Ferroglobe PLC (GSM) 2023 Q4 法說會逐字稿

Good morning, everyone, and thank you for joining Ferroglobe's fourth quarter and full year 2023 conference call. Joining me today are Marco Levi, our Chief Executive Officer, and Beatriz García-Cos, our Chief Financial Officer.

大家早安，感謝您參加 Ferroglobe 2023 年第四季和全年電話會議。今天與我一起出席的有我們的執行長 Marco Levi 和我們的財務長 Beatriz García-Cos。

Before we get started with our prepared remarks, I'm going to read a brief statement. Please turn to slide 2 at this time. Statements made by management during this conference call that are forward looking are based on current expectations. Factors that could cause actual results to differ materially from these forward-looking statements can be found in Ferroglobe's most recent SEC filings and exhibits to those filings, which are available on our webpage at ferroglobe.com.

在我們開始準備好的發言之前，我將閱讀一份簡短的聲明。此時請翻到投影片2。管理階層在本次電話會議上發表的前瞻性聲明是基於目前的預期。可能導致實際結果與這些前瞻性陳述有重大差異的因素可以在 Ferroglobe 最新的 SEC 文件和這些文件的附件中找到，這些文件可以在我們的網頁ferroglobe.com 上找到。

In addition, this discussion includes reference to EBITDA, adjusted EBITDA, adjusted gross debt, net debt and adjusted diluted earnings per share among other non-IFRS. measures. Reconciliation of non-IFRS measures may be found in our most recent SEC filings.

此外，本討論還參考了其他非國際財務報告準則中的 EBITDA、調整後 EBITDA、調整後總債務、淨債務和調整後稀釋每股收益。措施。非 IFRS 措施的調節可以在我們最近向 SEC 提交的文件中找到。

At this time, I would like to turn the call over to Marco Levi, our Chief Executive Officer.

現在，我想將電話轉給我們的執行長 Marco Levi。

Thank you, Alex, and good morning, good day and good evening to everyone. Thanks for joining us on the call today. We appreciate your interest in Ferroglobe. We are very pleased with our strong execution in 2023, where we improved our operations, strengthen our balance sheet and posted solid financial results of $315 million of adjusted EBITDA. While our end markets were timely challenging in 2023, we focused on things that were within our control to position the company for the long-term success.

謝謝你，亞歷克斯，祝大家早安，早安，晚安。感謝您今天加入我們的電話會議。我們感謝您對 Ferroglobe 的興趣。我們對 2023 年的強勁執行力感到非常滿意，我們改善了運營，強化了資產負債表，並公佈了 3.15 億美元的調整後 EBITDA 的穩健財務業績。雖然我們的終端市場在 2023 年面臨挑戰，但我們專注於我們控制範圍內的事情，以幫助公司長期成功。

I've discussed a couple of the highlights of our execution and strategy. Then Beatriz will discuss the great strides we have made in improving our balance sheet a little later. Overall operations performed at a high level in 2023. Our European plants set a new historical record. We're opening efficiency as measured by kilowatt hours per ton, improving by more than 3%.

我已經討論了我們執行和戰略的幾個亮點。然後，貝阿特麗斯稍後將討論我們在改善資產負債表方面取得的巨大進步。2023年整體營運表現處於高水準。我們的歐洲工廠創造了新的歷史記錄。我們的開工效率（以每噸千瓦時衡量）提高了 3% 以上。

In the third quarter, we completed the strategic acquisition of a high-quality quartz mine located in South Carolina, which will ensure access to quartz needed to produce high-quality silicon metal in our US-based silicon metal production plants.

第三季度，我們完成了位於南卡羅來納州的優質石英礦的策略性收購，這將確保我們位於美國的金屬矽生產工廠能夠獲得生產優質金屬矽所需的石英。

Aligned with our strategy to grow our advanced silicon metal business, we signed a term sheet for a global joint venture with a leading battery materials company in Europe to develop advanced EV battery materials using silicon in the anode. We also signed an MOU with a US based advanced battery solutions company to pursue the next generation of silicon reach battery technology.

根據我們發展先進矽金屬業務的策略，我們與歐洲一家領先的電池材料公司簽署了一份全球合資企業的條款清單，以開發在陽極使用矽的先進電動車電池材料。我們也與一家美國先進電池解決方案公司簽署了諒解備忘錄，以追求下一代矽基電池技術。

As part of this venture, we are currently testing a promising nano-layer coating technology, which not only increases the performance and range of the EV battery, but also lowers the cost of battery manufacturing. Silicon-based EV battery market is expected to go to 150,000 tons globally by 2030. We'll provide additional updates in the near term.

作為該專案的一部分，我們目前正在測試一種有前景的奈米層塗層技術，該技術不僅可以提高電動車電池的性能和續航里程，還可以降低電池製造成本。預計2030年全球矽基電動車電池市場將達15萬噸。我們將在短期內提供更多更新。

In 2023, we also took action to protect our markets. Working with US legislators, we have to introduce and be partly the bipartisan bill in Congress that assesses its 35% tariff on fair of silicon imports from Russia and Belarus. If passed this legislation is expected to have a positive impact on pricing as Russia is the larger importer of ferrosilicon into the US.

2023 年，我們也採取了保護市場的行動。我們必須與美國立法者合作，在國會提出並部分參與兩黨法案，該法案對從俄羅斯和白俄羅斯進口的矽產品徵收 35% 的關稅。如果這項立法獲得通過，預計將對定價產生積極影響，因為俄羅斯是美國最大的矽鐵進口國。

We signed our first PPA in Spain during the year and have since added additional PPAs, which now comprise roughly 20% of our needs for 2024 and beyond to enhance our ability to increase production in Spain, which has suffered from uncompetitive energy prices over the past couple of years, increasing resilience and flexibility of our global footprint.

今年，我們在西班牙簽署了第一份購電協議，此後又增加了更多購電協議，目前這些購電協議約占我們2024 年及以後需求的20%，以增強我們在西班牙增加產量的能力，西班牙過去一直受到能源價格缺乏競爭力的影響幾年來，我們的全球足跡不斷增強彈性和靈活性。

In response to the spike in energy prices in 2022, we executed a multi-year energy agreement with a French energy company that enabled us to generate an incremental $186 million in EBITDA in 2023. This rebate was in exchange for optimizing our production in France to minimize our power consumption during the winter months.

為了因應 2022 年能源價格的飆升，我們與一家法國能源公司簽署了一項多年能源協議，使我們能夠在 2023 年實現 EBITDA 增量 1.86 億美元。這筆回扣是為了優化我們在法國的生產，以最大限度地減少冬季的電力消耗。

While the market in 2023 was very challenging, we are seeing subtle signs that provide us optimism for 2024. There's still a lot of uncertainty in the market, but we are seeing some improvements in pricing. US silicon metal prices appear to have bottomed in December and have actually increased in late January.

儘管 2023 年的市場非常具有挑戰性，但我們看到了一些微妙的跡象，這讓我們對 2024 年感到樂觀。市場仍然存在許多不確定性，但我們看到定價方面有所改善。美國金屬矽價格似乎已於 12 月觸底，實際上在 1 月下旬有所上漲。

US silicon metal price index increased from its recent low in early December of $140 per pound to $149 in early February or up approximately 6%. European price movements were even more pronounced, increasing from the low $2,049 per ton in late September to approximately $2,360 per ton in November to $2,909 in early February, an increase of 23% in three months.

美國金屬矽價格指數從12月初每磅140美元的近期低點上漲至2月初的149美元，漲幅約6%。歐洲價格走勢更為明顯，從9月底的每噸2,049美元的低點上漲至11月的每噸約2,360美元，再到2月初的2,909美元，三個月內上漲了23%。

We believe that the European prices increased in part due to supply constraints as a result of a fire at a major silicon plant in Norway and shipping disruptions in the Red Sea. Looking at market pricing and associated production costs during those trough periods, it appears that the industry was operating at breakeven at best, which is unsustainable.

我們認為，歐洲價格上漲的部分原因是挪威一家大型矽廠火災和紅海運輸中斷導致供應緊張。從這些低谷時期的市場定價和相關生產成本來看，該行業最多只能實現損益平衡，這是不可持續的。

We believe marginal producers were operating at a loss, leading them to reduce capacity that's improving the supply demand dynamics ultimately driving higher prices. There are signs of a cycle trough.

我們認為，邊際生產商處於虧損狀態，導致他們減少產能，進而改善供需動態，最終推高價格。有周期谷底的跡象。

As it relates to solar, we continue to position the company to take advantage of onshoring trends that are becoming a bigger focus of governments in US and Europe. Ferroglobe as a leading worldwide producer of silicon metal is set up to be a significant beneficiary of these trends.

就太陽能而言，我們將繼續定位該公司，以利用正在成為美國和歐洲政府更加關注的本土趨勢。Ferroglobe 作為全球領先的金屬矽生產商，將成為這些趨勢的重要受益者。

As an example of our market leadership, we recently signed a long-term supply agreement with LONGi, the world leader in the solar value chain to supply them with traceable silicon metal that can be sold in the US to its growing solar market within the confines of Uyghur Forced Labor Prevention Act, that affects Chinese access to the US.

作為我們市場領導地位的一個例子，我們最近與太陽能價值鏈的全球領導者隆基簽署了一項長期供應協議，為他們提供可追溯的金屬矽，這些金屬矽可以在美國境內銷售給其不斷增長的太陽能市場維吾爾族強迫勞動預防法，影響國人進入美國。

The main region of silicon metal and polysilicon production in China is Shenyang, where many of good people reside. According to CRU estimates, the Shenyang area accounts for approximately 40% of Chinese silicon metal production.

中國金屬矽和多晶矽的主要生產地區是瀋陽，那裡有許多優秀的人居住。根據CRU估計，瀋陽地區的金屬矽產量約佔中國的40%。

Our significant advantage is that we can provide traceable [non-Shenyang] silicon metal to China and Asia, which can then be imported into the US as a verified product under the UFLPA. While we are cautious about 2024, we are very bullish about 2025 and beyond due to secular trends in the solar and EV battery markets where we believe we have significant long-term growth opportunities.

我們的顯著優勢是，我們可以向中國和亞洲提供可追溯的[非瀋陽]金屬矽，然後可以根據 UFLPA 作為經過驗證的產品進口到美國。雖然我們對 2024 年持謹慎態度，但由於太陽能和電動車電池市場的長期趨勢，我們相信我們擁有重大的長期成長機會，因此我們對 2025 年及以後非常樂觀。

To give you a sense of the scale of these growth markets, according to CRU, the worldwide demand for silicon metal for the solar and electronics segment is forecast to grow by approximately 70% to 3 million tons between 2023 and 2028.

為了讓您了解這些成長市場的規模，根據 CRU 的數據，全球太陽能和電子領域對金屬矽的需求預計在 2023 年至 2028 年間將成長約 70%，達到 300 萬噸。

Within our primary markets, the US and Europe, the demand for silicon metal is expected to grow by roughly 40% to 947,000 tons during the same period, representing a huge upside for us as the larger Western producer of silicon metal.

在我們的主要市場美國和歐洲，同期對金屬矽的需求預計將增長約 40%，達到 947,000 噸，這對我們作為西方較大的金屬矽生產商來說意味著巨大的上漲空間。

We are introducing 2024 guidance, recognizing the exceptionally uncertain and volatile times in our end markets, elevated geopolitical risks, wide-ranging elections around the globe and elevated interest rates among other factors. Given the unpredictable environment, we are initiating our 2024 guidance with a range of $100 million to $170 million of EBITDA.

我們認識到終端市場異常不確定和動盪的時期、地緣政治風險升高、全球範圍廣泛的選舉以及利率上升等因素，因此推出了 2024 年指引。鑑於環境不可預測，我們開始製定 2024 年 EBITDA 範圍為 1 億至 1.7 億美元的指引。

The decline in our 2024 guidance relative to 2023, results is primarily driven by our French energy agreement, which we expect to decrease materially in 2024. The 2024 guidance is also impacted by substantial price declines over the past several quarters.

我們 2024 年業績指引相對於 2023 年的下降主要是由我們的法國能源協議推動的，我們預計該協議將在 2024 年大幅下降。2024 年指引也受到過去幾季價格大幅下跌的影響。

Indexes for most of our products declined by a [30 to a half] from December 2022 to December 2023. With demand continuing to be soft in the early part of 2024.

從 2022 年 12 月到 2023 年 12 月，我們大多數產品的指數都下降了 [30 到一半]。2024 年初需求持續疲軟。

It is important to note how sensitive our results are to price fluctuations. For example, a 5% change in nominal price for silicon metal has a $35 million impact on expected EBITDA, all else being equal. We expect the weak pricing to be partially offset by strong volume growth, particularly in Asia. To counteract the weak demand and lackluster pricing, we remain vigilant in managing costs and looking for incremental productivity gain across all areas of the company.

值得注意的是我們的結果對價格波動有多敏感。例如，在其他條件相同的情況下，金屬矽名目價格 5% 的變動會對預期 EBITDA 產生 3,500 萬美元的影響。我們預期疲軟的定價將被強勁的銷售成長部分抵消，尤其是在亞洲。為了應對疲軟的需求和低迷的定價，我們在管理成本和尋求公司所有領域的生產力增量方面保持警惕。

As discussed previously, we are introducing our capital return program with an initial quarterly dividend of $1.3 per share and plan to request our Board of Directors and shareholders as required to approve a share buyback program to be executed at the discretion of the management team.

如前所述，我們正在推出資本回報計劃，初始季度股息為每股 1.3 美元，併計劃要求董事會和股東根據需要批准由管理團隊酌情執行的股票回購計劃。

The capital return program is part of our overall capital allocation strategy. Our priority is ensuring that our plans are well capitalized to run optimally as we seek to maximize our return on invested capital. Metrics. We'll provide more details on that.

資本回報計劃是我們整體資本配置策略的一部分。我們的首要任務是確保我們的計劃資本充足，以便在我們尋求最大化投資資本回報的同時以最佳方式運作。指標。我們將提供更多相關細節。

Next slide, please. Silicon metal revenue in Q4 was $168 million, a decrease of 16% from the third quarter. Adjusted EBITDA was $22 million, a decline of [73%] over the prior quarter. Our average realized price for silicon metal decreased by 3% in Europe and 6% in the Americas compared to the previous quarter.

請下一張投影片。第四季金屬矽營收為1.68億美元，季減16%。調整後 EBITDA 為 2,200 萬美元，較上一季下降 [73%]。與上一季相比，我們的金屬矽平均實現價格在歐洲下降了 3%，在美洲下降了 6%。

Index prices increased 26% in Europe and decreased 8% in US during the fourth quarter, there is typically a lag we've realized prices trailing indexes by approximately 3 months for the portion of our contract that expect [20 Index]. Silicon metal prices has shown strength since year end, with prices increasing 13% in Europe and 6% in the Americas.

第四季度，歐洲的指數價格上漲了 26%，美國的指數價格下跌了 8%，我們已經意識到，對於我們預期的合約部分，價格通常會落後於指數約 3 個月。[20 索引]。自去年底以來，金屬矽價格表現強勁，歐洲價格上漲13%，美洲價格上漲6%。

As for silicon metal outlook, it appears that the market is showing incremental improvement with US prices bottoming in December and increasing since mid-January. European prices after a strong increase in the fourth quarter, continued their strength in 2024, an up 38% increase from the bottom at the end of Q3.

至於金屬矽前景，隨著美國價格在12月觸底並自1月中旬以來上漲，市場似乎正在逐步改善。歐洲價格在第四季強勁上漲後，在 2024 年繼續保持強勢，較第三季末的谷底上漲 38%。

The improvement in prices benefited from supply disruptions, production curtailments by some of our competitors and restocking. While we remain cautious about the demand environment. These improvements provide some optimism for 2024.

價格的上漲得益於供應中斷、一些競爭對手的減產和補貨。但我們對需求環境仍持謹慎態度。這些改進為 2024 年帶來了一些樂觀情緒。

Next slide, please. Adjusted EBITDA for Q4 for silicon-based alloys was $35 million, up 38% over the prior-year quarter. But relative to the third quarter, overall, average realized pricing was down 7%, with prices in Europe declining 10% and Americas declining 2%.

請下一張投影片。第四季矽基合金調整後 EBITDA 為 3,500 萬美元，比去年同期成長 38%。但相對於第三季度，總體而言，平均實現價格下降了 7%，其中歐洲價格下降 10%，美洲下降 2%。

The silicon alloys segment was adversely affected by weak demand, primarily in construction and automotive. While the environment continues to be challenging, we expect improvement in the second half of this year.

矽合金部門受到需求疲軟的不利影響，主要是建築和汽車領域的需求疲軟。儘管環境仍充滿挑戰，但我們預計今年下半年情況會有所改善。

Regarding the outlook for silicon-based alloys prices have strengthened since year end within this prices increasing 7% in Europe and the Americas. While demand remains sluggish, we are encouraged by the recent price improvements, but there remains a lot of uncertainty in the market.

關於矽基合金價格的前景，自去年年底以來，歐洲和美洲的價格上漲了 7%。儘管需求依然低迷，但近期價格上漲令我們感到鼓舞，但市場仍存在許多不確定性。

Moving to Slide 7, please. Turning now to manganese-based alloys. Manganese-based alloys revenues was [$60 million] in Q4, up 3% over the prior year quarter. In Europe, index price appear to have bottomed in late September and have increased approximately 13% since year end, adding to the 6% gain in the fourth quarter. The end market, primarily still remain under pressure. We expect an incremental improvement throughout 2024.

請轉到投影片 7。現在轉向錳基合金。第四季錳基合金營收為 [6,000 萬美元]，比去年同期成長 3%。在歐洲，指數價格似乎已於 9 月底觸底，自年底以來已上漲約 13%，第四季漲幅為 6%。終端市場，主要仍面臨壓力。我們預計 2024 年將逐步改善。

I would now like to turn the call over to Beatriz García-Cos, our Chief Financial Officer, to review the financial results in more detail. Beatriz?

我現在想將電話轉給我們的財務長 Beatriz García-Cos，以更詳細地審查財務表現。比阿特麗斯？

Thank you, Marco. And please turn to slide 9 for our review of the income statement. Sales declined 10% in the fourth quarter to $376 million from $417 million in the prior quarter, with annual sales declining 36% to [$1.7 billion], mainly due to lower pricing and secondarily, lower volumes.

謝謝你，馬可。請翻到投影片 9 來查看我們對損益表的檢討。第四季銷售額從上一季的 4.17 億美元下降 10% 至 3.76 億美元，年銷售額下降 36% 至 [17 億美元]，這主要是由於定價下降，其次是銷量下降。

Raw materials and energy consumption increased as a percentage of sales from 47% to 53% in Q4 and from 49% to 53% for the year. Despite declining prices, we post solid EBITDA in the fourth quarter of $60 million for the year.

原料和能源消耗佔銷售額的百分比從第四季的 47% 上升至 53%，全年從 49% 上升至 53%。儘管價格不斷下跌，我們今年第四季的 EBITDA 仍保持穩定，達到 6,000 萬美元。

For the year, our EBITDA was [$650 million] compared with our guidance range of $270 million to $300 million. Excluding the impact of the French energy contract, good capital result in 2023 EBITDA of approximately $129 million versus our 2024 guidance of $100 million to $170 million.

今年，我們的 EBITDA 為 [6.5 億美元]，而我們的指導範圍為 2.7 億至 3 億美元。排除法國能源合約的影響，良好的資本導致 2023 年 EBITDA 約為 1.29 億美元，而我們 2024 年的指引為 1 億至 1.7 億美元。

In the fourth quarter, we recognized impairment of $24 million, which was primarily related to our operations in the US. Net finance expenses for the year declined 50% to $29 million due to the partial redemption of the senior secured notes in July through up of accrual interest and extension of government loan materiality.

第四季度，我們確認了 2,400 萬美元的減值，這主要與我們在美國的業務有關。由於 7 月透過增加應計利息和延長政府貸款重要性而部分贖回了優先擔保票據，因此本年度的淨財務費用下降了 50%，至 2,900 萬美元。

Next slide, please. Our adjusted EBITDA in the fourth quarter was $60 million versus $104 million in the third quarter. Adjusted EBITDA margin declined from 25% in the prior quarter to 16% in the fourth quarter. Reduced shipments and lower realized prices contributed roughly equally to lower EBITDA.

請下一張投影片。第四季調整後的 EBITDA 為 6,000 萬美元，而第三季為 1.04 億美元。調整後 EBITDA 利潤率從上一季的 25% 下降至第四季的 16%。出貨量減少和實際價格下降對 EBITDA 下降的影響大致相同。

Prices in the fourth quarter were weak across the board with the overall average realized price declining 9%. Weak end market with pricing pressure across our three segments result in a negative impact of $22 million on our adjusted EBITDA. While volume had a negative impact of approximately $19 million of the Q4 EBITDA cost had a negligible impact on EBITDA.

第四季價格全面疲軟，整體平均實現價格下降 9%。終端市場疲軟以及我們三個細分市場的定價壓力給我們調整後的 EBITDA 帶來了 2,200 萬美元的負面影響。雖然銷售量產生了負面影響，但第四季 EBITDA 成本約 1,900 萬美元對 EBITDA 的影響可以忽略不計。

Slide 11, please adjusted EBITDA for the full year was $315 million versus $860 million in 2022. EBITDA margin for 2023 was 19%, down from 33% in 2022. Average selling prices with decline 29% on average from a historical high in 2022, had the biggest impact on our 2023 adjusted EBITDA, reducing it by approximately $722 million.

投影片 11，請調整後全年 EBITDA 為 3.15 億美元，而 2022 年為 8.6 億美元。2023 年的 EBITDA 利潤率為 19%，低於 2022 年的 33%。平均售價較 2022 年的歷史高點平均下降 29%，對我們 2023 年調整後 EBITDA 的影響最大，減少了約 7.22 億美元。

Cost positively impacted EBITDA for the year by $244 million driven by French energy agreement and CO2 compensation in France with the energy agreement helping by $186 million.

在法國能源協議和法國二氧化碳補償的推動下，成本對今年的 EBITDA 產生了 2.44 億美元的正面影響，其中能源協議幫助增加了 1.86 億美元。

Next slide, please. We end Q4 with a cash balance of $138 million, down from $166 million in the third quarter. Net debt increased $30 million to $101 million. While our gross debt remained flat with the prior quarter, post redemption of the senior secured notes, our pro forma gross debt is approximately $91 million.

請下一張投影片。在第四季末，我們的現金餘額為 1.38 億美元，低於第三季的 1.66 億美元。淨債務增加 3,000 萬美元，達到 1.01 億美元。雖然我們的總債務與上一季持平，但在贖回優先擔保票據後，我們的預計總債務約為 9,100 萬美元。

Next slide, please during the fourth quarter, cash provided by operations was [$25 million]. CapEx outflows in the fourth quarter was $24 million versus $19 million in the prior quarter and $84 million for the year. We anticipate our 2024 CapEx to be similar to 2023 level.

下一張投影片，請在第四季度，營運提供的現金為[2500萬美元]。第四季的資本支出流出為 2,400 萬美元，而上一季的資本支出為 1,900 萬美元，全年資本支出為 8,400 萬美元。我們預計 2024 年的資本支出將與 2023 年的水準相似。

As of January 31, our cash balance was nearly [$600 million], including the full reshape of approximately $210 million from the energy French compensation of which $56 million was received in December 2023, with the remaining $154 million received in January 2024. This cash balance excludes the redemption of our remaining senior secured notes for $152 million, including the call premium and accrued interest. These notes were redeemed on February 16th.

截至1 月31 日，我們的現金餘額接近[6 億美元]，包括從法國能源補償中全面重組的約2.1 億美元，其中5,600 萬美元於2023 年12 月收到，其餘1.54 億美元於2024 年1 月收到。該現金餘額不包括贖回我們剩餘的 1.52 億美元優先擔保票據，包括贖回溢價和應計利息。這些票據已於 2 月 16 日贖回。

This is a significant achievement and a dramatic improvement from 2018, where we had net debt of $430 million. Our solid cash position, combined with our ability to generate strong cash flows enable us to declare a dividend. We plan to ask our Board and shareholders to approve a share repurchase program, which requires a shareholder vote as we are a Nasdaq listed company domiciled in the UK.

這是一項重大成就，與 2018 年相比取得了巨大進步，2018 年我們的淨債務為 4.3 億美元。我們堅實的現金狀況，加上我們產生強勁現金流的能力，使我們能夠宣布派發股息。我們計劃要求董事會和股東批准股票回購計劃，該計劃需要股東投票，因為我們是一家在英國註冊的納斯達克上市公司。

Next slide, please. At this time, I will turn the call back over to Marco.

請下一張投影片。這時候我會把電話轉回給Marco。

Thank you, Beatriz. Moving to the corporate update on slide 15. We made great strides in 2023, and as promised, we have initiated a new capital allocation policy that we return capital to our shareholders. We initiated a quarterly dividend of $1.3 and are currently working to implement the share repurchase program.

謝謝你，比阿特麗斯。前往投影片 15 上的公司更新。2023年我們取得了長足的進步，並且按照承諾，我們啟動了新的資本配置政策，將資本返還給股東。我們發起了 1.3 美元的季度股息，目前正在努力實施股票回購計畫。

Given the current uncertainty in the market, we are starting with a conservative dividend with the intention of increasing it as the environment improves. We ended the year with the strongest balance sheet in the history of Ferroglobe and achieved a net positive cash position in January. This is a dramatic improvement over the highly levered balance sheet we had just two years ago.

鑑於當前市場的不確定性，我們從保守的股息開始，並打算隨著環境的改善而增加股息。我們以 Ferroglobe 歷史上最強勁的資產負債表結束了這一年，並在一月份實現了淨現金部位。與兩年前我們的高槓桿資產負債表相比，這是一個巨大的改善。

The partnerships we discussed earlier had an excellent way for us to take advantage of the tremendous opportunities in the advanced silicon EV battery market, which is expected to grow to 154,000 tons by 2030. This combined with the second secular trends in the solar market that we are now serving globally is expected to drive long-term growth for Ferroglobe.

我們之前討論的合作夥伴關係為我們提供了一個很好的方式來利用先進矽電動車電池市場的巨大機遇，該市場預計到 2030 年將增長到 154,000 噸。這與我們目前在全球服務的太陽能市場的第二個長期趨勢相結合，預計將推動 Ferroglobe 的長期成長。

Operator, we're ready for questions.

接線員，我們準備好回答問題了。

(Operator Instructions) Lucas Pipes from B. Riley.

（操作員說明）B. Riley 的 Lucas Pipes。

Thank you very much, operator. Good morning, everyone. Marco and team, great to see that unlevered balance sheet and the commencement of a dividend. My first question is on the 2024 guidance for EBITDA, $100 million to $170 million. And Marco, if I heard you right, a 5% change in pricing, that's about $35 million EBITDA sensitivity.

非常感謝您，接線生。大家，早安。Marco 和團隊很高興看到無槓桿的資產負債表和股息的開始。我的第一個問題是關於 2024 年 EBITDA 的指導，1 億至 1.7 億美元。Marco，如果沒聽錯的話，定價變動 5%，EBITDA 敏感度約為 3,500 萬美元。

So should we think of the guidance as in the current price environment, it was [135] and then you maybe put a 5% sensitivity to the upside and to the downside to articulate that range or are there more dynamics at work. We'd appreciate how you think about that? Thank you.

因此，我們是否應該將指導視為當前的價格環境，它是[135]，然後您可能會對上行和下行設定 5% 的敏感度來闡明該範圍，或者是否有更多的動態在起作用。我們將不勝感激您對此有何看法？謝謝。

Thank you, Lucas, and thank you for the question. I think is probably the most important question of today. First of all, the 5%, $35 million is related to silicon metal. You have different sensitivities for the rest of the product mix, but I think is a good indicator, the 5%.

謝謝你，盧卡斯，也謝謝你提出的問題。我認為這可能是今天最重要的問題。首先，這5%，即3,500萬美元與金屬矽有關。你對產品組合的其餘部分有不同的敏感度，但我認為 5% 是一個很好的指標。

We have decided on this guidance coming out of fourth quarter where demand was extremely low, and we've only started seeing some price recovery. So when we decided about the guidance was pretty much coming from our bottom up as out of our budget.

我們決定在第四季度製定這項指導方針，當時需求極低，我們才開始看到價格有所回升。因此，當我們決定指導時，幾乎是我們自下而上的，超出了我們的預算。

And since then, prices have shown substantial improvement, they will materialize with the usual lag two months for alloys, in particular, manganese alloys and three months for silicon. Sustainability of this price level is a question because on one side, we don't see any structural change in terms of demand.

從那時起，價格出現了實質的改善，合金（特別是錳合金）的價格通常會落後兩個月，矽的價格通常會落後三個月。這種價格水準的可持續性是一個問題，因為一方面，我們沒有看到需求方面出現任何結構性變化。

On the other side, like I mentioned in my speech, a lot of capacities have been curtailed. There are difficulties in the supply chain and at the end, customers need to restart filling their inventories. So we feel slightly optimistic, more optimistic than a couple of months ago. So I think the guidance is still valid. I would say that based on the recent price moves, I would be optimistic on the high side of this guidance.

另一方面，正如我在演講中提到的，許多產能都被削減了。供應鏈出現困難，最終客戶需要重新開始補充庫存。所以我們覺得有點樂觀，比幾個月前更樂觀。所以我認為指導意見仍然有效。我想說，根據最近的價格走勢，我對這項指導的偏高持樂觀態度。

And the other (multiple speakers) the other comment that I can add on that, I mentioned that we drastically improved the performance of our operations by 3% in Europe this year. And we started a new program to make sure that we were going to add additional EBITDA out of new initiatives that we plan to implement as we speak at operational level initiatives that are going to be totally under our control.

另一位（多名發言者）我可以補充的另一條評論是，我提到今年我們在歐洲的業務績效大幅提高了 3%。我們啟動了一項新計劃，以確保我們將從我們計劃實施的新舉措中增加額外的 EBITDA，就像我們在營運層面上所說的那樣，這些舉措將完全在我們的控制之下。

That's very helpful, Marco. And just to make sure that I got this right. So you have a bottoms up budget. You did that some time ago and determine the range of $100 million to $170 million and since then the market improved, and that's not really reflected yet in that in that range. Did I said it right?

這非常有幫助，馬可。只是為了確保我做對了。所以你有一個由下而上的預算。您前一段時間就這樣做了，確定了 1 億美元到 1.7 億美元的範圍，從那時起，市場有所改善，但這一點尚未真正反映在該範圍內。我說得對嗎？

Right.

正確的。

Okay. That's very helpful. And then you mentioned in the release that you expect to be free cash flow positive. The way I read that comment, it sounded to me like at any point in your range that statement would be true, but I wondered if you could maybe elaborate on that, if that's the right conclusion and what cash items we should be mindful of from sustaining capital to working capital taxes, et cetera. Would appreciate this additional color. Thank you.

好的。這非常有幫助。然後您在新聞稿中提到您預計自由現金流為正。我讀到這個評論的方式，在我看來，在你的範圍內的任何一點上，這種說法都是正確的，但我想知道你是否可以詳細說明這一點，如果這是正確的結論，以及我們應該注意哪些現金項目維持資本到營運資本稅等。會喜歡這種額外的顏色。謝謝。

This is Beatriz speaking. So in terms of cash flow for 2024, a couple of elements to mention. The first element is the release of working capital that was going to be coming in 2024. Second element to bear in mind is gross debt is below [$100 million] right. So that's the second element.

我是比阿特麗斯。因此，就 2024 年的現金流量而言，有幾個因素需要提及。第一個要素是將於 2024 年釋放營運資金。要記住的第二個因素是總債務低於[1億美元]。這是第二個要素。

And the element in Q1, we are already up pro forma net cash positive $91 million as you see on the slide. So we expect a strong year from a ne cash flow perspective. I know that maybe from an EBITDA, what Marco has been explaining, but on the other side, from a cash perspective got to be, I think, going to be very significant here.

正如您在幻燈片中看到的那樣，第一季的預期淨現金淨額已經增加了 9,100 萬美元。因此，從淨現金流的角度來看，我們預計今年將是強勁的一年。我知道，也許從 EBITDA 來看，Marco 一直在解釋這一點，但另一方面，從現金的角度來看，我認為這將非常重要。

The other element that you need to factor here is the [$32 million] of the interest that we are saving, that's a significant item for us. And then in terms of a capital -- CapEx, of course, we plan to continue to take care of the health of our operations in terms of CapEx. And we expect more or less to invest on a like-to-like basis versus 2024.

這裡需要考慮的另一個因素是我們節省的利息 [3,200 萬美元]，這對我們來說是一個重要的項目。然後就資本而言——資本支出，當然，我們計劃繼續在資本支出方面照顧我們營運的健康狀況。與 2024 年相比，我們預計或多或少會以類似的方式進行投資。

I think we decide as well to go ahead with this capital allocation policy that includes a dividend payment that we confirm $1.3 per share. So there's going to be a modest dividend will not have an impact. And it shows how the company has been performing on the last years. So for us it crystallized on the payment of the same modest dividend that we want to increase as we go.

我認為我們也決定繼續實施這項資本配置政策，其中包括我們確認每股 1.3 美元的股利支付。因此，適度的股利不會產生影響。它顯示了該公司過去幾年的表現。因此，對我們來說，它具體化為支付同樣適度的股息，我們希望隨著我們的發展而增加股息。

And then on the share buyback program, we plan to use or play this share buyback program in an opportunistic basis. But to do that, we need to get the approval of our shareholders on the AGM in June why because we are a British company listed in Nasdaq.

然後在股票回購計畫上，我們計畫在機會主義的基礎上使用或發揮這個股票回購計畫。但要做到這一點，我們需要在六月的年度股東大會上獲得股東的批准，因為我們是一家在納斯達克上市的英國公司。

Thank you very much. And Beatriz, I heard it right that approval would come in at the earliest in June?

非常感謝。還有 Beatriz，我沒聽錯吧，核准最早要到 6 月吧？

Right.

正確的。

So the Board could make an approval some time before then. But then it still takes to the shareholder meeting in June to kind of get that --

因此董事會可以在此之前的某個時間做出批准。但仍需要到六月的股東會上才能得到這個結果--

Of course. Yeah.

當然。是的。

And in terms of -- you just mentioned now on the buyback that you would be opportunistic, I appreciate that. In high level, what you think would be the allocation towards buybacks versus a dividend? Is that the way you think about it at this time?

就您剛才提到的回購而言，您將是機會主義的，我對此表示讚賞。從高階來看，您認為回購與股利的分配會如何？現在你也是這麼想的嗎？

Some other companies in the industry, they have a certain percentage that will go towards buybacks, curious that's how you think about it or if it's maybe too early to comment on that? Thank you.

該行業的其他一些公司，他們有一定比例的資金用於回購，好奇你是如何看待這個問題的，或者現在對此發表評論是否還為時過早？謝謝。

Yeah, I think Lucas, this is the first year, I think 2018, that sort of low base a paying a dividend, right? So our intention is to return capital to the shareholders through payment of a dividend. When it comes to the share buyback, as I mentioned, we feel that our share is completely under evaluated after the repayment of the senior notes, et cetera. So if the share price continue to be under evaluated, we're going to be taking the opportunity for sure to do some share buyback.

是的，我認為盧卡斯，這是第一年，我認為 2018 年，支付股息的基數較低，對嗎？所以我們的目的是透過支付股利將資本返還給股東。當涉及股票回購時，正如我所提到的，我們認為在償還優先票據等之後，我們的股票完全被低估了。因此，如果股價繼續被低估，我們肯定會藉此機會進行一些股票回購。

We want to maintain a certain flexibility. Overall, we have started the discussion with our Board. We'll conclude the discussion in June. But like I said in my speech, we want to make sure that we keep on also financing our operations and keep our assets running at the proper rate.

我們希望保持一定的靈活性。總的來說，我們已經開始與董事會進行討論。我們將在六月結束討論。但正如我在演講中所說，我們希望確保繼續為我們的營運提供融資，並保持我們的資產以適當的速度運作。

That's all, very helpful. Thank you so much. I'm trying to squeeze one quick one in on the EV battery side, you mentioned a term sheet and another initiative. What is your contribution high-level to these ventures? Thank you very much.

僅此而已，非常有幫助。太感謝了。我正試圖在電動車電池方面快速推進一項工作，您提到了一份條款清單和另一項舉措。您對這些企業的高層貢獻是什麼？非常感謝。

Thank you, Lucas. Well, we mentioned these two agreements because they are exactly aligned to our strategy of attacking the opportunity in the growth of silicon metal for batteries in two ways. The joint venture that I mention is about silicon modified products that will partially replace graphite in the anode.

謝謝你，盧卡斯。好吧，我們提到這兩項協議是因為它們與我們以兩種方式抓住電池金屬矽成長機會的策略完全一致。我提到的合資企業是關於矽改質產品，將部分取代陽極中的石墨。

We are targeting 30%, today is around 10%, 12% with other products, but this is the market that we are targeting. The second alliance and partnership with an American company is related to our ambition to supply silicon metal for a full silicon made anode, and these two kind of alliances really confirm the validity of our strategy.

我們的目標是 30%，今天是 10% 左右，其他產品是 12%，但這就是我們的目標市場。第二次與美國公司的聯盟和夥伴關係與我們為全矽陽極供應矽金屬的雄心有關，這兩種聯盟確實證實了我們策略的有效性。

Marco, thank you very much for all the color and to you and the team. Best of luck. Thank you so much.

馬可，非常感謝所有的顏色以及你和團隊。祝你好運。太感謝了。

Thank you, Lucas.

謝謝你，盧卡斯。

Thank you, Lucas.

謝謝你，盧卡斯。

(Operator Instructions)

（操作員說明）

Martin Englert, Seaport Research Partners.

馬丁恩格勒特，海港研究合作夥伴。

Hello, good morning, everyone.

大家早安。

Good morning, Martin.

早安，馬丁。

Good morning, everyone. Just to pivot back to the guidance and follow up on some of Lucas' questions in the context. It seemed like at the time you budgeted for the guide, the market was comparatively worse, namely price demand. Since then, there's been price improvement.

大家，早安。只是回到指南並跟進盧卡斯在上下文中提出的一些問題。好像你做指南的時候，市場比較差，也就是價格需求。從那時起，價格有所改善。

And your comment about -- taking into account market prices today would be implied something towards the upper end of the EBITDA guidance range. So maybe if I look at spot market prices for silicon metal and alloys today and flatline that for the rest of the year, would you anticipate approximating the $170 million in EBITDA?

考慮到今天的市場價格，您的評論將暗示 EBITDA 指導範圍的上限。因此，如果我看看今天矽金屬和合金的現貨市場價格，並在今年剩餘時間內持平，您是否預計 EBITDA 約為 1.7 億美元？

Or even better, Martin. I mean, we have -- the question, I mentioned it when I answered to Lucas is these increases are related mainly to restocking and some production cost curtailment and in the case of Europe, the crisis in the Red Sea, we have to see if this level of price will be maintained to be seen. This is my first comment.

或者更好，馬丁。我的意思是，我們有——我在回答盧卡斯時提到的問題是，這些增加主要與補充庫存和一些生產成本削減有關，就歐洲而言，紅海危機，我們必須看看是否這個價格水平是否會維持還有待觀察。這是我的第一條評論。

The other comment that I made is that in parallel to pricing recovering, we have made a decision -- taken the decision to go very aggressively to further improve the cost of our operations already this year. And so, today, I can say I'm rather optimistic that will lead to reach or maybe even do better than the top level of the guidance.

我發表的另一條評論是，在價格恢復的同時，我們已經做出了一個決定——今年已經決定非常積極地進一步改善我們的營運成本。因此，今天，我可以說我相當樂觀，這將導致達到甚至可能比指導的最高水平做得更好。

Okay. Would you -- last year I don't believe there was any revisions to EBITDA guide, but the way things played out, it was progressively deteriorating from a fundamental perspective, and you still exceeded the top end of the guidance for the full year by before, presumably it would be against a backdrop of fundamental improvement with price and or demand that could potentially prompt upward revisions as the year progresses, you know, assuming that spot price where it is today or better?

好的。去年，我不認為 EBITDA 指南有任何修訂，但從基本面來看，情況正在逐漸惡化，而且您仍然超出了全年指南的上限在此之前，大概是在價格和/或需求出現根本性改善的背景下，隨著今年的進展，可能會促使價格向上修正，你知道，假設現貨價格是現在的水平或更好嗎？

Be in line to what I mentioned after third quarter. In 2024, we had a big favorable impact from the energy price in France. And like I explained, this impact was related mainly to the difference between the energy market price in France and the price that we have negotiated.

與我在第三季之後提到的一致。2024年，法國能源價格對我們產生了巨大的有利影響。正如我所解釋的，這種影響主要與法國能源市場價格與我們協商的價格之間的差異有關。

This year, this difference is much lower, much lower. And this is why Beatriz during her speech has mentioned the $186 million benefit on our EBITDA of $315 million that basically brings the performance of 2023 to $129 million, as mentioned by Beatriz.

今年，這種差異要小得多、小得多。這就是為什麼 Beatriz 在演講中提到我們 3.15 億美元的 EBITDA 獲得了 1.86 億美元的收益，這基本上使 2023 年的業績達到了 1.29 億美元，正如 Beatriz 提到的那樣。

So this $129 million EBITDA really reflects the market net of the energy favorable energy impacting France in 2023 right. Now, starting from there, we have created a guidance of $100 million, $170 million.

因此，這 1.29 億美元的 EBITDA 確實反映了 2023 年影響法國的能源有利能源的市場淨值。現在，從那裡開始，我們制定了 1 億美元、1.7 億美元的指導。

Now in 2024, we are not going to have the same impact from and energy in France. We are still going to be very competitive with our energy cost in France. But few things, they have to fall into place, recovery of demand, more sustainable pricing and our aggressive operational cost production program.

現在到了 2024 年，我們將不會受到法國能源的同樣影響。我們在法國的能源成本仍然非常有競爭力。但有幾件事必須落實到位：需求的復甦、更永續的定價以及我們積極的營運成本生產計劃。

With in the -- maybe the lower bound and upper bound of the annual EBITDA guidance range for this year. What is the assumption on the contribution from energy credits? Yeah, I'd like to get the answer of that. That would be helpful.

可能是今年年度 EBITDA 指導範圍的下限和上限。能源信用貢獻的假設是什麼？是的，我想得到這個問題的答案。那會有幫助的。

Yeah, I mean when we look at the estimated energy price in France during this year at market, and the way we plan, run our assets in France, we expect to get a benefit which is going to be lower than $40 million versus the $186 million that we had in 2023.

是的，我的意思是，當我們查看今年法國市場上的估計能源價格以及我們計劃和運營我們在法國的資產的方式時，我們預計獲得的收益將低於 4000 萬美元，而 186 美元2023 年我們擁有的100 萬美元。

What is the spot French electricity price that's baked into that assumption dollars per megawatt-hour?

考慮到每兆瓦時美元的假設，法國現貨電價是多少？

Sorry, can you repeat your question?

抱歉，您能重複您的問題嗎？

The price of metal?

金屬的價格？

Sure. I understand the credits to work, essentially on spot prices for energy in France are at a higher level based on the mechanism versus your contracted rate, you'll get a bigger energy credit. That's what led to the $186 million for last year. This year you're expecting $40 million. And my question is embedded in that $40 million, what is the dollars per megawatt hour in France that is your --

當然。我了解信用額度的作用，本質上是法國能源的現貨價格基於該機制與您的合約利率相比處於較高水平，您將獲得更大的能源信用額度。這就是去年收入達到 1.86 億美元的原因。今年您的預期收入為 4000 萬美元。我的問題就在於這 4000 萬美元，法國每兆瓦時的價格是多少？--

You have to look at the -- it keeps on changing every week. You have to look at the published energy market price in France, and this is one reference point, and it keeps on changing for this year every week, but you are approximately between EUR70 and EUR80 per megawatt.

你必須看看——它每週都在變化。你必須查看法國公佈的能源市場價格，這是一個參考點，今年它每週都在變化，但大約在每兆瓦 70 到 80 歐元之間。

And then you have to consider the way we are going to run our operations and our total consumption of energy in France. These are the two elements, that both variable that can give you the final estimate. This is why I cannot give you a full number, but I tell you that it's going to be lower than $40 million compared to the $186 million in 2023.

然後你必須考慮我們的營運方式以及法國的能源消耗總量。這是兩個因素，這兩個因素都可以為您提供最終的估計。這就是為什麼我不能給你一個完整的數字，但我告訴你，與 2023 年的 1.86 億美元相比，這個數字將低於 4000 萬美元。

Yeah, so it's up to $40 million?

是的，那麼高達 4000 萬美元？

It's up to $40 million.

高達4000萬美元。

Okay. It's up to $40 million. And is there a sensitivity that you can provide on that? I mean, I see year to date is like, right in that range, it's like $76 a megawatt hour in the spot market?

好的。高達4000萬美元。您能對此提供敏感度嗎？我的意思是，我看到今年迄今為止，在這個範圍內，現貨市場的價格約為每兆瓦時 76 美元？

Yeah, Like I said, between [$70 and $80], yes. Well, it's very difficult because like we explained in previous calls, there are other factors that influence the final price like interoperability, like which time slot of the day we used to run our assets. So it's something where it's very difficult to give you further guidance.

是的，就像我說的，在 [70 美元到 80 美元] 之間，是的。嗯，這非常困難，因為就像我們在之前的電話會議中解釋的那樣，還有其他因素會影響最終價格，例如互通性，例如我們用來運行資產的一天中的哪個時間段。所以很難給你進一步的指導。

Okay. When you say up to a $40 million credit. Will that be based on that $70 to $80 range or not necessarily?

好的。當你說高達 4000 萬美元的信用額。這是基於 70 美元到 80 美元的範圍還是不一定？

Yes.

是的。

Okay. Question on cost savings that were previously undertaken, I think there was an initial program of a targeting $180 million EBITDA improvement. And then it stepped up, I think on your Investor Day that [225] or maybe just before that, if you can remind me of the base year for that and then you spoke about seeking out some incremental improvements? And I just wanted to kind of square that away with the EBITDA guide for this year as well.

好的。關於先前進行的成本節約問題，我認為初步計畫的目標是 EBITDA 改善 1.8 億美元。然後它就加強了，我想在你的投資者日[225]或可能就在那之前，你是否可以提醒我基準年，然後你談到尋求一些漸進的改進？我只是想將其與今年的 EBITDA 指南進行比較。

Yeah, I mean, with the value-creation program, we mentioned that we approximately we achieved $225 million, but there are many moving pieces as that we are a very different organization versus 2020. What makes the reconciliation very odd is that there's been a tremendous change in certain critical inputs.

是的，我的意思是，透過價值創造計劃，我們提到我們大約實現了 2.25 億美元的目標，但有很多變化，因為我們是一個與 2020 年截然不同的組織。讓這次對帳變得非常奇怪的是，某些關鍵投入發生了巨大變化。

For example, and I mentioned just a couple of things call input costs has increased more than 100% between 2019 and 2023 because it has increased to $472 per ton, and we use approximately 0.5 million tons of coal, this number is for 2023. In the past, we even use 600,000 tons of coal per year.

例如，我提到了一些事情，從 2019 年到 2023 年，投入成本增加了 100% 以上，因為它增加到每噸 472 美元，我們使用了大約 50 萬噸煤炭，這個數字是 2023 年的。過去我們每年甚至用掉60萬噸煤炭。

And the rapid increase of $240 per ton in coal means a negative impact to our bottom line of $150 million in terms of incremental costs, if you make the same comparison on energy, if you exclude France and you can see that our energy cost for the rest of our asset footprint when you compare 2019 to today, we have more or less -- more than $35 million incremental costs.

每噸煤炭 240 美元的快速增長意味著對我們 1.5 億美元增量成本的底線產生負面影響，如果你對能源進行同樣的比較，如果你排除法國，你可以看到我們的能源成本當你將2019年與今天進行比較時，我們的其餘資產足跡或多或少都會增加超過3500 萬美元的增量成本。

So when you just look at these two categories, the two categories impact negatively the bottom line by $150 million. And the price of coal or the price of energy are things that are not in our control. Now this is just to give you the feeling of how difficult it is to reconcile our performance versus expectations.

因此，如果您只看這兩個類別，您會發現這兩個類別對淨利潤產生了 1.5 億美元的負面影響。煤炭的價格或能源的價格是我們無法控制的。現在這只是為了讓您感受到協調我們的表現與期望是多麼困難。

But like in every industrial company, there is always room for improvement. And the room for improvement in our case is in the area of integrated supply chain. And this is where we are focused this year to reduce our overall operating cost. (multiple speakers)

但就像每個工業公司一樣，總是有改進的空間。我們的案例的改進空間在於整合供應鏈領域。這就是我們今年降低整體營運成本的重點。（多個發言者）

Martin, just one additional point to building up on what Marco mentioned. We also produce roughly once a day less in number of tons. So this means an impact as well in less cost absorption, fixed cost absorption. So this has been an element that plays against this value creation plan as well.

馬丁，只是在馬可提到的基礎上補充一點。我們每天的產量也大約減少一次。因此，這意味著減少成本吸收、固定成本吸收也會產生影響。因此，這也是不利於價值創造計畫的因素。

Of the 500,000 tons in 2023, that was your external purchases or consumption or that was --

2023年的50萬噸，是你對外採購或是消費的，或是--

Correct. External purchases of coal, that of our integrated coal from Alden.

正確的。外部採購煤炭，我們從奧爾登整合煤炭。

Okay. Would you be able to provide any framework for -- not metallurgical silicon market prices, but your ASP and silicon metal kind of continues to outperform. And I'm curious for -- I understand they selling into chemicals and battery applications probably doesn't occur a heck of a lot of spot market price.

好的。您能否提供任何框架——不是冶金矽市場價格，而是您的平均售價和金屬矽繼續跑贏大盤。我很好奇——我知道他們銷售的化學品和電池應用可能不會有大量現貨市場價格。

But are you able to provide a range in recent history where you've seen spot market prices for this higher value silicon metal that goes into cans applications for batteries on a price per ton?

但是，您能否提供近期歷史上這種用於電池罐應用的高價值矽金屬的現貨市場價格範圍（以每噸價格計算）？

First of all, if you talk about silicon for batteries, we are still relatively small volumes in our product mix, but we are talking depending on the customers between $10 and $15 per kilo, so a completely different price range.

首先，如果你談論電池用矽，我們的產品組合中的產量仍然相對較小，但我們正在談論每公斤 10 至 15 美元之間的客戶，因此價格範圍完全不同。

And in premium applications, the price of silicon metal is decoupled from the index. So today, we have volumes in silicon metal that are sold at between $4,000 and $4,500 per metric ton decoupled from the current market price.

在高端應用中，金屬矽的價格與指數脫鉤。因此，今天，我們的金屬矽銷量與當前市場價格脫鉤，售價為每噸 4,000 至 4,500 美元。

Okay. Thank you. I appreciate all the detail, very helpful.

好的。謝謝。我很欣賞所有的細節，非常有幫助。

Thank you, Martin.

謝謝你，馬丁。

(Operator Instructions) There seems to be no further questions. I would like to hand back for closing remarks.

（操作員指示）似乎沒有其他問題了。我想交出結束語。

Thank you, Heidi. Despite the near-term headwinds, Ferroglobe is well positioned for the economic upturn and the long-term outlook remains intact, proving our resilience. We started 2024 as a more robust company as we are setting ourselves up toward our long-term goal. That concludes our fourth quarter and full year 2023 earnings call. Thank you again for your participation. We look forward to hearing from you on the next call. Have a great day.

謝謝你，海蒂。儘管近期面臨不利因素，Ferroglobe 仍處於經濟好轉的有利位置，且長期前景保持完好，證明了我們的韌性。2024 年伊始，我們就成為一家更強大的公司，我們正在為長期目標而努力。我們的第四季和 2023 年全年財報電話會議到此結束。再次感謝您的參與。我們期待在下次通話中收到您的來信。祝你有美好的一天。