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 announces financial results for the second quarter of 2024.

Financial Highlights

($ in millions, except EPS)		Q2 2024				Q1 2024				%Q/Q		Q2 2023			%Y/Y		YTD 2024			YTD 2023			%Y/Y
Sales		$	451.0			$	391.9			15%		$	456.4		(1%)		$	842.9		$	857.3		(2%)
Net income (loss)		$	34.9			$	(2.0	)		(1.844%)		$	31.9		9%		$	32.9		$	52.9		(38%)
Adjusted diluted EPS		$	0.13			$	(0.00	)		(4.000%)		$	0.30		(58%)		$	0.13		$	0.34		(61%)
Adj. EBITDA		$	57.7			$	25.8			124%		$	105.7		(45%)		$	83.5		$	150.4		(44%)
Operating cash flow		$	2.0			$	198.0			(99%)		$	23.6		(91%)		$	200.1		$	158.4		26%
Capital expenditures1		$	21.9			$	18.2			20%		$	23.6		(7%)		$	40.1		$	41.6		(4%)
Free cash flow2		$	(19.9	)		$	179.8			(111%)		$	0.9		(2.215%)		$	160.0		$	118.4		35%
(1)  Cash outflows for capital expenditures
(2)  Free cash flow is calculated as operating cash flow less capital expenditures

Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “We continued to execute well on multiple fronts during the second quarter. We posted strong quarterly results with a 15% increase in sales and more than doubled our adjusted EBITDA from the prior quarter. We successfully restarted our French operations in April, helping drive silicon metal and manganese-based specialty alloy volumes.

“We were also successful in our ferrosilicon trade case in the U.S. as our actions impacted the U.S. Department of Commerce’s decision to impose preliminary anti-dumping and countervailing duties of 283% and 748%, respectively, on all Russian ferrosilicon imports, which were announced in June. This is a very positive development that we expect to benefit our ferrosilicon business in the US, beginning in early 2025. Finally, the EV battery testing using Coreshell nanocoating technology with silicon-rich anode is yielding excellent results. We are excited about these results as it confirms our belief that high-grade silicon metal will play a critical role in the future of batteries used in EVs.

“We are narrowing the adjusted EBITDA guidance range from $130-$170 million to $150-$170 million. The strong second quarter combined with higher index prices should positively impact the third quarter, giving us more confidence for the second half of the year,” concluded Dr. Levi.

Consolidated Sales

In the second quarter of 2024, Ferroglobe reported net sales of $451 million, an increase of 15% over the prior quarter and a decrease of 1% over the year-ago period. This increase over the prior quarter is primarily attributable to higher sales volumes in silicon metal and manganese-based specialty alloys and also higher pricing in our portfolio products. Silicon metal and manganese-based alloys contributed $36 million and $32 million of the increase, respectively, partially offset by a $7 million decrease in silicon-based alloy sales.

Product Category Highlights

Silicon Metal

($,000)		Q2 2024				Q1 2024				% Q/Q			Q2 2023				% Y/Y			YTD 2024				YTD 2023				% Y/Y
Shipments in metric tons:			62,872				53,183			18.2	%			50,651			24.1	%			116,055				87,593			32.5	%
Average selling price ($/MT):			3,244				3,155			2.8	%			3,855			(15.8	)%			3,203				4,064			(21.2	)%
Silicon Metal Revenue			203,957				167,792			21.6	%			195,260			4.5	%			371,724				355,995			4.4	%
Silicon Metal Adj.EBITDA			34,584				16,071			115.2	%			82,403			(58.0	)%			50,655				113,523			(55.4	)%
Silicon Metal Adj.EBITDA Margin			17.0	%			9.6	%						42.2	%						13.6	%			31.9	%

Silicon metal revenue in the second quarter was $204.0 million, an increase of 21.6% over the prior quarter and an increase of 4.5% over the year-ago period. Average realized selling price increased by 2.8%, primarily due to increased prices in the U.S. Total shipments increased due to higher volumes in EMEA. The adjusted EBITDA for silicon metal increased to $34.6 million during the second quarter, an increase of 115.2% compared with $16.1 million for the prior quarter. The improvement in adjusted EBITDA margin in the quarter was mainly driven by price and volume increases.

Silicon-Based Alloys

($,000)		Q2 2024				Q1 2024				% Q/Q			Q2 2023				% Y/Y			YTD 2024				YTD 2023				% Y/Y
Shipments in metric tons:			46,953				51,171			(8.2	)%			49,457			(5.1	)%			98,124				98,557			(0.4	)%
Average selling price ($/MT):			2,241				2,188			2.4	%			2,697			(16.9	)%			2,213				2,726			(18.8	)%
Silicon-based Alloys Revenue			105,222				111,962			(6.0	)%			133,386			(21.1	)%			217,148				268,706			(19.2	)%
Silicon-based Alloys Adj.EBITDA			10,199				14,412			(29.2	)%			31,812			(67.9	)%			24,611				53,736			(54.2	)%
Silicon-based Alloys Adj.EBITDA Margin			9.7	%			12.9	%						23.8	%						11.3	%			20.0	%

Silicon-based alloy revenue in the second quarter was $105.2 million, a decrease of 6.0% over the prior quarter and a decrease of 21.1% in the year-ago period. Shipments decreased by 8.2%, which was attributable to demand weakness in the U.S. The adjusted EBITDA for the silicon-based alloys decreased to $10.2 million in the second quarter of 2024, a decrease of 29.2% compared with $14.4 million for the prior quarter. The adjusted EBITDA margin decreased mainly due to the decrease in shipments during the second quarter of 2024.

Manganese-Based Alloys

($,000)		Q2 2024				Q1 2024				% Q/Q			Q2 2023				% Y/Y			YTD 2024				YTD 2023				% Y/Y
Shipments in metric tons:			81,464				62,320			30.7	%			62,573			30.2	%			143,784				109,440			31.4	%
Average selling price ($/MT):			1,204				1,066			12.9	%			1,248			(3.5	)%			1,144				1,277			(10.4	)%
Manganese-based Alloys Revenue			98,083				66,433			47.6	%			78,091			25.6	%			164,489				139,768			17.7	%
Manganese-based Alloys Adj.EBITDA			13,832				5,520			150.6	%			1,065			1198.8	%			19,352				3,108			522.7	%
Manganese-based Alloys Adj.EBITDA Margin			14.1	%			8.3	%						1.4	%						11.8	%			2.2	%

Manganese-based alloy revenue in the second quarter was $98.1 million, an increase of 47.6% over the prior quarter and an increase of 25.6% over the year-ago period. Average realized selling price increased by 12.9% and total shipments increased by 30.7%. Adjusted EBITDA for the manganese-based alloys portfolio increased to $13.8 million in the second quarter of 2024, an increase of 150.6% compared with $5.5 million for the prior quarter. The adjusted EBITDA margin increase was mainly driven by price and volume increases.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $264.3 million in the second quarter of 2024 versus $257.4 million in the prior quarter, an increase of 2.7%. As a percentage of sales, raw materials and energy consumption for production was 59% in the second quarter of 2024, an improvement versus 66% in the prior quarter. This variance was mainly due to lower production costs in Europe related to the restart of operations in France during the second quarter of 2024.

Net Income (Loss) Attributable to the Parent

In the second quarter of 2024, net income attributable to the parent was $34.9 million, or $0.18 per diluted share, compared to a net loss attributable to the parent of $2.0 million, or ($0.01) per diluted share in the first quarter. The company reported adjusted diluted earnings per share of $0.13 for the second quarter, compared with adjusted earnings per share of $0.00 per share in the prior quarter.

Adjusted EBITDA

In the second quarter of 2024, adjusted EBITDA was $57.7 million, or 12.8% of sales, an increase of 123.8% compared to adjusted EBITDA of $25.8 million, or 6.6% of sales, from the first quarter of 2024. The increase in adjusted EBITDA as a percentage of sales in the second quarter of 2024 is primarily attributable to higher realized prices and volumes.

Total Cash, Adjusted Gross Debt and Working Capital

($ in millions)		Q2 2024				Q1 2024				$				%				Q2 2023			$				% Y/Y
Total Cash1		$	144.5			$	159.8				(15.3	)			(10	%)		$	363.2			(218.7	)		(60	%)
Adjusted Gross Debt2		$	80.7			$	80.8				(0.1	)			(0	%)		$	400.1			(319.4	)		(80	%)
Net (Cash)/Debt		$	(63.7	)		$	(79.0	)			15.3				19	%		$	36.8			(100.5	)		(273	%)
Total Working Capital		$	499.1			$	487.5				11.6				2	%		$	475.0			24.2			5	%
(1)  Total cash is comprised of restricted cash, cash and cash equivalents
(2)  Adjusted gross debt excludes bank borrowings on factoring program and impact of leasing standard IFRS16 for each of the periods presented

The total cash balance was $144.5 million as of June 30, 2024, down $15.3 million from $159.8 million as of March 31, 2024.

During the second quarter, the Company generated $2.0 million of operating cash flow and had a negative cash flow from investing activities of $24.3 million. Cash flow from financing activities was positive $7.0 million.

Total working capital was $499.1 million on June 30, 2024, up from $487.5 million on March 31, 2024. The $11.6 million increase in working capital balance during the quarter was mainly due to a $35.8 million increase in inventories, partially offset by a $17.2 million increase in trade and other payables and a $7.0 million decrease in trade and other receivables.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We continued our strong performance in the second quarter, increasing our adjusted EBITDA by 124% to $58 million and sales by 15% to $451 million while maintaining a strong balance sheet and net cash positive position of $64 million. The increase in our overall working capital over the first quarter was due to inventory build-up as we restarted our French operations and increased purchases of manganese ore. Our increase in manganese ore purchases was a strategic decision to capitalize on the disruption caused by the shutdown of the South32 manganese ore mine. As a result, the cost of our manganese ore purchases was below the current market. We are focused on increasing our working capital efficiency in the coming quarters.”

Enhanced Capital Return Policy

After Ferroglobe's board of directors approved a share buyback program, shareholders approved it at the June annual general meeting. We are authorized to repurchase up to 37.8 million shares, or approximately 20% of the outstanding shares, over a 5-year period.

The Company paid a quarterly cash dividend of $0.013 per share on June 27, 2024. Our next cash dividend of $0.013 per share will be paid on September 27, 2024, to shareholders of record as of September 20, 2024.

Conference Call

Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on August 6, 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/BI13217e2c34d24a3384eaac756b699a70

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/wczmto79

About Ferroglobe

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

Forward-Looking Statements

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

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

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

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

Non-IFRS Measures

This document may contain summarized, non-audited or non-GAAP financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, working capital, adjusted net profit, adjusted profit per share, adjusted gross debt and net cash/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 RoigVice President, 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)
		For the ThreeMonths Ended				For the ThreeMonths Ended				For the ThreeMonths Ended				For the SixMonths Ended				For the SixMonths Ended
		June 30, 2024				March 31, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Sales		$	451,048			$	391,854			$	456,441			$	842,902			$	857,309
Raw materials and energy consumption for production			(264,285	)			(257,357	)			(229,077	)			(521,642	)			(484,113	)
Energy consumption for production (PPA impact)			2,270				(1,932	)			(23,193	)			338				—
Other operating income			27,448				10,836				27,689				38,284				42,503
Staff costs			(67,220	)			(70,519	)			(74,972	)			(137,739	)			(142,515	)
Other operating expense			(86,071	)			(52,348	)			(77,202	)			(138,419	)			(131,347	)
Depreciation and amortization charges			(18,875	)			(18,669	)			(16,452	)			(37,544	)			(34,442	)
Impairment (loss) gain			—				—				(887	)			—				(641	)
Other gain			238				696				499				934				546
Operating profit			44,553				2,561				62,846				47,114				107,300
Net finance income (expense)			(5,315	)			(7,669	)			(895	)			(12,984	)			(11,875	)
Exchange differences			3,591				1,383				(5,367	)			4,974				(3,912	)
Profit (loss) profit before tax			42,829				(3,725	)			56,584				39,104				91,513
Income tax (expense) benefit			(8,481	)			1,155				(20,520	)			(7,326	)			(29,981	)
Total profit (loss) for the period			34,348				(2,570	)			36,064				31,778				61,532
Profit (loss) attributable to the parent		$	34,880			$	(2,024	)		$	31,908			$	32,856			$	52,899
Profit (loss) profit attributable to non-controlling interest			532				546				(4,156	)			1,078				(8,633	)
EBITDA		$	67,019			$	22,613			$	73,931			$	89,632			$	137,830
Adjusted EBITDA		$	57,739			$	25,803			$	105,674			$	83,542			$	150,441
Weighted average shares outstanding
Basic			189,298				187,927				187,872				189,237				187,873
Diluted			191,006				187,927				190,174				190,915				189,914
Profit (loss) per ordinary share
Basic		$	0.18			$	(0.01	)		$	0.17			$	0.17			$	0.28
Diluted		$	0.18			$	(0.01	)		$	0.17			$	0.17			$	0.28

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Financial Position(in thousands of U.S. dollars)
		As of June 30,			As of March 31,			As of December 31,
		2024			2024			2023
ASSETS
Non-current assets
Goodwill		$	29,702		$	29,702		$	29,702
Intangible assets			192,127			193,592			138,345
Property, plant and equipment			502,610			500,940			501,396
Other financial assets			15,744			13,944			19,792
Deferred tax assets			9,501			10,636			8,760
Receivables from related parties			1,606			1,622			1,658
Other non-current assets			22,003			21,770			22,156
Total non-current assets			773,293			772,206			721,809
Current assets
Inventories			397,436			361,602			383,841
Trade and other receivables			296,980			303,942			310,243
Receivables from related parties			2,685			2,712			2,772
Current income tax assets			8,901			10,740			15,977
Other financial assets			275			2			2
Other current assets			46,528			27,894			186,477
Restricted cash and cash equivalents			301			298			1,179
Cash and cash equivalents			144,186			159,470			136,470
Total current assets			897,292			866,660			1,036,961
Total assets		$	1,670,585		$	1,638,866		$	1,758,770
EQUITY AND LIABILITIES
Equity		$	876,006		$	843,702		$	869,886
Non-current liabilities
Deferred income			59,267			77,185			26,980
Provisions			23,434			22,102			19,970
Provision for pensions			29,760			29,293			29,805
Bank borrowings			14,397			14,643			14,913
Lease liabilities			54,463			54,361			20,304
Debt instruments			—			—			149,015
Other financial liabilities			28,116			68,186			65,231
Other obligations			5,444			1,536			35,883
Other non-current liabilities			194			224			199
Deferred tax liabilities			30,265			30,253			32,582
Total non-current liabilities			245,340			297,783			394,882
Current liabilities
Provisions			137,094			127,533			122,757
Provision for pensions			163			165			169
Bank borrowings			57,573			42,762			31,635
Lease liabilities			11,229			12,297			8,083
Debt instruments			—			—			5,765
Other financial liabilities			49,338			15,190			16,052
Payables to related parties			4,537			3,527			2,429
Trade and other payables			195,275			178,038			183,375
Current income tax liabilities			5,632			6,262			8,351
Other obligations			11,608			11,999			14,183
Other current liabilities			76,790			99,608			101,203
Total current liabilities			549,239			497,381			494,002
Total equity and liabilities		$	1,670,585		$	1,638,866		$	1,758,770

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Cash Flows
		For the ThreeMonths Ended				For the ThreeMonths Ended				For the ThreeMonths Ended				For the SixMonths Ended				For the SixMonths Ended
		June 30, 2024				March 31, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Cash flows from operating activities:
Profit (loss) for the period		$	34,348			$	(2,570	)		$	36,064			$	31,778			$	61,532
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
Income tax (benefit) expense			8,481				(1,155	)			20,520				7,326				29,981
Depreciation and amortization charges			18,875				18,669				16,452				37,544				34,442
Net finance expense			5,315				7,669				895				12,984				11,875
Exchange differences			(3,591	)			(1,383	)			5,367				(4,974	)			3,912
Impairment loss (gain)			—				—				887				—				641
Share-based compensation			913				928				2,041				1,841				3,946
Other loss (gain)			(238	)			(696	)			(499	)			(934	)			(546	)
Changes in operating assets and liabilities
Decrease (increase) in inventories			(36,696	)			19,011				30,132				(17,685	)			116,407
Decrease (increase) in trade receivables			5,982				320				29,326				6,302				148,040
(Decrease) increase in trade payables			17,387				(1,925	)			19,169				15,462				(54,695	)
Other changes in operating assets and liabilities			(40,014	)			154,596				(61,617	)			114,582				(105,717	)
Income taxes (paid) received			(8,756	)			4,580				(75,165	)			(4,176	)			(91,463	)
Net cash provided by (used in ) operating activities:			2,006				198,044				23,572				200,050				158,355
Cash flows from investing activities:
Interest and finance income received			600				741				969				1,341				1,637
Payments due to investments:
Intangible assets			(735	)			(584	)			(940	)			(1,319	)			(940	)
Property, plant and equipment			(21,132	)			(17,641	)			(22,662	)			(38,773	)			(40,622	)
Disposals:
Other non-current assets			(3,000	)			—				—				(3,000	)
Net cash used in by investing activities			(24,267	)			(17,484	)			(22,633	)			(41,751	)			(39,925	)
Cash flows from financing activities:
Dividends paid			(2,443	)			(2,438	)			—				(4,881	)			—
Proceeds from debt issuance			—				(147,624	)			—				(147,624	)			—
Repayment of debt instruments			—				—				(1,742	)			—				(28,025	)
Increase/(decrease) in bank borrowings:
Borrowings			145,962				94,611				152,210				240,573				261,972
Payments			(130,772	)			(83,012	)			(126,840	)			(213,784	)			(268,740	)
Payments for lease liabilities			(2,883	)			(2,973	)			(2,851	)			(5,856	)			(5,098	)
Other (payments) receipts from financing activities			(289	)			(192	)			—				(481	)			(17,377	)
Interest paid			(2,574	)			(14,634	)			(1,721	)			(17,208	)			(19,913	)
Net cash (used in) provided by financing activities			7,001				(156,262	)			19,056				(149,261	)			(77,181	)
Total net (decrease) increase in cash and cash equivalents			(15,260	)			24,298				19,995				9,038				41,249
Beginning balance of cash and cash equivalents			159,768				137,649				344,197				137,649				322,943
Exchange differences on cash and cash equivalents in foreign currencies			(21	)			(2,179	)			(1,011	)			(2,200	)			(1,011	)
Ending balance of cash and cash equivalents		$	144,487			$	159,768			$	363,181			$	144,487			$	363,181
Restricted cash and cash equivalents			301				298				4,579				301				4,579
Cash and cash equivalents			144,186				159,470				358,602				144,186				358,602
Ending balance of cash and cash equivalents		$	144,487			$	159,768			$	363,181			$	144,487			$	363,181

Adjusted EBITDA ($,000):
		Q2´24				Q1´24				Q2´23				YTD´24				YTD´23
Profit (loss) attributable to the parent		$	34,880			$	(2,024	)		$	31,908			$	32,856			$	52,899
Profit (loss) attributable to non-controlling interest			(532	)			(546	)			4,156				(1,078	)			8,633
Income tax (benefit) expense			8,481				(1,155	)			20,520				7,326				29,981
Net finance expense			5,315				7,669				895				12,984				11,875
Depreciation and amortization charges			18,875				18,669				16,452				37,544				34,442
EBITDA			67,019				22,613				73,931				89,632				137,830
Exchange differences			(3,591	)			(1,383	)			5,367				(4,974	)			3,912
Impairment			—				—				887				—				641
Restructuring and termination costs			(4,540	)			—				—				(4,540	)			—
New strategy implementation			1,012				1,361				(77	)			2,373				1,972
Subactivity			109				942				2,373				1,051				6,086
PPA Energy			(2,270	)			2,270				23,193				—				—
Adjusted EBITDA		$	57,739			$	25,803			$	105,674			$	83,542			$	150,441

Adjusted profit attributable to Ferroglobe ($,000):
		Q2´24				Q1´24				Q2´23				YTD´24				YTD´23
Profit (loss) profit attributable to the parent		$	34,880			$	(2,024	)		$	31,908			$	32,856			$	52,899
Tax rate adjustment			(4,997	)			17				5,469				(4,980	)			5,639
Impairment			—				—				651				—				470
Restructuring and termination costs			(3,111	)			—				—				(3,111	)			—
New strategy implementation			694				933				(57	)			1,626				1,447
Subactivity			75				646				1,742				720				4,467
PPA Energy			(1,556	)			1,556				17,024				—				—
Adjusted profit attributable to the parent		$	25,984			$	1,168			$	56,737			$	27,111			$	64,922

Adjusted diluted profit per share:
		Q2´24				Q1´24				Q2´23				YTD´24				YTD´23
Diluted profit (loss) per ordinary share		$	0.18			$	(0.01	)		$	0.17			$	0.17			$	0.28
Tax rate adjustment			(0.03	)			0.00				0.03				(0.03	)			0.03
Restructuring and termination costs			(0.02	)			—				—				(0.02	)			—
New strategy implementation			0.00				0.00				(0.00	)			0.01				0.01
Subactivity			0.00				0.00				0.01				0.00				0.02
PPA Energy			(0.01	)			0.01				0.09				—				—
Adjusted diluted profit (loss) per ordinary share		$	0.13			$	(0.00	)		$	0.30			$	0.13			$	0.34