|
$ |
105,674 |
|
|
$ |
83,542 |
|
|
$ |
150,441 |
| |
| Adjusted
profit attributable to Ferroglobe ($,000): |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Q2´24 |
|
Q1´24 |
|
Q2´23 |
|
YTD´24 |
|
YTD´23 |
|
Profit (loss) profit attributable to the
parent |
|
$ |
34,880 |
|
|
$ |
(2,024 |
) |
|
$ |
31,908 |
|
|
$ |
32,856 |
|
|
$ |
52,899 |
|
Tax rate adjustment |
|
|
(4,997 |
) |
|
|
17 |
|
|
|
5,469 |
|
|
|
(4,980 |
) |
|
|
5,639 |
|
Impairment |
|
|
— |
|
|
|
— |
|
|
|
651 |
|
|
|
— |
|
|
|
470 |
|
Restructuring and termination costs |
|
|
(3,111 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,111 |
) |
|
|
— |
|
New strategy implementation |
|
|
694 |
|
|
|
933 |
|
|
|
(57 |
) |
|
|
1,626 |
|
|
|
1,447 |
|
Subactivity |
|
|
75 |
|
|
|
646 |
|
|
|
1,742 |
|
|
|
720 |
|
|
|
4,467 |
|
PPA Energy |
|
|
(1,556 |
) |
|
|
1,556 |
|
|
|
17,024 |
|
|
|
— |
|
|
|
— |
| Adjusted profit
attributable to the parent |
|
$ |
25,984 |
|
|
$ |
1,168 |
|
|
$ |
56,737 |
|
|
$ |
27,111 |
|
|
$ |
64,922 |
| |
| Adjusted
diluted profit per share: |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Q2´24 |
|
Q1´24 |
|
Q2´23 |
|
YTD´24 |
|
YTD´23 |
|
Diluted profit (loss) per ordinary share |
|
$ |
0.18 |
|
|
$ |
(0.01 |
) |
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.28 |
|
Tax rate adjustment |
|
|
(0.03 |
) |
|
|
0.00 |
|
|
|
0.03 |
|
|
|
(0.03 |
) |
|
|
0.03 |
|
Restructuring and termination costs |
|
|
(0.02 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
New strategy implementation |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.00 |
) |
|
|
0.01 |
|
|
|
0.01 |
|
Subactivity |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.00 |
|
|
|
0.02 |
|
PPA Energy |
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
0.09 |
|
|
|
— |
|
|
|
— |
| Adjusted diluted
profit (loss) per ordinary share |
|
$ |
0.13 |
|
|
$ |
(0.00 |
) |
|
$ |
0.30 |
|
|
$ |
0.13 |
|
|
$ |
0.34 |
Ferroglobe (NASDAQ:GSM)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Ferroglobe (NASDAQ:GSM)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
