UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

 

For the Month of August 2023

 

Commission File Number: 001-37668

 

FERROGLOBE PLC

(Name of Registrant)

13 Chesterfield Street,

London W1J 5JN, United Kingdom

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F 

Form 40-F 

 

 

 



This Form 6-K consists of the following materials, which appear immediately following this page:

Press release dated August 14, 2023 announcing results for the quarter ended June 30, 2023
Second quarter 2023 earnings call presentation

This Form 6-K is being furnished for the purpose of incorporating by reference the information in this Form 6-K into (a) Registration Statement No. 333-208911 on Form S-8, (b) Registration Statement No. 333-259445 on Form F-3, (c) Registration Statement No. 333-258254 on Form F-3 and (d) Registration Statement No. 333-255973 on Form F-3 and related prospectuses, as such registration statements and prospectuses may be amended from time to time.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

Date: August 14, 2023

  

FERROGLOBE PLC

 

 

 

 

by

/s/ Marco Levi

 

 

Name: Marco Levi

 

 

Title: Chief Executive Officer (Principal Executive Officer)


Ferroglobe Reports Strong Second Quarter 2023 Financial Results

LONDON, August 14, 2023 (GLOBE NEWSWIRE) – Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the second quarter 2023.

FINANCIAL HIGHLIGHTS

 Reported Q2-23 revenue of $456.4 million, up 14% over the prior quarter
Q2-23 adjusted EBITDA of $105.7 million, up 136% over the prior quarter
Improved Q2-23 adjusted EBITDA margin to 23.2% versus 11.2% in Q1-23
Q2-23 Adjusted EPS was $0.30 versus $0.05 in Q1-23
Gross debt was $400.1 million in Q2-23, flat versus the prior quarter and down $100 million from a year-ago quarter
Net debt declined to $37 million, down from $55 million in Q1-23 and $194 million in Q2-22
$100 million available from our ABL facility completely undrawn in Q2-23
Total cash increased to $363 million, up from $344 million in Q1-23 and $307 million in Q2-22

BUSINESS HIGHLIGHTS

Executed a partial redemption of the 2025 Senior Notes on July 31, redeeming $150 million of the 9 3/8% Senior Secured Notes due in 2025, reducing annual interest expense by $14 million
Approaching net cash neutral - Lowest net debt in Company history
Continued improvement to balance sheet with cash increasing to $363 million and net debt declining to $37 million
The US recently added Silicon Metal as a critical material, highlighting its importance in the supply chain and reinforcing the onshoring opportunity for Ferroglobe  
Well-positioned to capitalize on strong long-term growth trends for high purity silicon metal used in the production of solar technology and batteries
Finalized our first long-term power agreement in Spain, enabling a partial resumption of Spanish operations while increasing renewable energy sourcing

Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “We are pleased to report strong second quarter sales growth and an EBITDA improvement of 136%, highlighting our resilience and ability to navigate effectively through this volatile pricing environment as our end markets remain under pressure. Equally importantly, our focus on strengthening our balance sheet has been effective as our cash and net debt positions reached their best levels in the Company’s history as of June 30. Subsequent to quarter-end, we continued our deleveraging efforts by redeeming $150 million of our Senior Secured Notes due in 2025.

“Recently, the US Department of Energy added Silicon Metal to its critical material list. This is a significant step, validating the onshoring trend and highlighting our opportunity in the US market.  

“As expected, we finalized our first multi-year energy contract in Spain starting in 2024. This is an initial step in the process to sign additional contracts to further hedge our future energy needs. This contract provides us with access to 100% renewable energy at competitive rates and enables Ferroglobe to increase production in Spain.  

“While end markets remain soft, our proactive energy strategy, combined with disciplined costs controls, is bolstering our performance in 2023.  Hence, we are reiterating our guidance for the full year of adjusted EBITDA of $270 to $300 million,” concluded Dr. Levi.


Second Quarter 2023 Financial Highlights

    

Quarter Ended

    

Quarter Ended

Quarter Ended

%

%

Six Months Ended

Six Months Ended

%

$,000 (unaudited)

June 30, 2023

March 31, 2023

June 30, 2022

Q/Q

Y/Y

June 30, 2023

June 30, 2022

Y/Y

Sales

$

456,441

$

400,868

$

840,808

14%

(46%)

$

857,309

$

1,556,073

(45%)

Raw materials and energy consumption for production

$

(229,077)

$

(255,036)

$

(369,749)

9%

(32%)

$

(484,113)

$

(710,304)

(32%)

Energy consumption for production (PPA impact)

(23,193)

23,193

Operating profit (loss)

$

62,846

$

44,454

$

265,298

41%

(76%)

$

107,300

$

476,428

(77%)

Operating margin

13.8%

11.1%

31.6%

12.5%

30.6%

Adjusted net income
attributable to the parent

$

56,737

$

7,807

$

213,170

627%

(73%)

$

64,922

$

378,472

(83%)

Adjusted diluted EPS

$

0.30

$

0.05

$

1.14

$

0.34

$

2.02

Adjusted EBITDA

$

105,674

$

44,767

$

303,159

136%

(65%)

$

150,441

$

544,277

(72%)

Adjusted EBITDA margin

23.2%

11.2%

36.1%

17.5%

35.0%

Operating cash flow

$

23,572

$

134,783

$

164,818

(83%)

(86%)

$

158,355

$

230,726

(31%)

Free cash flow1

$

939

$

117,491

$

151,109

(99%)

(99%)

$

118,430

$

207,892

(43%)

Working Capital

$

474,971

$

582,344

$

687,345

(18%)

(31%)

$

474,971

$

687,345

(31%)

Cash and Restricted Cash

$

363,181

$

344,197

$

306,511

6%

18%

$

363,181

$

306,511

18%

Adjusted Gross Debt2

$

400,066

$

399,723

$

500,472

0%

(20%)

$

400,066

$

500,472

(20%)

Equity

$

823,595

$

658,490

$

637,710

25%

29%

$

823,595

$

637,710

29%

(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 June 30, 2023 March 31, 2023 & June 30, 2022

Sales

Ferroglobe reported second quarter net sales of $456 million, an increase of 14% over the prior quarter and a decrease of 46% over Q2-22.  The improvement over our prior quarter revenue is primarily attributable to higher volumes in our main products. The $56 million increase in sales over the prior quarter was primarily driven by silicon metal, which accounted for $35 million of the increase, and manganese-based alloys, which accounted for $16 million, partially offset by a decrease in silicon-based alloys, which accounted for $2 million.  

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $252 million in the second quarter of 2023 versus $232 million in the prior quarter, an increase of 9%. As a percentage of sales, raw materials and energy consumption for production was 55% in the second quarter of 2023 versus 58% in the prior quarter.  Excluding the PPA impact, raw materials and energy consumption for production was 50% of revenue in the second quarter, an improvement from 64% in the first quarter.

Net Income (Loss) Attributable to the Parent

In the second quarter, net profit attributable to the parent was $32 million, or $0.17 per diluted share, compared to a net profit attributable to the parent of $21 million, or $0.11 per diluted share in the first quarter.

Adjusted EBITDA

Adjusted EBITDA in the second quarter was $106 million, an increase of 136% over first quarter adjusted EBITDA of $45 million. Adjusted EBITDA margins were 23% in the second quarter, up from 11% in the first quarter. The increase in second quarter adjusted EBITDA was driven by higher sales volumes and lower costs, which benefited from energy and CO2 compensation.

Total Cash

The total cash balance was $363 million as of June 30, 2023, up $19 million from $344 million as of March 31, 2023.


During the second quarter, we generated positive operating cash flow of $24 million, negative cash flow from investing activities of $23 million, and $19 million positive cash flow from financing activities.

Total Working Capital

Total working capital was $475 million at June 30, 2023, a decrease from $582 million at March 31, 2023.  The $107 million decrease in working capital during the quarter was due to a decrease in trade and other receivables by $31 million, a decrease in inventories by $33 million, and an increase in trade and other payables by $44 million.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We continued to manage our working capital effectively during the quarter, reducing it by $107 million to $475 million with trade receivables, inventories and accounts payable all contributing. During the second quarter, we improved our net debt by $18 million to $37 million.

“In July, we further strengthened our balance sheet by redeeming $150 million of our 9 3/8% Senior Secured Notes, effectively reducing the outstanding note balance by half and lowering our annual interest expense by approximately $14 million. In less than 18 months, we have reduced gross debt by $270 million, from roughly $520 million to $250 million today, highlighting our strong cash flow generation.  


“We are currently evaluating our next steps in managing our balance sheet as we contemplate optimal actions to maximize long-term shareholder value,” concluded Mrs. Garcia-Cos.

Product Category Highlights

Silicon Metal

    

Quarter Ended

    

Quarter Ended

    

Quarter Ended

Six Months Ended

Six Months Ended

June 30, 2023

March 31, 2023

% Q/Q

June 30, 2022

% Y/Y

June 30, 2023

June 30, 2022

% Y/Y

Shipments in metric tons:

50,651

36,942

37.1%

62,988

(19.6)%

87,593

119,337

(26.6)%

Average selling price ($/MT):

3,855

4,351

(11.4)%

5,649

(31.8)%

4,064

5,603

(27.5)%

Silicon Metal Revenue ($,000)

195,260

160,735

21.5%

355,819

(45.1)%

355,995

668,669

(46.8)%

Silicon Metal Adj.EBITDA ($,000)

82,403

31,120

164.8%

175,108

(52.9)%

113,523

326,769

(65.3)%

Silicon Metal Adj.EBITDA Mgns

42.2%

19.4%

49.2%

31.9%

48.9%

Silicon metal revenue in the second quarter was $195 million, an increase of 21.5% over the prior quarter. The average realized price was down 11.4%, driven by lower market index pricing in the US and Europe. Total shipments increased due to the restart of our French operations as a result of our energy agreement. Adjusted EBITDA for silicon metal increased to $82 million during the second quarter, an increase of 164.8% compared with $31 million for the prior quarter. EBITDA margin in the quarter increased mainly driven by higher energy compensation and lower raw materials prices, primarily coal.

Silicon-Based Alloys

    

Quarter Ended

    

Quarter Ended

    

Quarter Ended

Six Months Ended

Six Months Ended

June 30, 2023

March 31, 2023

% Q/Q

June 30, 2022

% Y/Y

June 30, 2023

June 30, 2022

% Y/Y

Shipments in metric tons:

49,457

49,100

0.7%

57,658

(14.2)%

98,557

115,252

(14.5)%

Average selling price ($/MT):

2,697

2,756

(2.1)%

4,097

(34.2)%

2,726

3,889

(29.9)%

Silicon-based Alloys Revenue ($,000)

133,386

135,320

(1.4)%

236,225

(43.5)%

268,706

448,171

(40.0)%

Silicon-based Alloys Adj.EBITDA ($,000)

31,812

21,924

45.1%

97,141

(67.3)%

53,736

175,552

(69.4)%

Silicon-based Alloys Adj.EBITDA Mgns

23.8%

16.2%

41.1%

20.0%

39.2%


Silicon-based alloy revenue in the second quarter was $133 million, a decrease of 1.4% over the prior quarter. Shipments remained broadly stable versus the prior quarter, while average realized selling prices slightly declined by 2.1% versus the previous quarter due to downward market prices partially offset by product mix improvement. Adjusted EBITDA for the silicon-based alloys portfolio increased to $32 million in the second quarter of 2023, an increase of 45.1% compared with $22 million for the prior quarter. EBITDA margin increased in the quarter as a result of footprint optimization, shifting production to France with lower energy costs.

Manganese-Based Alloys

    

Quarter Ended

    

Quarter Ended

    

Quarter Ended

Six Months Ended

Six Months Ended

June 30, 2023

March 31, 2023

% Q/Q

June 30, 2022

% Y/Y

June 30, 2023

June 30, 2022

% Y/Y

Shipments in metric tons:

62,573

46,867

33.5%

97,007

(35.5)%

109,440

172,089

(36.4)%

Average selling price ($/MT):

1,248

1,316

(5.2)%

1,986

(37.2)%

1,277

1,959

(34.8)%

Manganese-based Alloys Revenue ($,000)

78,091

61,677

26.6%

192,656

(59.5)%

139,768

337,189

(58.5)%

Manganese-based Alloys Adj.EBITDA ($,000)

1,065

2,043

(47.9)%

32,871

(96.8)%

3,108

53,242

(94.2)%

Manganese-based Alloys Adj.EBITDA Mgns

1.4%

3.3%

17.1%

2.2%

15.8%

Manganese-based alloy revenue in the second quarter was $78 million, an increase of 26.6% over the prior quarter. Average realized selling prices decreased by 5.2% linked to continued index price declines while total shipments increased 33.5% due to the resuming of operations in France and increased operations in Spain driven by lower energy prices. Adjusted EBITDA for the manganese-based alloys portfolio decreased to $1 million in the second quarter, a decrease of 47.9% compared with $2 million for the prior quarter. EBITDA margin in the quarter decreased as a result of a decline in the Manganese Spread.

Subsequent Events

Redemption of $150 million of its 9.375% Senior Secured Notes

On July 21, 2023 the Company announced that its subsidiary issuers of the 9.375% Senior Secured Notes due 2025 (the “Notes”) have given a notice of partial redemption of such Notes at 102.34375% of the principal amount plus accrued interest. The issuers elected to redeem an aggregate principal amount of $150 million of the Notes plus accrued and unpaid interest of approximately $14 million on July 31, 2023. The Notes were redeemed with cash on the balance sheet.

Conference Call

Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on August 15, 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/BIa07b56b2c46349bb8183571efe30a4a8
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/d39f9hrr


About Ferroglobe

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

Forward-Looking Statements

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

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

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

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

Non-IFRS Measures

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


INVESTOR CONTACT:

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

    

Six Months Ended

Six Months Ended

    

June 30, 2023

    

March 31, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Sales

  

$

456,441

  

$

400,868

$

840,808

$

857,309

$

1,556,073

Raw materials and energy consumption for production

  

(229,077)

  

(255,036)

(369,749)

(484,113)

(710,304)

Energy consumption for production (PPA impact)

(23,193)

23,193

Other operating income

  

27,689

  

14,814

26,223

42,503

49,231

Staff costs

  

(74,972)

  

(67,543)

(80,704)

(142,515)

(162,690)

Other operating expense

  

(77,202)

  

(54,145)

(130,992)

(131,347)

(214,168)

Depreciation and amortization charges, operating allowances and write-downs

  

(16,452)

  

(17,990)

(20,185)

(34,442)

(41,294)

Impairment (loss) gain

(887)

246

(641)

Other gain (loss)

499

47

(103)

546

(420)

Operating profit

62,846

44,454

265,298

107,300

476,428

Net finance income (expense)

  

(895)

  

(10,980)

(12,829)

(11,875)

(25,284)

Exchange differences

  

(5,367)

  

1,455

(7,882)

(3,912)

(12,275)

Profit before tax

  

56,584

  

34,929

244,587

91,513

438,869

Income tax (loss)

  

(20,520)

  

(9,461)

(59,529)

(29,981)

(103,024)

Profit for the period

36,064

25,468

185,058

61,532

335,845

Profit (loss) attributable to non-controlling interest

  

(4,156)

  

(4,477)

265

(8,633)

641

Profit attributable to the parent

  

$

31,908

  

$

20,991

$

185,323

$

52,899

$

336,486

  

  

EBITDA

$

79,298

$

62,444

$

285,483

$

141,742

$

517,722

Adjusted EBITDA

$

105,674

$

44,767

$

303,159

$

150,441

$

544,277

Weighted average shares outstanding

Basic

187,872

187,873

187,441

187,873

187,424

Diluted

190,174

189,629

188,538

189,914

188,567

Profit (loss) per ordinary share

Basic

$

0.17

$

0.11

$

0.99

$

0.28

$

1.80

Diluted

$

0.17

$

0.11

$

0.98

$

0.28

$

1.78


Ferroglobe PLC and Subsidiaries

Unaudited Condensed Consolidated Statement of Financial Position

(in thousands of U.S. dollars)

June 30,

March 31,

December 31,

    

2023

    

2023

    

2022

ASSETS

Non-current assets

Goodwill

$

29,702

$

29,702

$

29,702

Other intangible assets

125,403

223,447

111,797

Property, plant and equipment

500,546

497,557

486,247

Other non-current financial assets

14,175

14,702

14,186

Deferred tax assets

8,683

7,123

7,136

Non-current receivables from related parties

1,630

2,915

1,600

Other non-current assets

19,633

19,297

18,218

Non-current restricted cash and cash equivalents

2,173

2,175

2,133

Total non-current assets

701,945

796,918

671,019

Current assets

Inventories

384,526

417,042

500,080

Trade and other receivables

281,821

312,452

425,474

Current receivables from related parties

2,726

2,728

2,675

Current income tax assets

16,290

7,652

6,104

Other current financial assets

2

2

3

Other current assets

104,237

26,914

30,608

Assets and disposal groups classified as held for sale

1,087

1,088

1,067

Current restricted cash and cash equivalents

2,406

2,411

2,875

Cash and cash equivalents

358,602

339,611

317,935

Total current assets

1,151,697

1,109,900

1,286,821

Total assets

$

1,853,642

$

1,906,818

$

1,957,840

EQUITY AND LIABILITIES

Equity

$

823,595

$

658,490

$

756,813

Non-current liabilities

Deferred income

77,514

128,125

3,842

Provisions

52,664

50,937

47,670

Bank borrowings

15,354

15,590

15,774

Lease liabilities

11,634

11,744

12,942

Debt instruments

302,572

304,621

330,655

Other financial liabilities

66,558

39,276

38,279

Other Obligations

31,763

36,310

37,502

Other non-current liabilities

137

22

12

Deferred tax liabilities

34,265

35,272

35,854

Total non-current liabilities

592,461

621,897

522,530

Current liabilities

Provisions

55,935

146,501

145,507

Bank borrowings

64,793

31,462

62,059

Lease liabilities

7,551

7,492

8,929

Debt instruments

11,668

4,688

12,787

Other financial liabilities

12,500

43,950

60,382

Financial Instruments

79,331

Payables to related parties

2,521

2,377

1,790

Trade and other payables

191,376

147,150

219,666

Current income tax liabilities

3,494

48,326

53,234

Other Obligations

13,589

18,790

9,580

Other current liabilities

74,159

96,364

104,563

Total current liabilities

437,586

626,431

678,497

Total equity and liabilities

$

1,853,642

$

1,906,818

$

1,957,840


Ferroglobe PLC and Subsidiaries

Unaudited Condensed Consolidated Statement of Cash Flows

Quarter Ended

    

Quarter Ended

    

Quarter Ended

Six Months Ended

Six Months Ended

    

June 30, 2023

March 31, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Cash flows from operating activities:

Profit for the period

$

36,064

$

25,468

$

185,058

$

61,532

$

335,845

Adjustments to reconcile net (loss) profit
to net cash used by operating activities:

Income tax (benefit) expense

20,520

9,461

59,529

29,981

103,024

Depreciation and amortization charges,
operating allowances and write-downs

16,452

17,990

20,185

34,442

41,294

Net finance expense

895

10,980

12,829

11,875

25,284

Exchange differences

5,367

(1,455)

7,882

3,912

12,275

Impairment losses

887

(246)

641

Net loss (gain) due to changes in the value of asset

(344)

(25)

(10)

(369)

(16)

Gain on disposal of non-current assets

(161)

(22)

(183)

302

Share-based compensation

2,041

1,905

970

3,946

2,777

Other adjustments

6

112

6

133

Changes in operating assets and liabilities

(Increase) decrease in inventories

30,132

86,275

(59,568)

116,407

(133,179)

(Increase) decrease in trade receivables

29,326

118,714

(25,963)

148,040

(147,730)

Increase (decrease) in trade payables

19,169

(73,864)

(10,959)

(54,695)

29,114

Other

(61,617)

(44,100)

5,654

(105,717)

(6,809)

Income taxes paid

(75,165)

(16,298)

(30,901)

(91,463)

(31,588)

Net cash provided (used) by operating activities

23,572

134,783

164,818

158,355

230,726

Cash flows from investing activities:

Interest and finance income received

969

668

140

1,637

208

Payments due to investments:

Other intangible assets

(940)

(940)

Property, plant and equipment

(22,662)

(17,960)

(13,855)

(40,622)

(23,048)

Other

6

6

Net cash (used) provided by investing activities

(22,633)

(17,292)

(13,709)

(39,925)

(22,834)

Cash flows from financing activities:

Payment for debt and equity issuance costs

(100)

(100)

Proceeds from debt issuance

(4,943)

Repayment of debt instruments

(1,742)

(26,283)

(28,025)

Increase/(decrease) in bank borrowings:

Borrowings

152,210

109,762

301,360

261,972

545,524

Payments

(126,840)

(141,900)

(292,253)

(268,740)

(529,880)

Amounts paid due to leases

(2,851)

(2,247)

(2,277)

(5,098)

(4,795)

Proceeds from other financing liabilities

Other amounts received/(paid) due to financing activities

(17,377)

(19,119)

(17,377)

19,179

Interest paid

(1,721)

(18,192)

(2,376)

(19,913)

(37,175)

Net cash (used) provided by financing activities

19,056

(96,237)

(14,765)

(77,181)

(12,190)

Total net cash flows for the period

19,995

21,254

136,344

41,249

195,702

Beginning balance of cash and cash equivalents

344,197

322,943

176,022

322,943

116,663

Exchange differences on cash and
cash equivalents in foreign currencies

(1,011)

(5,855)

(1,011)

(5,854)

Ending balance of cash and cash equivalents

$

363,181

$

344,197

$

306,511

$

363,181

$

306,511

Cash from continuing operations

358,602

339,611

304,434

358,602

304,434

Current/Non-current restricted cash and cash equivalents

4,579

4,586

2,077

4,579

2,077

Cash and restricted cash in the statement of financial position

$

363,181

$

344,197

$

306,511

$

363,181

$

306,511


Adjusted EBITDA ($,000):

Quarter Ended

    

Quarter Ended

    

Quarter Ended

Six Months Ended

Six Months Ended

    

June 30, 2023

March 31, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Profit attributable to the parent

$

31,908

$

20,991

$

185,323

$

52,899

$

336,486

Profit (loss) attributable to non-controlling interest

4,156

4,477

(265)

8,633

(641)

Income tax expense

20,520

9,461

59,529

29,981

103,024

Net finance expense

895

10,980

12,829

11,875

25,284

Exchange differences

5,367

(1,455)

7,882

3,912

12,275

Depreciation and amortization charges, operating allowances and write-downs

16,452

17,990

20,185

34,442

41,294

EBITDA

79,298

62,444

285,483

141,742

517,722

Impairment

887

(246)

641

Restructuring and termination costs

3,406

9,315

New strategy implementation

(77)

2,049

14,270

1,972

17,240

Subactivity

2,373

3,713

6,086

PPA Energy

23,193

(23,193)

Adjusted EBITDA

$

105,674

$

44,767

$

303,159

$

150,441

$

544,277

Adjusted profit attributable to Ferroglobe ($,000):

Quarter Ended

    

Quarter Ended

    

Quarter Ended

Six Months Ended

Six Months Ended

    

June 30, 2023

March 31, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Profit attributable to the parent

$

31,908

$

20,991

$

185,323

$

52,899

$

336,486

Tax rate adjustment

5,469

(599)

13,498

5,639

20,429

Impairment

651

(175)

470

Restructuring and termination costs

2,765

7,562

New strategy implementation

(57)

1,459

11,584

1,447

13,995

Subactivity

1,742

2,644

4,467

PPA Energy

17,024

(16,513)

Adjusted profit attributable to the parent

$

56,737

$

7,807

$

213,170

$

64,922

$

378,472

Adjusted diluted profit per share:

Quarter Ended

    

Quarter Ended

    

Quarter Ended

Six Months Ended

Six Months Ended

    

June 30, 2023

March 31, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Diluted profit per ordinary share

$

0.17

$

0.11

$

0.98

$

0.28

$

1.78

Tax rate adjustment

0.03

(0.00)

0.08

0.03

0.12

Impairment

0.00

(0.00)

0.00

Restructuring and termination costs

0.02

0.04

New strategy implementation

(0.00)

0.01

</