GSM Ferroglobe PLC

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 incomeattributable 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, 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)
		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 SubsidiariesUnaudited 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 SubsidiariesUnaudited 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