- Q1 sales of $456.8 million, compared to $603.5 million in Q4 2018 and $560.7 million in Q1 2018
- Q1 net loss of $(28.6) million compared to a net loss of $(74.2) million in Q4 2018 and a net profit of $35.6 million in Q1 2018
- Q1 adjusted net loss attributable to parent of $(22.3) million compared to a net profit of $4.9 million in Q4 2018 and a net profit of $33.3 million in Q1 2018
- Q1 adjusted EBITDA of $11.8 million compared to $32.1 million in Q4 2018 and $89.6 million in Q1 2018
- Net debt at $419.7 million as of March 31, 2019, compared to $428.7 million at the end of the prior quarter
- Cash position stable at $216.6 million. Total liquidity of $285.2 million.
- On June 2, 2019, Ferroglobe entered into a definitive agreement to sell the hydro-electric operations of its non-core energy segment in Spain, together with the associated Cee-Dumbría factory (which will be subject to a tolling agreement between Ferroglobe and the factory´s owner), for estimated gross cash proceeds of €170 million (approximately $190 million)
LONDON, June 03, 2019 (GLOBE NEWSWIRE) -- Ferroglobe PLC GSM ("Ferroglobe", the "Company", or the "Parent"), the world's leading producer of silicon metal, and a leading silicon- and manganese-based specialty alloys producer, today announced results for the first quarter of 2019.
"Our Q1 results reflect a significant market downturn continuing into 2019. We have reacted swiftly, maintaining our cash position at $217 million, reducing our net debt and reaching a final agreement to divest non-core assets for $190 million," said Pedro Larrea, CEO of Ferroglobe. "We continue to focus on deleveraging the company, with a target of reaching a net debt level below $200 million, and we have made significant progress in replacing our current RCF with a structure that eliminates leverage-based financial covenants."
Earnings Highlights
In Q1 2019, Ferroglobe posted a net loss of $(28.6) million, or $(0.16) per share on a fully diluted basis. On an adjusted basis, Q1 2019 net loss was $(22.3) million, or $(0.13) per share on a fully diluted basis.
Q1 2019 reported EBITDA was $11.8 million, up from $(33.6) million in the prior quarter. On an adjusted basis, Q1 2019 EBITDA was $11.8 million, down 63.2% from Q4 2018 adjusted EBITDA of $32.1 million. The Company reported an adjusted EBITDA margin of 2.6% for Q1 2019, compared to an adjusted EBITDA margin of 5.3% for Q4 2018.
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | |||||||||||||
| $,000 (unaudited) | March 31, 2019 | December 31, 2018 | March 31, 2018 | December 31, 2018 | ||||||||||||
| Revenue | $ | 456,790 | $ | 603,519 | $ | 560,704 | $ | 2,274,038 | ||||||||
| Net (loss) profit | $ | (28,554 | ) | $ | (74,155 | ) | $ | 35,614 | $ | 24,573 | ||||||
| Diluted EPS | $ | (0.16 | ) | $ | (0.35 | ) | $ | 0.21 | $ | 0.25 | ||||||
| Adjusted net (loss) income attributable to the parent | $ | (22,251 | ) | $ | 4,876 | $ | 33,296 | $ | 63,932 | |||||||
| Adjusted diluted EPS | $ | (0.13 | ) | $ | 0.02 | $ | 0.19 | $ | 0.36 | |||||||
| Adjusted EBITDA | $ | 11,790 | $ | 32,089 | $ | 89,604 | $ | 253,031 | ||||||||
| Adjusted EBITDA margin | 2.6 | % | 5.3 | % | 16.0 | % | 11.1 | % | ||||||||
"The challenging environment that began in the second half of last year continued into Q1, resulting in a decline in revenues and earnings. Our focus on cash generation and strengthening our balance sheet during this period has improved our ability to successfully manage through this cyclical industry downturn," said Mr. Larrea.
"The impact of production cuts, announced by ourselves and other producers, has been offset by a significant decline in demand across most of our end markets," Mr. Larrea added. "We are cautiously optimistic that the markets will begin to improve toward the end of the year as higher cost producers continue to take capacity off-line."
Cash Flow and Balance Sheet
Cash provided by operations during Q1 2019 was $8.7 million, with working capital decreasing by $5.0 million. Net debt was $419.7 million as of March 31, 2019, down from $428.7 million as of December 31, 2018.
"The change in market sentiment highlights our priority of de-risking the balance sheet. Continuing in this effort, we are currently pursuing a refinancing of our revolving credit facility in order to remove leverage-based financial covenants, which in tandem with a quarter end cash balance of $216.6 million will provide the Company significant liquidity to endure this cyclical downturn," commented Phil Murnane, CFO of Ferroglobe. "While our balance sheet is well positioned to see us through the downturn, we are evaluating further capacity curtailments, implementing a new cost cutting plan, and accelerating our cash generating initiatives."
Sale of FerroAtlántica, S.A.U., with its ten hydroelectric facilities and associated ferroalloys plant
On June 2, 2019 Ferroglobe entered into a definitive agreement to sell the hydro-electric operations of its non-core energy segment in Spain, together with the Cee-Dumbría ferroalloys factory, for estimated gross cash proceeds of €170 million (approximately $190 million). Further details on this transaction appear in a separate press release issued concurrently herewith.
Other recent developments
Ferroglobe is making progress in pursuing financing alternatives and other opportunities to improve its capital structure. The terms, timing and structure of such transaction(s) will depend on market conditions and ongoing discussions in the coming weeks, but the proposed structure would involve a first-lien senior secured term loan secured by U.S. PP&E of up to $125 million and an asset backed loan secured by North American accounts receivable and inventories of up to $140 million. There can be no assurance that any transaction will be consummated, but the Company expects such refinancing to close during the month of June.
"The announced divestiture and the anticipated refinancing of our credit facility will strengthen our balance sheet, resulting in a pro-forma net debt level of around $235 million and significantly improving the Company's ability to manage through any cyclical downturn," said Mr. Larrea. "Nevertheless, we continue to focus on deleveraging the company, with a goal of reaching a net debt level below $200 million."
Discussion of First Quarter 2019 Results
Sales
Sales for Q1 2019 of $456.8 million were 18.5% lower when compared to sales of $560.7 million for Q1 2018. Total shipments were up 3.6% and the average selling price was down 21.9% versus Q1 2018. Sales for Q1 2019 of $456.8 million were down 24.3% when compared to $603.5 million for Q4 2018. For Q1 2019, total shipments were down 23.1% and the average selling price was down 2.0% compared with Q4 2018.
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | |||||||||||||||
| March 31, 2019 | December 31, 2018 | Change | March 31, 2018 | Change | December 31, 2018 | |||||||||||||
| Shipments in metric tons: | ||||||||||||||||||
| Silicon Metal | 62,269 | 93,364 | -33.3 | % | 91,615 | -32.0 | % | 352,578 | ||||||||||
| Silicon-based Alloys | 81,801 | 81,197 | 0.7 | % | 76,328 | 7.2 | % | 311,703 | ||||||||||
| Manganese-based Alloys | 103,669 | 147,445 | -29.7 | % | 71,176 | 45.7 | % | 424,358 | ||||||||||
| Total shipments* | 247,739 | 322,006 | -23.1 | % | 239,119 | 3.6 | % | 1,088,639 | ||||||||||
| Average selling price ($/MT): | ||||||||||||||||||
| Silicon Metal | $ | 2,358 | $ | 2,429 | -2.9 | % | $ | 2,762 | -14.6 | % | $ | 2,647 | ||||||
| Silicon-based Alloys | $ | 1,669 | $ | 1,719 | -2.9 | % | $ | 1,956 | -14.7 | % | $ | 1,845 | ||||||
| Manganese-based Alloys | $ | 1,172 | $ | 1,158 | 1.2 | % | $ | 1,375 | -14.8 | % | $ | 1,244 | ||||||
| Total* | $ | 1,634 | $ | 1,668 | -2.0 | % | $ | 2,092 | -21.9 | % | $ | 1,870 | ||||||
| Average selling price ($/lb.): | ||||||||||||||||||
| Silicon Metal | $ | 1.07 | $ | 1.10 | -2.9 | % | $ | 1.25 | -14.6 | % | $ | 1.20 | ||||||
| Silicon-based Alloys | $ | 0.76 | $ | 0.78 | -2.9 | % | $ | 0.89 | -14.7 | % | $ | 0.84 | ||||||
| Manganese-based Alloys | $ | 0.53 | $ | 0.53 | 1.2 | % | $ | 0.62 | -14.8 | % | $ | 0.56 | ||||||
| Total* | $ | 0.74 | $ | 0.76 | -2.0 | % | $ | 0.95 | -21.9 | % | $ | 0.85 | ||||||
| * Excludes by-products and other | ||||||||||||||||||
Sales Prices & Volumes By Product
During Q1 2019, average selling prices decreased by 2.0% for total products as compared to Q4 2018. Q1 average selling prices of silicon metal decreased 2.9%, silicon-based alloys decreased 2.9%, and manganese-based alloys increased 1.2%. During Q1 2019, sales volumes decreased by 23.1% as compared to Q4 2018. Q1 sales volumes of silicon metal decreased 33.3%, silicon-based alloys increased 0.7%, and manganese-based alloys decreased 29.7% as compared to Q4 2018.
Cost of Sales
Cost of sales was $329.5 million in Q1 2019, a decrease from $448.3 million in Q4 2018. Cost of sales as a percentage of sales decreased to 72.1% in Q1 2019 from 74.3% for Q4 2018.
Staff Costs
Staff costs was $74.8 million in Q1 2019, a decrease from $81.2 million in Q4 2018, primarily due to the reduction of wages as a result of the idling of Niagara Falls, New York and Selma, Alabama plants.
Operating Loss
Operating loss was $(20.3) million in Q1 2019 compared to an operating loss of $(63.6) million in Q4 2018. Q4 2018 operating loss included $58.9 million of impairment losses and a reduction of the bargain purchase gain relating to the acquisition of the manganese smelting assets at Dunkirk and Mo i Rana of $4.5 million.
Net Loss Attributable to the Parent
In Q1 2019, net loss attributable to the Parent was $(26.8) million, or $(0.16) per diluted share, compared to a net loss attributable to the Parent of $(59.2) million, or ($0.35) per diluted share in Q4 2018.
Adjusted EBITDA
In Q1 2019, adjusted EBITDA was $11.8 million, or 2.6% of sales, compared to adjusted EBITDA of $32.1 million, or 5.3% of sales in Q4 2018.
Conference Call
Ferroglobe management will review the first quarter results of 2019 during a conference call at 9:00 a.m. Eastern Time on June 4, 2019.
The dial-in number for participants in the United States is 877‑293‑5491 (conference ID 2180878). International callers should dial +1 914‑495‑8526 (conference ID 2180878). Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast available at https://edge.media-server.com/m6/p/3578ay6h.
About Ferroglobe
Ferroglobe is one of the world's leading suppliers of silicon metal, silicon-based 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", "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
EBITDA, adjusted EBITDA, adjusted profit per ordinary share, and adjusted profit are non-IFRS financial metrics that, we believe, are pertinent measures of Ferroglobe's success. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important 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:
Gaurav Mehta
EVP – Investor Relations
Email: investor.relations@ferroglobe.com
| Ferroglobe PLC and Subsidiaries | |||||||||||||||||
| Unaudited Condensed Consolidated Income Statement | |||||||||||||||||
| (in thousands of U.S. dollars, except per share amounts) | |||||||||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | ||||||||||||||
| March 31, 2019 | December 31, 2018 | March 31, 2018 | December 31, 2018 | ||||||||||||||
| Sales | $ | 456,790 | $ | 603,519 | $ | 560,704 | $ | 2,274,038 | |||||||||
| Cost of sales | (329,492 | ) | (448,333 | ) | (320,678 | ) | (1,447,354 | ) | |||||||||
| Other operating income | 14,083 | 25,039 | 6,786 | 46,037 | |||||||||||||
| Staff costs | (74,757 | ) | (81,230 | ) | (82,423 | ) | (341,064 | ) | |||||||||
| Other operating expense | (54,297 | ) | (73,160 | ) | (70,862 | ) | (283,930 | ) | |||||||||
| Depreciation and amortization charges, operating allowances and write-downs | (32,077 | ) | (30,062 | ) | (28,016 | ) | (119,137 | ) | |||||||||
| Bargain purchase gain | — | (4,491 | ) | — | 40,142 | ||||||||||||
| Impairment losses | (140 | ) | (58,919 | ) | — | (58,919 | ) | ||||||||||
| Other (loss) gain | (397 | ) | 4,005 | (37 | ) | 6,941 | |||||||||||
| Operating (loss) profit | (20,287 | ) | (63,632 | ) | 65,474 | 116,754 | |||||||||||
| Net finance expense | (14,756 | ) | (15,128 | ) | (13,156 | ) | (56,648 | ) | |||||||||
| Financial derivatives gain (loss) | 1,264 | 1,383 | (1,765 | ) | 2,838 | ||||||||||||
| Exchange differences | (1,479 | ) | (3,086 | ) | 729 | (14,136 | ) | ||||||||||
| (Loss) profit before tax | (35,258 | ) | (80,463 | ) | 51,282 | 48,808 | |||||||||||
| Income tax benefit (expense) | 6,704 | 6,308 | (15,668 | ) | (24,235 | ) | |||||||||||
| (Loss) profit for the period | (28,554 | ) | (74,155 | ) | 35,614 | 24,573 | |||||||||||
| Loss attributable to non-controlling interest | 1,724 | 14,943 | 1,066 | 19,088 | |||||||||||||
| (Loss) profit attributable to the parent | $ | (26,830 | ) | $ | (59,212 | ) | $ | 36,680 | $ | 43,661 | |||||||
| EBITDA | $ | 11,790 | $ | (33,570 | ) | $ | 93,490 | $ | 235,891 | ||||||||
| Adjusted EBITDA | $ | 11,790 | $ | 32,089 | $ | 89,604 | $ | 253,031 | |||||||||
| Weighted average shares outstanding | |||||||||||||||||
| Basic | 170,183 | 170,183 | 171,977 | 171,406 | |||||||||||||
| Diluted | 170,183 | 170,183 | 172,215 | 171,530 | |||||||||||||
| (Loss) profit per ordinary share | |||||||||||||||||
| Basic | $ | (0.16 | ) | $ | (0.35 | ) | $ | 0.21 | $ | 0.25 | |||||||
| Diluted | $ | (0.16 | ) | $ | (0.35 | ) | $ | 0.21 | $ | 0.25 | |||||||
| Ferroglobe PLC and Subsidiaries | ||||||||||
| Unaudited Condensed Consolidated Statement of Financial Position | ||||||||||
| (in thousands of U.S. dollars) | ||||||||||
| March 31, | December 31, | March 31, | ||||||||
| 2019 | 2018 | 2018 | ||||||||
| ASSETS | ||||||||||
| Non-current assets | ||||||||||
| Goodwill | $ | 203,472 | $ | 202,848 | $ | 204,537 | ||||
| Other intangible assets | 69,399 | 51,822 | 61,774 | |||||||
| Property, plant and equipment | 890,436 | 888,862 | 980,101 | |||||||
| Non-current financial assets | 54,979 | 70,343 | 147,744 | |||||||
| Deferred tax assets | 7,135 | 14,589 | 6,581 | |||||||
| Non-current receivables from related parties | 2,247 | 2,288 | 2,464 | |||||||
| Other non-current assets | 10,435 | 10,486 | 32,125 | |||||||
| Total non-current assets | 1,238,103 | 1,241,238 | 1,435,326 | |||||||
| Current assets | ||||||||||
| Inventories | 451,753 | 456,970 | 493,108 | |||||||
| Trade and other receivables | 127,992 | 155,996 | 142,641 | |||||||
| Current receivables from related parties | 6,556 | 14,226 | 8,841 | |||||||
| Current income tax assets | 26,855 | 27,404 | 6,524 | |||||||
| Current financial assets | 2,191 | 2,523 | 897 | |||||||
| Other current assets | 13,721 | 8,813 | 16,095 | |||||||
| Cash and cash equivalents | 216,627 | 216,647 | 197,669 | |||||||
| Total current assets | 845,695 | 882,579 | 865,775 | |||||||
| Total assets | $ | 2,083,798 | $ | 2,123,817 | $ | 2,301,101 | ||||
| EQUITY AND LIABILITIES | ||||||||||
| Equity | $ | 855,099 | $ | 884,372 | $ | 979,504 | ||||
| Non-current liabilities | ||||||||||
| Deferred income | 11,676 | 1,434 | 7,321 | |||||||
| Provisions | 76,613 | 75,787 | 82,957 | |||||||
| Bank borrowings | 131,366 | 132,821 | 71,242 | |||||||
| Lease liabilities | 66,992 | 53,472 | 68,101 | |||||||
| Debt instruments | 342,222 | 341,657 | 341,036 | |||||||
| Other financial liabilities | 27,109 | 32,788 | 58,288 | |||||||
| Other non-current liabilities | 25,080 | 25,030 | 64,457 | |||||||
| Deferred tax liabilities | 61,887 | 77,379 | 64,733 | |||||||
| Total non-current liabilities | 742,945 | 740,368 | 758,135 | |||||||
| Current liabilities | ||||||||||
| Provisions | 47,619 | 40,570 | 30,162 | |||||||
| Bank borrowings | 19,100 | 8,191 | 850 | |||||||
| Lease liabilities | 20,616 | 12,999 | 13,478 | |||||||
| Debt instruments | 2,734 | 10,937 | 2,735 | |||||||
| Other financial liabilities | 51,618 | 52,524 | 91,243 | |||||||
| Payables to related parties | 12,199 | 11,128 | 10,671 | |||||||
| Trade and other payables | 228,649 | 256,823 | 298,438 | |||||||
| Current income tax liabilities | 4,369 | 2,335 | 5,889 | |||||||
| Other current liabilities | 98,850 | 103,570 | 109,996 | |||||||
| Total current liabilities | 485,754 | 499,077 | 563,462 | |||||||
| Total equity and liabilities | $ | 2,083,798 | $ | 2,123,817 | $ | 2,301,101 | ||||
| Ferroglobe PLC and Subsidiaries | ||||||||||||||||||
| Unaudited Condensed Consolidated Statement of Cash Flows | ||||||||||||||||||
| (in thousands of U.S. dollars) | ||||||||||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | |||||||||||||||
| March 31, 2019 | December 31, 2018 | March 31, 2018 | December 31, 2018 | |||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||
| (Loss) profit for the period | $ | (28,554 | ) | $ | (74,155 | ) | $ | 35,614 | $ | 24,573 | ||||||||
| Adjustments to reconcile net (loss) profit to net cash used by operating activities: | ||||||||||||||||||
| Income tax (benefit) expense | (6,704 | ) | (6,308 | ) | 15,668 | 24,235 | ||||||||||||
| Depreciation and amortization charges, operating allowances and write-downs | 32,077 | 30,062 | 28,016 | 119,137 | ||||||||||||||
| Net finance expense | 14,756 | 15,128 | 13,156 | 56,648 | ||||||||||||||
| Financial derivatives (gain) loss | (1,264 | ) | (1,383 | ) | 1,765 | (2,838 | ) | |||||||||||
| Exchange differences | 1,479 | 3,086 | (729 | ) | 14,136 | |||||||||||||
| Impairment losses | 140 | 58,919 | — | 58,919 | ||||||||||||||
| Bargain purchase gain | — | 4,491 | — | (40,142 | ) | |||||||||||||
| Share-based compensation | 1,332 | 1,016 | 699 | 2,798 | ||||||||||||||
| Other adjustments | 397 | (4,005 | ) | 37 | (6,941 | ) | ||||||||||||
| Changes in operating assets and liabilities | ||||||||||||||||||
| Decrease (increase) in inventories | 35 | 91,173 | (107,481 | ) | (101,024 | ) | ||||||||||||
| Decrease (increase) in trade receivables | 28,371 | (12,261 | ) | (513 | ) | (25,807 | ) | |||||||||||
| (Decrease) increase in trade payables | (22,967 | ) | 5,772 | 70,375 | 55,410 | |||||||||||||
| Other | 9,787 | 6,509 | (49,770 | ) | (25,901 | ) | ||||||||||||
| Income taxes paid | (1,680 | ) | (6,983 | ) | (9,982 | ) | (36,408 | ) | ||||||||||
| Interest paid | (18,508 | ) | (4,360 | ) | (17,301 | ) | (43,018 | ) | ||||||||||
| Net cash provided (used) by operating activities | 8,697 | 106,701 | (20,446 | ) | 73,777 | |||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||
| Interest and finance income received | 390 | 843 | 79 | 3,833 | ||||||||||||||
| Payments due to investments: | ||||||||||||||||||
| Acquisition of subsidiary | — | — | (20,379 | ) | (20,379 | ) | ||||||||||||
| Other intangible assets | (134 | ) | (240 | ) | (703 | ) | (3,313 | ) | ||||||||||
| Property, plant and equipment | (13,448 | ) | (28,131 | ) | (22,531 | ) | (106,136 | ) | ||||||||||
| Disposals: | ||||||||||||||||||
| Disposal of subsidiary | — | 20,533 | — | 20,533 | ||||||||||||||
| Other non-current assets | — | — | — | 12,734 | ||||||||||||||
| Other | 1,759 | — | 4,010 | 6,853 | ||||||||||||||
| Net cash used by investing activities | (11,433 | ) | (6,995 | ) | (39,524 | ) | (85,875 | ) | ||||||||||
| Cash flows from financing activities: | ||||||||||||||||||
| Dividends paid | — | — | — | (20,642 | ) | |||||||||||||
| Payment for debt issuance costs | (705 | ) | (429 | ) | (4,476 | ) | (4,905 | ) | ||||||||||
| Repayment of other financial liabilities | — | — | — | (33,096 | ) | |||||||||||||
| Increase/(decrease) in bank borrowings: | ||||||||||||||||||
| Borrowings | 31,850 | 6,882 | 182,364 | 252,200 | ||||||||||||||
| Payments | (20,811 | ) | — | (106,514 | ) | (106,514 | ) | |||||||||||
| Proceeds from stock option exercises | — | — | — | 240 | ||||||||||||||
| Other amounts paid due to financing activities | (5,708 | ) | (3,178 | ) | (2,987 | ) | (13,880 | ) | ||||||||||
| Payments to acquire or redeem own shares | — | (16,598 | ) | — | (20,100 | ) | ||||||||||||
| Net cash provided (used) by financing activities | 4,626 | (13,323 | ) | 68,387 | 53,303 | |||||||||||||
| Total net cash flows for the period | 1,890 | 86,383 | 8,417 | 41,205 | ||||||||||||||
| Beginning balance of cash and cash equivalents | 216,647 | 131,671 | 184,472 | 184,472 | ||||||||||||||
| Exchange differences on cash and cash equivalents in foreign currencies | (1,910 | ) | (1,407 | ) | 4,780 | (9,030 | ) | |||||||||||
| Ending balance of cash and cash equivalents | $ | 216,627 | $ | 216,647 | $ | 197,669 | $ | 216,647 | ||||||||||
Adjusted EBITDA ($,000):
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | |||||||||||||
| March 31, 2019 | December 31, 2018 | March 31, 2018 | December 31, 2018 | |||||||||||||
| (Loss) profit attributable to the parent | $ | (26,830 | ) | $ | (59,212 | ) | $ | 36,680 | $ | 43,661 | ||||||
| Loss attributable to non-controlling interest | (1,724 | ) | (14,943 | ) | (1,066 | ) | (19,088 | ) | ||||||||
| Income tax (benefit) expense | (6,704 | ) | (6,308 | ) | 15,668 | 24,235 | ||||||||||
| Net finance expense | 14,756 | 15,128 | 13,156 | 56,648 | ||||||||||||
| Financial derivatives (gain) loss | (1,264 | ) | (1,383 | ) | 1,765 | (2,838 | ) | |||||||||
| Exchange differences | 1,479 | 3,086 | (729 | ) | 14,136 | |||||||||||
| Depreciation and amortization charges, operating allowances and write-downs | 32,077 | 30,062 | 28,016 | 119,137 | ||||||||||||
| EBITDA | 11,790 | (33,570 | ) | 93,490 | 235,891 | |||||||||||
| Impairment | — | 65,300 | — | 65,300 | ||||||||||||
| Revaluation of biological assets | — | 7,615 | — | 7,615 | ||||||||||||
| Bargain purchase gain | — | 4,491 | — | (40,142 | ) | |||||||||||
| Gain on sale of hydro plant assets | — | (11,747 | ) | — | (11,747 | ) | ||||||||||
| Share-based compensation | — | — | (3,886 | ) | (3,886 | ) | ||||||||||
| Adjusted EBITDA | $ | 11,790 | $ | 32,089 | $ | 89,604 | $ | 253,031 | ||||||||
Adjusted profit attributable to Ferroglobe ($,000):
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | |||||||||||||
| March 31, 2019 | December 31, 2018 | March 31, 2018 | December 31, 2018 | |||||||||||||
| (Loss) profit attributable to the parent | $ | (26,830 | ) | $ | (59,212 | ) | $ | 36,680 | $ | 43,661 | ||||||
| Tax rate adjustment | 4,579 | 19,440 | (742 | ) | 8,616 | |||||||||||
| Impairment | — | 44,404 | — | 44,404 | ||||||||||||
| Revaluation of biological assets | — | 5,178 | — | 5,178 | ||||||||||||
| Bargain purchase gain | — | 3,054 | — | (27,297 | ) | |||||||||||
| Gain on sale of hydro plant assets | — | (7,988 | ) | — | (7,988 | ) | ||||||||||
| Share-based compensation | — | — | (2,642 | ) | (2,642 | ) | ||||||||||
| Adjusted (loss) profit attributable to the parent | $ | (22,251 | ) | $ | 4,876 | $ | 33,296 | $ | 63,932 | |||||||
Adjusted diluted profit per share:
| Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | |||||||||||||
| March 31, 2019 | December 31, 2018 | March 31, 2018 | December 31, 2018 | |||||||||||||
| Diluted (loss) profit per ordinary share | $ | (0.16 | ) | $ | (0.35 | ) | $ | 0.21 | $ | 0.25 | ||||||
| Tax rate adjustment | 0.03 | 0.11 | — | 0.05 | ||||||||||||
| Impairment | — | 0.26 | — | 0.26 | ||||||||||||
| Revaluation of biological assets | — | 0.03 | — | 0.03 | ||||||||||||
| Bargain purchase gain | — | 0.02 | — | (0.16 | ) | |||||||||||
| Gain on sale of hydro plant assets | — | (0.05 | ) | — | (0.05 | ) | ||||||||||
| Share-based compensation | — | — | (0.02 | ) | (0.02 | ) | ||||||||||
| Adjusted diluted (loss) profit per ordinary share | $ | (0.13 | ) | $ | 0.02 | $ | 0.19 | $ | 0.36 | |||||||
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Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
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