Ferroglobe Reports Solid Third Quarter 2022 Results Despite Weaker Market Conditions

Ferroglobe PLC

LONDON, Nov. 15, 2022 (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 results for the third quarter 2022.

FINANCIAL HIGHLIGHTS

• Q3 2022 revenue of $593.2 million, down 29.5% over the prior quarter

• Q3 2022 Adjusted EBITDA of $185.3 million, down 38.9% over the prior quarter

• Adjusted EBITDA margin decrease of 5 percentage points to 31% in Q3 2022, down from 36% over the prior quarter

• Net profit of $98.8 million (diluted earnings per share of $0.52), compared to net profit of $185.1 million (diluted earnings per share of $0.98) in Q2 2022

• Net debt of $194 million at quarter end, similar at the end of Q2

• Total cash of $236.8 million at quarter-end, down $69.7 million from the prior quarter

BUSINESS HIGHLIGHTS

• Solid third quarter results despite weaker market conditions

• Redeemed all $60 million of the 9% super senior secured notes due 2025

• Board approval of our new medium to long term strategy

• Planned restart of the Polokwane facility, adding 55,000 tons of silicon metal capacity in South Africa, providing access to strategically located lower-cost asset

• Ramping up industrial production of 99.999% (3N) and 99.9999% (4N) micrometer size silicon metal at our Puertollano facility in Spain
  

Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “During the third quarter, we have seen a challenging environment driven by demand slowdown and continued volatility in energy prices in Europe. Steel production has been heavily curtailed in Europe, where we have also seen massive closures of aluminum plants.

“Despite a difficult environment during the third quarter, Ferroglobe continues to perform well, generating robust sales and healthy profitability. The various initiatives that we have implemented over the past two years have enabled us to perform well during challenging periods and declining prices. We continue to focus on improving our overall competitiveness in the market and optimizing our cost position. The restart of our Polokwane facility will provide us with a competitive source of silicon metal with a location that will provide the flexibility to move production away from plants impacted by burdened energy costs and expand business in new geographies. As we have mentioned in prior earnings calls, we continue reducing our leverage with the objective of further strengthening our balance sheet. During the third quarter we redeemed $60 million of our 9% super senior secured notes, reducing our annual interest expense by over $5 million. We will continue to focus on optimizing our costs to improve the efficiency of our organization,” concluded Dr. Levi.

Third Quarter 2022 Financial Highlights
$,000 (unaudited)		Quarter Ended September 30, 2022				Quarter Ended June 30, 2022				Quarter Ended September 30, 2021				% CQ/PQ			% CYQ/PYQ			Nine Months Ended September 30, 2022				Nine Months Ended September 30, 2021				% CY/PY
Sales		$	593,218			$	840,808			$	429,210			(29	%)		38	%		$	2,149,291			$	1,209,137			78	%
Raw materials and energy consumption for production		$	(285,210	)		$	(369,749	)		$	(295,273	)		(23	%)		(3	%)		$	(995,514	)		$	(813,377	)		22	%
Operating profit (loss)		$	154,424			$	265,298			$	11,260			(42	%)		1,271	%		$	630,853			$	(24,502	)		2,675	%
Operating margin			26.0%				31.6%				3%										29.4%				(2%	)
Adjusted net income (loss) attributable to the parent		$	118,264			$	213,170			$	(64,214	)		(45	%)		284	%		$	496,737			$	(79,424	)		725	%
Adjusted diluted EPS		$	0.64			$	1.14			$	(0.36	)								$	2.66			$	(0.45	)
Adjusted EBITDA		$	185,293			$	303,159			$	37,592			(39	%)		393	%		$	729,568			$	93,747			678	%
Adjusted EBITDA margin			31.2%				36.1%				8.8%										33.9%				7.8%
Operating cash flow		$	54,972			$	164,818			$	(34,677	)		(67	%)		259	%		$	285,698			$	(23,050	)		1,339	%
Free cash flow1		$	40,141			$	151,109			$	(42,845	)		(73	%)		194	%		$	248,033			$	(39,440	)		729	%
Working Capital		$	717,283			$	687,345			$	395,867			4	%		81	%		$	717,283			$	395,867			81	%
Working Capital as % of Sales2			30.2%				20.4%				23.1%										25.0%				24.6%
Cash and Restricted Cash		$	236,789			$	306,511			$	95,043			(23	%)		149	%		$	236,789			$	95,043			149	%
Adjusted Gross Debt3		$	431,207			$	500,472			$	499,270			(14	%)		(14	%)		$	431,207			$	499,270			(14	%)
Equity		$	700,340			$	637,710			$	281,910			10	%		148	%		$	700,340			$	281,910			148	%

(1)  Free cash flow is calculated as operating cash flow plus investing cash flow
(2)  Working capital based on annualized quarterly sales respectively
(3)  Adjusted gross debt excludes bank borrowings on factoring program and impact of leasing standard IFRS16 at September 30, 2022, June 30, 2022 & September 30, 2021

Sales

In the third quarter of 2022, Ferroglobe reported net sales of $593.2 million, a decrease of 29% compared with the prior quarter and an increase of 38% compared with the third quarter of 2021. The decrease in our third quarter results is primarily attributable to lower volumes across our product portfolio, and lower pricing in our main products. The $248 million decrease in sales over the prior quarter was primarily driven by silicon metal, which accounted for $92 million of the decrease, silicon based alloys, which accounted for $57 million and manganese-based alloys, which accounted for $95 million.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $285.2 million in the third quarter of 2022 versus $369.8 million in the prior quarter, a decrease of 23%. As a percentage of sales, raw materials and energy consumption for production was 48% in the third quarter of 2022 versus 44% in the prior quarter. This variance is mainly due to the larger energy benefit in France recognized in the second quarter, the increase in the price of energy and inflationary pressure on raw material prices, particularly coal.

Net Income (Loss) Attributable to the Parent

In the third quarter of 2022, net profit attributable to the Parent was $97.6 million, or $0.52 per dilutedshare, compared to a net profit attributable to the Parent of $185.3 million, or $0.98 per diluted share in the second quarter.

Adjusted EBITDA

In the third quarter of 2022, Adjusted EBITDA was $185.3 million, or 31% of sales, a decrease of 5 percentage points compared to adjusted EBITDA of $303.2 million, or 36% of sales in the second quarter of 2022. The decrease in the the third quarter of 2022 Adjusted EBITDA as a percentage of sales is primarily attributable to the decrease in sale volumes and price.

Total Cash

The total cash balance was $236.8 million as of September 30, 2022, down $69.7 million from $306.5 million as of June 30, 2022.

During the third quarter of 2022, we generated positive operating cash flow of $54.9 million, had negative cash flow from investing activities of $14.8 million, and $108.9 million in negative cash flow from financing activities, primarily driven by the $60 million of 9% super senior notes redeemed in July 2022.

Total Working Capital

Total working capital was $717.3 million at September 30, 2022, increasing from $687.3 million at June 30, 2022. The $30.0 million increase in working capital during the quarter was due primarily to a $108.6 million increase in inventories, partially offset by a $84.9 million decrease in accounts receivables. On a relative basis, our working capital as a percentage of sales increased during the third quarter to 30.2%, compared to 20.4% during the prior quarter.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “During the third quarter we continued to follow through on our stated commitment to deleverage the balance sheet with the redemption of our 9% super senior notes that was completed in July. This reduced our adjusted gross debt by $60 million. This was in addition to the $19 million of the senior notes that we purchased in the open market during the second quarter.

“While our end-markets were challenging in the third quarter, we were able to successfully manage our cost to report healthy EBITDA, which remained relatively strong, as well as EBITDA margins, which were the third highest in the Company’s history. The third quarter results highlight that the cost cutting initiatives that we have implemented over the past couple of years enable us to perform well in both challenging markets as well as healthy ones.

“Ferroglobe’s financial condition is strong with $237 million in total cash, with provides us with much flexibility to manage our business” concluded Mrs. García-Cos.

Product Category Highlights

Silicon Metal

		Quarter Ended September 30, 2022			Quarter Ended June 30, 2022			Change			Quarter Ended September 30, 2021			Change			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021			Change
Shipments in metric tons:		50,545			62,988			(19.8	)%		61,713			(18.1	)%		169,883			190,311			(10.7		)%
Average selling price ($/MT):		5,220			5,649			(7.6	)%		2,467			111.6	%		5,489			2,366			132.0		%
Silicon Metal Revenue ($,000)		263,845			355,819			(25.8	)%		152,246			73.3	%		932,488			450,276			107.1		%
Silicon Metal Adj.EBITDA ($,000)		113,151			175,108			(35.4	)%		11,428			890.1	%		439,920			39,845			1004.1		%
Silicon Metal Adj.EBITDA Mgns		42.9	%		49.2	%					7.5	%					47.2	%		8.8	%

Silicon metal revenue in the third quarter was $263.8 million, a decrease of 25.8% over the prior quarter. The average realized selling price decreased by 7.6%, while total shipments decreased by 19.8%, primarily due to a decline in market demand. Adjusted EBITDA for silicon metal decreased to $113.2 million during the third quarter, a decrease of 35.4% compared with $175.1 million for the prior quarter.

Silicon-Based Alloys

		Quarter Ended September 30, 2022			Quarter Ended June 30, 2022			Change			Quarter Ended September 30, 2021			Change			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021			Change
Shipments in metric tons:		48,977			57,658			(15.1	)%		55,863			(12.3	)%		164,230			182,688			(10.1		)%
Average selling price ($/MT):		3,655			4,097			(10.8	)%		1,992			83.5	%		3,819			1,824			109.4		%
Silicon-based Alloys Revenue ($,000)		179,011			236,225			(24.2	)%		111,279			60.9	%		627,194			333,223			88.2		%
Silicon-based Alloys Adj.EBITDA ($,000)		59,668			97,141			(38.6	)%		8,375			612.5	%		235,220			29,849			688.0		%
Silicon-based Alloys Adj.EBITDA Mgns		33.3	%		41.1	%					7.5	%					37.5	%		9.0	%

Silicon-based alloy revenue in the third quarter was $179.0 million, a decrease of 24.2% over the prior quarter. The average realized selling price decreased by 10.8%, due to a decline in demand for ferrosilicons linked to general industry declines in the steel sector. Total shipments of silicon-based alloys decreased 15.1%, driven by lower demand in our foundry business during the quarter due to the broader commodities slowdown. Adjusted EBITDA for the silicon-based alloys portfolio decreased to $59.7 million in the third quarter of 2022, a decrease of 38.6% compared with $97.1 million for the prior quarter.

Manganese-Based Alloys

		Quarter  Ended September 30, 2022			Quarter  Ended June 30, 2022			Change			Quarter  Ended September 30, 2021			Change			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021			Change
Shipments in metric tons:		61,583			97,007			(36.5	)%		76,454			(19.5	)%		233,672			217,386			7.5	%
Average selling price ($/MT):		1,584			1,986			(20.2	)%		1,574			0.6	%		1,860			1,390			33.8	%
Manganese-based Alloys Revenue ($,000)		97,547			192,656			(49.4	)%		120,339			(18.9	)%		434,630			302,167			43.8	%
Manganese-based Alloys Adj.EBITDA ($,000)		14,681			32,871			(55.3	)%		22,494			(34.7	)%		67,923			48,330			40.5	%
Manganese-based Alloys Adj.EBITDA Mgns		15.1	%		17.1	%					18.7	%					15.6	%		16.0	%

Manganese-based alloy revenue in the third quarter was $97.5 million, a decrease of 49.4% over the prior quarter. The average realized selling price decreased by 20.2% and total shipments decreased 36.5%. Shipments declined, as a result of lower demand following an extraordinarily high second quarter, production self-constraint in Spain due to high energy prices, and higher pressure from Asian suppliers. Adjusted EBITDA for the manganese-based alloys portfolio decreased to $14.7 million in the third quarter of 2022, a decrease of 55.3% compared with $32.9 million for the prior quarter.

Russia – Ukraine War

The ongoing war between Russia and Ukraine has disrupted supply chains and caused instability in the global economy, while the United States, United Kingdom and European Union, among other countries, announced sanctions against Russia. The ongoing conflict could result in the imposition of further economic sanctions against Russia. Sanctions imposed on coal and assimilated products such as anthracite and metallurgical coke have obliged Ferroglobe to redirect its sourcing of such products to other origins at a moment of strong market demand, leading to a temporary increase in raw materials prices. The uncertain supply and logistical conditions in Russia have also led Ferroglobe to diversify its sourcing of carbon electrodes. New sourcing was put in place during the course of the quarter allowing Ferroglobe to ensure supply continuity to its operations worldwide while maintaining compliance with applicable sanctions.

Subsequent event

Restart of Polokwane facility        

In October 2022, the company announced the intention to restart its 55,000-ton silicon metal facility in Polokwane, South Africa. The decision to restart the Polokwane facility was made as part of Ferroglobe’s strategic plan to increase its capacity of silicon metal to address strong market demand. The Polokwane plant will enable the Company to add capacity that is lower cost and strategically located, optimizing its asset footprint, and providing flexibility in addressing the volatile energy markets in Europe.

The Polokwane facility provides a lower-cost source of silicon metal that is driven by competitive energy rates, an efficient asset base and a strategic location that can serve customers in Europe, the United States, the Middle East and Asia. Ferroglobe expects to begin production of the three-furnace operation by the end of November 2022, with initial production of approximately 1,150 metric tons per month, gradually ramping up to approximately 3,750 metric tons per month by the end of the second quarter of 2023.

Conference Call

Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, U.S. Eastern Standard Time on November 16, 2022. 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/BI5ce939a3c6fa4ea1b91f9b12ba70c281
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/bq7jdch6

About Ferroglobe

Ferroglobe is one of the world’s leading suppliers of silicon metal, silicon- and manganese-based specialty alloys, and other 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 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:

Anis Barodawalla
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 September 30, 2022				Quarter Ended June 30, 2022				Quarter Ended September 30, 2021				Nine Months Ended September 30, 2022				Nine Months Ended September 30, 2021
Sales		$	593,218			$	840,808			$	429,210			$	2,149,291			$	1,209,137
Raw materials and energy consumption for production			(285,210	)			(369,749	)			(295,273	)			(995,514	)			(813,377	)
Other operating income			19,711				26,223				31,447				68,942				70,466
Staff costs			(75,689	)			(80,704	)			(50,386	)			(238,379	)			(208,849	)
Other operating expense			(77,954	)			(130,992	)			(79,785	)			(292,122	)			(209,793	)
Depreciation and amortization charges, operating allowances and write-downs			(19,719	)			(20,185	)			(23,971	)			(61,012	)			(72,779	)
Impairment losses			—				—				(363	)			—				(363	)
Other gain (loss)			67				(103	)			381				(353	)			1,056
Operating profit (loss)			154,424				265,298				11,260				630,853				(24,502	)
Net finance expense			(16,630	)			(12,829	)			(103,379	)			(41,914	)			(130,420	)
Exchange differences			(1,770	)			(7,882	)			(6,180	)			(14,045	)			(12,257	)
Profit (loss) before tax			136,024				244,587				(98,299	)			574,894				(167,179	)
Income tax benefit (loss)			(37,184	)			(59,529	)			680				(140,207	)			1,774
Profit (loss) for the period			98,840				185,058				(97,619	)			434,687				(165,405	)
Profit (loss) attributable to non-controlling interest			(1,212	)			265				1,023				(570	)			3,338
Profit (loss) attributable to the parent		$	97,628			$	185,323			$	(96,596	)		$	434,117			$	(162,067	)
EBITDA		$	174,143			$	285,483			$	35,231			$	691,865			$	48,277
Adjusted EBITDA		$	185,293			$	303,159			$	37,592			$	729,568			$	93,747
Weighted average shares outstanding
Basic			187,424				187,441				179,849				187,454				172,852
Diluted			188,850				188,538				179,849				188,804				172,852
Profit (loss) per ordinary share
Basic		$	0.52			$	0.99			$	(0.54	)		$	2.32			$	(0.94	)
Diluted		$	0.52			$	0.98			$	(0.54	)		$	2.30			$	(0.94	)

Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars)
		September 30,			June 30,			December 31,
		2022			2022			2021
ASSETS
Non-current assets
Goodwill		$	29,702		$	29,702		$	29,702
Other intangible assets			97,467			94,866			100,642
Property, plant and equipment			511,256			528,198			554,914
Other non-current financial assets			3,904			3,920			4,091
Deferred tax assets			158			124			7,010
Non-current receivables from related parties			1,462			1,558			1,699
Other non-current assets			17,072			17,818			18,734
Non-current restricted cash and cash equivalents			1,950			2,077			2,272
Total non-current assets			662,971			678,263			719,064
Current assets
Inventories			511,557			403,004			289,797
Trade and other receivables			413,722			498,619			381,073
Current receivables from related parties			2,445			2,605			2,841
Current income tax assets			1,155			2,314			7,660
Other current financial assets			2			203			104
Other current assets			35,581			15,518			8,408
Current restricted cash and cash equivalents			—			—			—
Cash and cash equivalents			234,839			304,434			114,391
Total current assets			1,199,301			1,226,697			804,274
Total assets		$	1,862,272		$	1,904,960		$	1,523,338
EQUITY AND LIABILITIES
Equity		$	700,340		$	637,710		$	320,031
Non-current liabilities
Deferred income			23,130			48,961			895
Provisions			53,487			55,771			60,958
Bank borrowings			2,534			2,922			3,670
Lease liabilities			9,181			9,514			9,968
Debt instruments			330,990			385,911			404,938
Other financial liabilities (1)			34,695			37,020			4,549
Other Obligations (2)			43,009			43,232			38,082
Other non-current liabilities (2)			—			—			1,476
Deferred tax liabilities			34,461			41,228			25,145
Total non-current liabilities			531,487			624,559			549,681
Current liabilities
Provisions			121,826			95,300			137,625
Bank borrowings			68,446			96,412			95,297
Lease liabilities			7,800			7,342			8,390
Debt instruments			5,146			15,075			35,359
Other financial liabilities (1)			56,078			57,653			62,464
Payables to related parties			848			9,605			9,545
Trade and other payables			207,996			214,278			206,000
Current income tax liabilities			70,564			43,193			1,775
Other Obligations (2)			7,171			16,469			22,843
Other current liabilities (2)			84,570			87,364			74,328
Total current liabilities			630,445			642,691			653,626
Total equity and liabilities		$	1,862,272		$	1,904,960		$	1,523,338

(1)  On January 25, 2022, the Ministry opened a hearing to decide on reimbursement of the loan. The company presented its allegations on February 15, 2022. Based on those allegations, the reimbursement procedure has been suspended and a new final report is expected to be made by the Ministry by the end of 2022 ending the administrative procedure and establishing the definitive amount of the partial reimbursement to be made. However, for accounting purposes the entire loan was considered short-term
(2)  In 2021 we disaggregated “Other liabilities” into an additional line to the balance sheet “Other obligations“ to separately present certain contractual obligations whose nature and function differs from other items presented in the “Other liabilities line”, so as to allow a better understanding of the Company´s financial position.

Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows
		Quarter Ended September 30, 2022				Quarter Ended June 30, 2022				Quarter Ended September 30, 2021				Nine Months Ended September 30, 2022				Nine Months Ended September 30, 2021
Cash flows from operating activities:
Profit (loss) for the period		$	98,840			$	185,058			$	(97,619	)		$	434,687			$	(165,405	)
Adjustments to reconcile net (loss) profit to net cash used by operating activities:
Income tax (benefit) expense			37,184				59,529				(680	)			140,207				(1,774	)
Depreciation and amortization charges, operating allowances and write-downs			19,719				20,185				23,971				61,012				72,779
Net finance expense			16,630				12,829				103,379				41,914				130,420
Exchange differences			1,770				7,882				6,180				14,045				12,257
Impairment losses			—				—				363				—				363
Net loss (gain) due to changes in the value of asset			(124	)			(10	)			(424	)			(140	)			(688	)
Gain on disposal of non-current assets			142				—				—				444				(351	)
Share-based compensation			1,118				970				1,269				3,895				2,163
Other adjustments			(85	)			112				43				48				(17	)
Changes in operating assets and liabilities																			—
(Increase) decrease in inventories			(129,210	)			(59,568	)			(51,835	)			(262,389	)			(49,159	)
(Increase) decrease in trade receivables			60,654				(25,963	)			(27,683	)			(87,076	)			(78,000	)
Increase (decrease) in trade payables			1,656				(10,959	)			9,138				30,770				51,474
Other			(40,841	)			5,654				(1,138	)			(47,650	)			3,764
Income taxes paid			(12,481	)			(30,901	)			359				(44,069	)			(876	)
Net cash provided (used) by operating activities			54,972				164,818				(34,677	)			285,698				(23,050	)
Cash flows from investing activities:
Interest and finance income received			1,055				140				21				1,263				184
Payments due to investments:
Other intangible assets(1)			(229	)			—				—				(229	)			—
Property, plant and equipment			(15,657	)			(13,855	)			(8,189	)			(38,705	)			(17,117	)
Other			—				6				—				6				—
Disposals:																			—
Other non-current assets			—				—				—				—				543
Net cash (used) provided by investing activities			(14,831	)			(13,709	)			(8,168	)			(37,665	)			(16,390	)
Cash flows from financing activities:
Payment for debt and equity issuance costs			(693	)			(100	)			(26,064	)			(793	)			(43,755	)
Proceeds from equity issuance			—				—				40,000				—				40,000
Proceeds from debt issuance			—				—				20,000				(4,943	)			60,000
Increase/(decrease) in bank borrowings:																			—
Borrowings			193,502				301,360				159,861				739,026				437,496
Payments			(218,593	)			(292,253	)			(158,118	)			(748,473	)			(460,565	)
Amounts paid due to leases			(2,412	)			(2,277	)			(2,602	)			(7,207	)			(8,615	)
Other amounts received/(paid) due to financing activities			(60,655	)			(19,119	)			—				(41,476	)			—
Interest paid			(20,078	)			(2,376	)			(1,125	)			(57,253	)			(21,473	)
Net cash (used) provided by financing activities			(108,929	)			(14,765	)			31,952				(121,119	)			3,088
Total net cash flows for the period			(68,788	)			136,344				(10,893	)			126,914				(36,352	)
Beginning balance of cash and cash equivalents			306,511				176,022				106,089				116,663				131,557
Exchange differences on cash and cash equivalents in foreign currencies			(934	)			(5,855	)			(153	)			(6,788	)			(162	)
Ending balance of cash and cash equivalents		$	236,789			$	306,511			$	95,043			$	236,789			$	95,043
Cash from continuing operations			234,839				304,434				89,047				234,839				89,047
Current/Non-current restricted cash and cash equivalents			1,950				2,077				5,996				1,950				5,996
Cash and restricted cash in the statement of financial position		$	236,789			$	306,511			$	95,043			$	236,789			$	95,043

Adjusted EBITDA ($,000):

		Quarter Ended September 30, 2022			Quarter Ended June 30, 2022				Quarter Ended September 30, 2021				Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Profit (loss) attributable to the parent		$	97,628		$	185,323			$	(96,596	)		$	434,117		$	(162,067	)
Profit (loss) attributable to non-controlling interest			1,212			(265	)			(1,023	)			570			(3,338	)
Income tax (benefit) expense			37,184			59,529				(680	)			140,207			(1,774	)
Net finance expense			16,630			12,829				103,379				41,914			130,420
Exchange differences			1,770			7,882				6,180				14,045			12,257
Depreciation and amortization charges, operating allowances and write-downs			19,719			20,185				23,971				61,012			72,779
EBITDA			174,143			285,483				35,231				691,865			48,277
Impairment			—			—				363				—			363
Restructuring and termination costs			—			3,406				1,313				9,315			44,422
New strategy implementation			7,354			14,270				—				24,592			—
Pension Plan buyout			—			—				685				—			685
Subactivity			3,796			—				—				3,796			—
Adjusted EBITDA		$	185,293		$	303,159			$	37,592			$	729,568		$	93,747

Adjusted profit attributable to Ferroglobe ($,000):

		Quarter  Ended September 30, 2022			Quarter Ended June 30, 2022			Quarter Ended September 30, 2021				Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Profit (loss) attributable to the parent		$	97,628		$	185,323		$	(96,596	)		$	434,117		$	(162,067	)
Tax rate adjustment			11,584			13,498			30,776				32,012			51,723
Impairment			—			—			247				—			247
Restructuring and termination costs			—			2,765			893				7,562			30,207
New strategy implementation			5,970			11,584			—				19,964			—
Pension Plan buyout			—			—			466				—			466
Subactivity			3,082			—			—				3,082			—
Adjusted profit (loss) attributable to the parent		$	118,264		$	213,170		$	(64,214	)		$	496,737		$	(79,424	)

Adjusted diluted profit per share:

		Quarter Ended September 30, 2022			Quarter Ended June 30, 2022			Quarter Ended September 30, 2021				Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Diluted profit (loss) per ordinary share		$	0.52		$	0.98		$	(0.54	)		$	2.30		$	(0.94	)
Tax rate adjustment			0.06			0.08			0.18				0.18			0.31
Restructuring and termination costs			0.01			0.02			0.00				0.04			0.18
New strategy implementation			0.03			0.06			—				0.12			—
Subactivity			0.02			—			—				0.02			—
Adjusted diluted profit (loss) per ordinary share		$	0.64		$	1.14		$	(0.36	)		$	2.66		$	(0.45	)