Ferroglobe PLC Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>Ferroglobe PLC submitted its 2023 annual report (20-F), detailing financial and operational aspects including significant asset valuations and subsidiary information.</b>

AI Summary

Ferroglobe PLC (GSM) filed a Foreign Annual Report (20-F) with the SEC on May 13, 2024. Ferroglobe PLC filed its 20-F annual report on May 13, 2024, for the fiscal year ending December 31, 2023. The filing includes details on property, plant, and equipment, with gross carrying amounts reported for various asset categories. Specific asset categories include Vehicles, Computer Equipment, Buildings, Tools, Plant and Machinery, and Furniture & Fixtures. The report references specific subsidiaries such as Inmobiliaria Espacio S.A. and Espacio Information Technology S.A.U. The filing also mentions product lines like Silicon Metal and Silica Fume, and customer segments like Top Ten Customers and World Other Than European and US.

Why It Matters

For investors and stakeholders tracking Ferroglobe PLC, this filing contains several important signals. This filing provides a comprehensive overview of Ferroglobe's financial position and operational assets as of December 31, 2023, crucial for investors assessing the company's value and stability. The detailed breakdown of property, plant, and equipment, along with subsidiary information, offers insights into the company's operational infrastructure and potential future investments or divestitures.

Risk Assessment

Risk Level: low — Ferroglobe PLC shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new risks or material adverse changes beyond typical disclosures for a public company.

Analyst Insight

Investors should review the detailed asset valuations and subsidiary information to understand Ferroglobe's operational scale and financial health.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the report)
• 2024-05-13 — Filing Date (Date the 20-F was submitted)

Key Players & Entities

• Ferroglobe PLC (company) — Filer of the 20-F report
• 2023 (date) — Fiscal year end
• 2024-05-13 (date) — Filing date
• Inmobiliaria Espacio S.A. (company) — Subsidiary mentioned
• Espacio Information Technology S.A.U. (company) — Subsidiary mentioned

FAQ

Industry Context

Ferroglobe PLC operates in the metals and mining industry, specifically focusing on the production of silicon metal and other specialty metals.

Regulatory Implications

As a foreign private issuer, Ferroglobe PLC files an annual report on Form 20-F with the SEC, which is a comprehensive disclosure document required under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed breakdown of property, plant, and equipment to assess asset base and potential depreciation impacts.
2. Review disclosures related to subsidiaries like Inmobiliaria Espacio S.A. for understanding corporate structure and intercompany relationships.
3. Examine any mentions of product lines (e.g., Silicon Metal) and customer segments for market insights.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-05-13: Filing Date — Date Ferroglobe PLC submitted its 20-F annual report.

Year-Over-Year Comparison

This filing is the 20-F annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — ered Ordinary Shares (nominal value of $0.01) GSM Nasdaq Capital Market Securi
• $ — In this Annual Report, references to "$," and "USD" are to the lawful currency
• $4,942 thousand — ompany, PLC; "Stub Notes" refer to the $4,942 thousand aggregate principal amount of 9.375% No
• $100 million — Credit and Security Agreement for a new $100 million north American asset-based revolving cr
• $186,211 thousand — recorded a net benefit of approximately $186,211 thousand in relation to these programs. Future b

Filing Documents

• tmb-20231231x20f.htm (20-F) — 7049KB
• tmb-20231231xex2d1.htm (EX-2.1) — 5KB
• tmb-20231231xex8d1.htm (EX-8.1) — 62KB
• tmb-20231231xex12d1.htm (EX-12.1) — 12KB
• tmb-20231231xex12d2.htm (EX-12.2) — 11KB
• tmb-20231231xex13d1.htm (EX-13.1) — 9KB
• tmb-20231231xex15d1.htm (EX-15.1) — 2KB
• tmb-20231231xex15d2.htm (EX-15.2) — 3KB
• tmb-20231231xex15d3.htm (EX-15.3) — 2KB
• tmb-20231231xex16d1.htm (EX-16.1) — 65KB
• tmb-20231231xex97d1.htm (EX-97.1) — 36KB
• tmb-20231231x20f006.jpg (GRAPHIC) — 140KB
• tmb-20231231xex12d1001.jpg (GRAPHIC) — 4KB
• tmb-20231231xex12d2001.jpg (GRAPHIC) — 3KB
• tmb-20231231xex13d1001.jpg (GRAPHIC) — 4KB
• tmb-20231231xex13d1002.jpg (GRAPHIC) — 3KB
• 0001558370-24-007862.txt (&nbsp;) — 32486KB
• tmb-20231231.xsd (EX-101.SCH) — 224KB
• tmb-20231231_cal.xml (EX-101.CAL) — 201KB
• tmb-20231231_def.xml (EX-101.DEF) — 810KB
• tmb-20231231_lab.xml (EX-101.LAB) — 1419KB
• tmb-20231231_pre.xml (EX-101.PRE) — 1247KB
• tmb-20231231x20f_htm.xml (XML) — 8233KB

Item 18

Item 17 Item 18 If this is an Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Table of Contents TABLE OF CONTENTS CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS 1 PART I 5 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 5 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 5 ITEM 3. KEY INFORMATION 5 ITEM 4. INFORMATION ON THE COMPANY 33 ITEM 4A. UNRESOLVED STAFF COMMENTS 61 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 61 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 80 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 92 ITEM 8. FINANCIAL INFORMATION 96 ITEM 9. THE OFFER AND LISTING 99 ITEM 10. ADDITIONAL INFORMATION 99 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 109 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES. 111 PART II 113 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES. 113 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS. 113 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 113 ITEM 16. [RESERVED] 117 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT. 117 ITEM 16B. CODE OF ETHICS. 117 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES. 117 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES. 118 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS. 118 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT. 118 ITEM 16G. CORPORATE GOVERNANCE. 119 ITEM 16H. MINE SAFETY DISCLOSURE 119 ITEM 16I . DISCLOSURE REGARDING FOREIGN JURISCTIONS THAT PREVENT INSPECTIONS 120 ITEM 16J. INSIDER TRADING POLICIES 120 ITEM 16K . CYBERSECURITY 120 PART III 122 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS. 122 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS. 122 ITEM 19. EXHIBITS. 122 Table of Contents CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS This Annual Report includes statements that are, or may be deemed to be, forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. These forward-looking statements are made under the "safe harbor" provision under Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this Annual Report, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "predict(s)," "will," "expect(s)," "estimate(s)," "project(s)," "positioned," "strategy," "outlook," "aim," "assume," "continue," "forecast," "guidance," "projected," "risk" and similar expressions. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. Investors should read the section entitled "Item 3.D.—Key Information—Risk Factors" and the description of our se

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. Selected Financial Data Reserved. B. Capitalization and indebtedness. Not applicable. C. Reasons for the offer and use of proceeds. Not applicable. D. Risk factors. You should carefully consider the risks and uncertainties described below and the other information in this Annual Report before making an investment in our ordinary shares. Our business, financial condition or results of operations could be materially and adversely affected if any of these risks occurs, and as a result, the market price of our ordinary shares could decline and you could lose all or part of your investment. This Annual Report also contains forward-looking statements that involve risks and uncertainties. See "Cautionary Statements Regarding Forward-Looking Statements." Our actual results could differ materially and adversely from those anticipated in these forward-looking statements as a result of certain factors. Risks Related to Our Business and Industry Our operations depend on industries including the steel, aluminum, polysilicon, silicone and photovoltaic/solar industries, which, in turn, rely on several end-markets. A downturn or change in these industries or end-markets could adversely affect our business, results of operations and financial condition. Because we primarily sell silicon metal, silicon-based alloys, manganese- based alloys and other specialty alloys, we produce to manufacturers of steel, aluminum, polysilicon, silicones, and photovoltaic products. Therefore, our results are significantly affected by the economic trends in the steel, aluminum, polysilicon, silicone and photovoltaic industries. Primary end users that drive demand for steel and aluminum include construction companies, shipbuilders, electric appliances, car manufacturers and companies operating in the rail and maritime industries. The primary end users that drive demand for polysilicon and silicones include the automotive, chemical, photovoltaic, pharmaceutical

View Full Filing

View this 20-F filing on SEC EDGAR