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Ferroglobe Reports Results for Fourth Quarter and Full Year 2018

Adjusted EBITDA of $32 million in Q4 2018 and of $253 million in Full Year 2018; Net Debt of $429 million

  • Q4 2018 results:
    • Sales of $603.5 million, compared to $526.8 million in Q3 2018 and $468.2 million in Q4 2017
    • Net loss of $(15.2) million compared to a net loss of $(2.9) million in Q3 2018 and a net profit of $6.3 million in Q4 2017
    • Adjusted net loss attributable to the parent of $(7.0) million compared to an adjusted net profit attributable to the parent of $0.1 million in Q3 2018 and $8.1 million in Q4 2017
    • Adjusted EBITDA of $32.1 million compared to $45.0 million in Q3 2018 and $53.7 million in Q4 2017
  • Full Year 2018 results:
    • Sales of $2.27 billion compared to $1.74 billion in 2017
    • Net income of $83.5 million compared to a net loss of $(5.8) million in 2017
    • Adjusted net income of $52.1 million compared to $18.5 million in 2017
    • Adjusted EBITDA of $253.1 million compared to $184.5 million in 2017
  • Net debt at $428.8 million as of December 31, 2018, compared to $510.9 million at the end of the prior quarter
  • On February 22, 2019, Ferroglobe obtained the consent of its lenders for an amendment to its existing revolving credit agreement

LONDON, United Kingdom, Feb. 25, 2019 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: 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 fourth quarter and full year 2018. 

Q4 2018 Earnings Highlights

“Volumes were strong in Q4, compensating for some of the weakness we experienced at the end of Q3, while pricing in our main products weakened further as a result of challenging market conditions,” said Pedro Larrea, CEO of Ferroglobe. “Our cash generating initiatives in the second half of 2018 delivered a significantly improved balance sheet at the end of the year.”

In Q4 2018, Ferroglobe posted a net loss of $(15.2) million, or $(0.08) per share. On an adjusted basis, Q4 2018 net loss was $(7.0) million, or $(0.05)per share.

Q4 2018 reported EBITDA was $27.1 million, down from $45.0 million in the prior quarter. On an adjusted basis, Q4 2018 EBITDA was $32.1 million, down 28.7% from Q3 2018 adjusted EBITDA of $45.0 million. The Company reported adjusted EBITDA margin of 5.3% for Q4 2018, compared to adjusted EBITDA margin of 8.5% for Q3 2018.

Full Year 2018 Earnings Highlights

For Full Year 2018, Ferroglobe posted a net profit of $83.5 million, or $0.52 per share. On an adjusted basis, Full Year 2018 net profit was $52.1 million, or $0.28 per share.

For the Full Year 2018 reported EBITDA was $296.5 million, up 105.6% from $144.2 million in the prior year. 2018 adjusted EBITDA was $253.1 million, up 37.1% from $184.5 million in 2017. The Company reported adjusted EBITDA margins of 11.1% for Full Year 2018, compared to adjusted EBITDA margins of 10.6% for 2017.

                   
  Quarter Ended   Quarter Ended   Quarter Ended   Year Ended   Year Ended
$,000 (Unaudited) December 31, 2018   September 30, 2018   December 31, 2017   December 31, 2018   December 31, 2017
                             
Revenue $ 603,519   $ 526,838   $ 468,218   $ 2,274,038   $ 1,741,693
Net (loss) profit $ (15,244)   $ (2,916)   $ 6,280   $ 83,484   $ (5,822)
Diluted EPS $ (0.08)   $ (0.01)   $ 0.04   $ 0.52   $ (0.00)
Adjusted net (loss) income attributable to the parent $ (7,006)   $ 77   $ 8,056   $ 52,050   $ 18,516
Adjusted diluted EPS $ (0.05)   $ 0.00   $ 0.05   $ 0.28   $ 0.11
Adjusted EBITDA $ 32,111   $ 45,042   $ 53,670   $ 253,053   $ 184,533
Adjusted EBITDA margin   5.3%     8.5%     11.5%     11.1%     10.6%
                             

Mr. Larrea continued: “Full year 2018 results are the strongest in Ferroglobe’s history, although our performance in the latter half of the year suffered as a result of deteriorating market conditions. We reacted promptly to this change by optimizing our global production platform while maintaining the flexibility to seize opportunities as the market recovers.  We have curtailed production in our silicon metal and manganese-based alloys businesses. That said, market conditions remain challenging and we continue to look at further measures to control our costs, improve our financial performace and deliver free cash flow.”  

Cash Flow and Balance Sheet

Cash flow generated by our operations during Q4 2018 was $109.2 million, with working capital decreasing by $84.1 million. Net debt was $428.8 million as of December 31, 2018, significantly down from $510.9 million as of September 30, 2018.  Mr. Larrea added: “We have delivered on all our cash generating initiatives in the second half of 2018 and achieved a greater than expected net debt reduction. Through this effort, we have been able to navigate a complex 2018.  We added significant new assets in the first half and then encountered deteriorating market conditions in the second half and still ended the year overall with nearly breakeven free cash flow, which includes all cash flows used in investing activities.”   

On February 22, 2019, Ferroglobe obtained the consent of its lenders for an amendment to its revolving credit facility that affords the Company additional flexibility under its financial maintenance covenants in the coming quarters.  The amendment suspends the existing covenant to maintain a maximum total net leverage ratio during an interim period beginning with the first quarter of 2019 through the first fiscal quarter of 2020, and provides a new covenant to maintain a maximum secured net leverage ratio and a new covenant to maintain a minimum cash liquidity level. The new covenants will be in effect only during the interim period, after which the existing covenant to maintain a maximum total net leverage ratio will be reinstated.  The amendment also reduced the aggregate commitments under the revolving credit facility from $250 million to $200 million.

“Our top priority remains focusing on our financial performance and generating cash flow through improvements in operations, reductions in working capital, divestiture of non-core assets, and lowered interest expense,” added Mr. Larrea. “We expect to continue to reduce our net debt through the first half of 2019. The renegotiated terms of our revolving credit facility reinforce the strength of our balance sheet and our ability to face evolving market conditions with confidence.”

Discussion of Fourth Quarter 2018 Results

The Company notes that the financial results presented for the fourth quarter and for full year 2018 are unaudited and may be subsequently adjusted for items including impairment of long-lived assets such as the assets associated with our solar-grade silicon project. Any subsequent changes, if required, will be reflected in our audited Annual Report on Form 20-F.

Sales

Sales for the three months ended December 31, 2018 of $603.5 million were 28.9% higher than sales of $468.2 million for the three months ended December 31, 2017. Total shipments in the fourth quarter of 2018 were up 42.1% and the average selling price was down 10.9% versus the same period in the prior year. Sales for the full year 2018 of $2,274 million were up 30.6% compared to $1,742 million for 2017. For the full year, total shipments were up 23.3% and the average selling price was up 5.9% compared with 2017. Sales for the fourth quarter of 2018 and the full year benefited from the Company’s manganese-based alloy plants in Mo i Rana (Norway) and Dunkirk (France), acquired on February 1, 2018, albeit partially offset by lower average selling prices. 

Sales Prices & Volumes By Product

    Quarter Ended   Quarter Ended       Quarter Ended       Year Ended   Year Ended    
    December 31,
2018
  September 30,
2018
  Change   December 31,
2017
  Change   December 31,
2018
  December 31,
2017
  Change
Shipments in metric tons:                                          
Silicon Metal     93,364     81,686   14.3%     83,785   11.4%     352,578     325,884   8.2%
Silicon-based Alloys     81,197     75,964   6.9%     70,399   15.3%     311,703     283,021   10.1%
Manganese-based Alloys     147,445     98,280   50.0%     72,374   103.7%     424,358     274,119   54.8%
Total shipments*     322,006     255,930   25.8%     226,558   42.1%     1,088,639     883,024   23.3%
                                           
Average selling price ($/MT):                                          
Silicon Metal   $ 2,429   $ 2,636   -7.9%   $ 2,440   -0.5%   $ 2,647   $ 2,270   16.6%
Silicon-based Alloys   $ 1,719   $ 1,802   -4.6%   $ 1,741   -1.3%   $ 1,845   $ 1,608   14.7%
Manganese-based Alloys   $ 1,158   $ 1,211   -4.4%   $ 1,346   -14.0%   $ 1,244   $ 1,327   -6.3%
Total*   $ 1,668   $ 1,841   -9.4%   $ 1,873   -10.9%   $ 1,870   $ 1,765   5.9%
                                           
Average selling price ($/lb.):                                          
Silicon Metal   $ 1.10   $ 1.20   -7.9%   $ 1.11   -0.5%   $ 1.20   $ 1.03   16.6%
Silicon-based Alloys   $ 0.78   $ 0.82   -4.6%   $ 0.79   -1.3%   $ 0.84   $ 0.73   14.7%
Manganese-based Alloys   $ 0.53   $ 0.55   -4.4%   $ 0.61   -14.0%   $ 0.56   $ 0.60   -6.3%
Total*   $ 0.76   $ 0.84   -9.4%   $ 0.85   -10.9%   $ 0.85   $ 0.80   5.9%
                                           
* Excludes by-products and other                                          
                                           

During Q4 2018, the average selling prices decreased between 4% and 8% for all of our products quarter-over-quarter, reflecting weak overall market conditions. Average selling prices for 2018 are well above 2017 for silicon metal and silicon-based alloys. Manganese-based alloys prices in 2018 have deteriorated significantly despite persistently high ore prices.  We expect the relationship between market prices of manganese-based alloys and ore prices to revert to its historical correlation over time. 

Sales volumes in Q4 significantly increased as compared to Q3, partly because of delayed shipments at the end of Q3.  Activity in full year 2018 has shown healthy growth overall, with volume increases over 2017 of 8% to 10% in silicon metal and silicon-based alloys, respectively. A year-to-year comparison of manganese-based alloys volumes is not meaningful in light of the Company’s acquisition of new manganese-based alloy assets in early 2018.

Cost of Sales

Cost of sales was $445.8 million for the three months ended December 31, 2018, an increase from $284.6 million for the three months ended December 31, 2017, primarily driven by higher volumes and higher input costs for raw materials and energy. Cost of sales was $1,444.8 million for the full year 2018, an increase from $1,043.4 million for the same period in 2017, primarily driven by higher sales and increases in energy and raw material prices, particularly the prices of manganese ore and electrodes.

Staff Costs and Other Operating Expenses

Staff costs and other operating expenses for the three months and full year ended December 31, 2018 were $154.4 million and $625.0 million, respectively compared to $142.2 million and $541.9 million for the corresponding periods in 2017. The increases were primarily related to labour costs for the newly acquired manganese-based alloy plants.

Operating (Loss) Profit

Operating (loss) profit was $(3.0) million and $177.4 million, respectively for the three months and full year periods ended December 31, 2018, compared to an operating loss of $(1.6) million and an operating profit of $39.7 million for the three months and full year ended December 31, 2017. Included in the full year 2018 was a $37.3 million bargain purchase gain related to the Company’s purchase of manganese-based alloy plants mentioned above.  The bargain purchase gain was reduced by $7.4 million in the forth quarter of 2018 as a result of purchase price accounting adjustments.

Net (Loss) Profit Attributable to the Parent

As a result of the various factors described above, we reported a net (loss) attributable to the Parent of $(13.3) million, or $(0.08) per share, for the three months ended December 31, 2018 compared to a net profit attributable to the Parent of $6.4 million, or $0.04 for the three months ended December 31, 2017. We reported net income attributable to the Parent of $89.5 million, or $0.52 per share, for the full year 2018, compared to a net loss of $(0.7) million, or ($0.00) per share for 2017. 

Adjusted EBITDA

Adjusted EBITDA of $32.1 million, or 5.3% of sales, for the three months ended December 31, 2018 was lower than adjusted EBITDA of $53.7 million, or 11.5% of sales, for the three months ended December 31, 2017. Adjusted EBITDA of $253.1 million, or 11.1% of sales for the full year 2018, was higher than adjusted EBITDA of $184.5 million, or 10.6% of sales for 2017. 

Other recent developments

Phillip Murnane has taken a temporary medical leave of absence from his duties as Chief Financial Officer and we expect him to be on leave for the next few weeks. During Phil’s absence, José M. Calvo-Sotelo (Deputy CFO and EVP - Corporate Development of Ferroglobe and former CFO of Grupo FerroAtlántica), is assuming the duties of the CFO. 

Conference Call

Ferroglobe management will review the fourth quarter and full year results of 2018 during a conference call at 9:00 a.m. Eastern Time on February 26, 2019.

The dial-in number for participants in the United States is 877‑293‑5491 (conference ID 4581015). International callers should dial +1 914‑495‑8526 (conference ID 4581015). 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/sjakzohb.  

About Ferroglobe

Ferroglobe is one of the world’s leading suppliers of silicon metal, silicon-based specialty alloys, and 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 (loss) profit per ordinary share, and adjusted (loss) 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:

José M. Calvo-Sotelo
Deputy Chief Financial Officer & EVP - Corporate Development
Tel:       +44 203-129-2420
Email:   jmcalvosotelo@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   Year Ended
  December 31, 2018   September 30, 2018   December 31, 2017   December 31, 2018   December 31, 2017
Sales $ 603,519   $ 526,838   $ 468,218   $ 2,274,038   $ 1,741,693
Cost of sales   (445,772)     (334,526)     (284,614)     (1,444,793)     (1,043,395)
Other operating income   25,039     5,701     5,158     46,037     18,199
Staff costs   (81,209)     (88,668)     (87,127)     (341,043)     (301,963)
Other operating expense   (73,160)     (64,524)     (55,052)     (283,930)     (239,926)
Depreciation and amortization charges, operating allowances and write-downs   (30,062)     (30,750)     (23,830)     (119,137)     (104,529)
Bargain purchase gain   (7,379)             37,254    
Impairment losses   (4,435)         (30,859)     (4,435)     (30,957)
Other gain   10,477     221     6,479     13,413     575
Operating (loss) profit     (2,982)       14,292       (1,627)       177,404       39,697
Net finance expense   (15,676)     (13,952)     (19,659)     (57,196)     (61,704)
Financial derivatives gain (loss)   1,383     388     (956)     2,838     (6,850)
Exchange differences   (846)     (3,071)     2,500     (11,896)     8,214
(Loss) profit before tax     (18,121)       (2,343)       (19,742)       111,150       (20,643)
Income tax benefit (expense)   2,877     (573)     26,022     (27,666)     14,821
(Loss) profit for the period     (15,244)       (2,916)       6,280       83,484       (5,822)
Loss attributable to non-controlling interest   1,895     1,671     84     6,040     5,144
(Loss) profit attributable to the parent $   (13,349)   $   (1,245)   $   6,364   $   89,524   $   (678)
                             
                             
EBITDA $ 27,080   $ 45,042   $ 22,203   $ 296,541   $ 144,226
Adjusted EBITDA $ 32,111   $ 45,042   $ 53,670   $ 253,053   $ 184,533
                             
Weighted average shares outstanding                            
Basic   170,183     171,935     171,953     171,406     171,949
Diluted   170,183     171,935     172,128     171,530     171,949
                             
(Loss) profit per ordinary share                            
Basic $ (0.08)   $ (0.01)   $ 0.04   $ 0.52   $ (0.00)
Diluted $ (0.08)   $ (0.01)   $ 0.04   $ 0.52   $ (0.00)
                             
                             
                             

 

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)
                 
  December 31,   September 30,   December 31,
  2018   2018   2017
ASSETS                
Non-current assets                
Goodwill $ 202,848   $ 204,264   $ 205,287
Other intangible assets   65,850     55,997     58,658
Property, plant and equipment   929,421     941,780     917,974
Non-current financial assets   72,865     88,199     89,315
Deferred tax assets   3,304     6,679     5,273
Non-current receivables from related parties   2,288     2,315     2,400
Other non-current assets   16,887     18,206     30,059
Total non-current assets     1,293,463       1,317,440       1,308,966
Current assets                
Inventories   459,257     554,676     361,231
Trade and other receivables   156,781     142,233     111,463
Current receivables from related parties   14,226     5,571     4,572
Current income tax assets   27,517     15,848     17,158
Current financial assets       2     2,469
Other current assets   8,315     12,898     9,926
Cash and cash equivalents   216,562     131,671     184,472
Total current assets     882,658       862,899       691,291
Total assets $   2,176,121   $   2,180,339   $   2,000,257
                 
EQUITY AND LIABILITIES                
Equity $   943,788   $   987,388   $   937,758
Non-current liabilities                
Deferred income   1,434     4,336     3,172
Provisions   75,750     78,846     82,397
Bank borrowings   132,821     133,056    
Obligations under finance leases   53,472     57,389     69,713
Debt instruments   341,657     341,102     339,332
Other financial liabilities   32,788     39,867     49,011
Other non-current liabilities   30,369     20,367     3,536
Deferred tax liabilities   68,569     67,513     65,142
Total non-current liabilities     736,860       742,476       612,303
Current liabilities                
Provisions   40,586     24,308     33,095
Bank borrowings   8,191     1,341     1,003
Obligations under finance leases   12,999     13,019     12,920
Debt instruments   10,937     2,734     10,938
Other financial liabilities   52,524     54,027     88,420
Payables to related parties   11,128     12,273     12,973
Trade and other payables   256,823     253,591     192,859
Current income tax liabilities   1,826     6,435     7,419
Other current liabilities   100,459     82,747     90,569
Total current liabilities     495,473       450,475       450,196
Total equity and liabilities $   2,176,121   $   2,180,339   $   2,000,257
                 

 

 
 
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Cash Flows
(in thousands of U.S. dollars)
                         
                         
  Quarter Ended   Quarter Ended   Year Ended   Year Ended
  December 31, 2018   September 30, 2018     December 31, 2018   December 31, 2017
Cash flows from operating activities:                        
(Loss) profit for the period $   (15,244)   $   (2,916)     $   83,484   $   (5,822)
Adjustments to reconcile net (loss) profit to net cash used by operating activities:                        
Income tax (benefit) expense   (2,877)     573       27,666     (14,821)
Depreciation and amortization charges, operating allowances and write-downs   30,062     30,750       119,137     104,529
Net finance expense   15,676     13,952       57,196     61,704
Financial derivatives (gain) loss   (1,383)     (388)       (2,838)     6,850
Exchange differences   846     3,071       11,896     (8,214)
Impairment losses   4,435           4,435     30,957
Bargain purchase gain   7,379           (37,254)    
Share-based compensation   1,016     1,050       2,798     2,405
Other adjustments   (10,477)     (221)       (13,413)     (575)
Changes in operating assets and liabilities                        
Decrease (increase) in inventories   88,903     (25,666)       (103,294)     (16,274)
(Increase) decrease in trade receivables   (13,051)     6,224       (26,597)     50,168
Increase (decrease) in trade payables   5,772     (21,213)       55,410     17,613
Other   9,518     10,543       (22,892)     (12,251)
Income taxes paid   (6,983)     (5,257)       (36,408)     (26,764)
Interest paid   (4,360)     (18,400)       (43,018)     (39,130)
Net cash provided (used) by operating activities     109,232       (7,898)         76,308       150,375
Cash flows from investing activities:                        
Payments due to investments:                        
Other intangible assets   (240)     (149)       (3,313)     (811)
Property, plant and equipment   (30,239)     (25,696)       (108,244)     (74,616)
Other             (8)     (343)
Disposals:                        
Other non-current assets             12,734    
Other       947       6,861    
Acquisition of subsidiary             (20,379)    
Disposal of subsidiary   20,533           20,533    
Interest and finance income received   843     638       3,833     952
Net cash used by investing activities     (9,103)       (24,260)         (87,983)       (74,818)
Cash flows from financing activities:                        
Dividends paid       (10,321)       (20,642)    
Payment for debt issuance costs   (429)           (4,905)     (16,765)
Repayment of other financial liabilities             (33,096)    
Proceeds from debt issuance                 350,000
Increase/(decrease) in bank borrowings:                        
Borrowings   6,882     25,286       252,200     31,455
Payments             (106,514)     (453,948)
Proceeds from stock option exercises             240     180
Other amounts paid due to financing activities   (3,177)     (3,067)       (13,879)     (24,319)
Payments to acquire or redeem own shares   (16,598)     (3,502)       (20,100)    
Net cash (used) provided by financing activities     (13,322)       8,396         53,304       (113,397)
Total net cash flows for the period     86,807       (23,762)         41,629       (37,840)
Beginning balance of cash and cash equivalents   131,671     155,984       184,472     196,982
Exchange differences on cash and cash equivalents in foreign currencies   (1,916)     (551)       (9,539)     25,330
Ending balance of cash and cash equivalents $   216,562   $   131,671     $   216,562   $   184,472
                         
                         
                         

Adjusted EBITDA ($,000):

  Quarter Ended   Quarter Ended   Quarter Ended   Year Ended   Year Ended
  December 31, 2018   September 30, 2018   December 31, 2017   December 31, 2018   December 31, 2017
(Loss) profit attributable to the parent $   (13,349)   $   (1,245)   $   6,364   $   89,524   $   (678)
Loss attributable to non-controlling interest   (1,895)     (1,671)     (84)     (6,040)     (5,144)
Income tax (benefit) expense   (2,877)     573     (26,022)     27,666     (14,821)
Net finance expense   15,676     13,952     19,659     57,196     61,704
Financial derivatives (gain) loss   (1,383)     (388)     956     (2,838)     6,850
Exchange differences   846     3,071     (2,500)     11,896     (8,214)
Depreciation and amortization charges, operating allowances and write-downs   30,062     30,750     23,830     119,137     104,529
EBITDA     27,080       45,042       22,203       296,541       144,226
Non-controlling interest settlement                   1,751
Power credit                   (3,696)
Long lived asset charge due to reclassification of discontinued operations to continuing operations                   2,608
Accrual of contingent liabilities           6,044         12,444
Impairment loss   8,255         30,618     8,255     30,618
Business interruption                   (1,980)
Revaluation of biological assets   1,144         (5,195)     1,144     (5,195)
Step-up valuation adjustment                   3,757
Bargain purchase gain   7,379             (37,254)    
Gain on sale of hydro plant assets   (11,747)             (11,747)    
Share-based compensation               (3,886)    
Adjusted EBITDA $   32,111   $   45,042   $   53,670   $   253,053   $   184,533
                             
                             
                             

Adjusted (loss) profit attributable to Ferroglobe($,000): 

  Quarter Ended   Quarter Ended   Quarter Ended   Year Ended   Year Ended
  December 31, 2018   September 30, 2018   December 31, 2017   December 31, 2018   December 31, 2017
(Loss) profit attributable to the parent $   (13,349)   $   (1,245)   $   6,364   $   89,524   $   (678)
Tax rate adjustment   2,922     1,322     (19,705)     (7,902)     (8,215)
Non-controlling interest settlement                   1,191
Power credit                   (2,513)
Long lived asset charge due to reclassification of discontinued operations to continuing operations                   1,773
Accrual of contingent liabilities           4,110         8,462
Impairment loss   5,613         20,820     5,613     20,820
Business interruption                   (1,346)
Revaluation of biological assets   778         (3,533)     778     (3,533)
Step-up valuation adjustment                   2,555
Bargain purchase gain   5,018             (25,333)    
Gain on sale of hydro plant assets   (7,988)             (7,988)    
Share-based compensation               (2,642)    
Adjusted (loss) profit attributable to the parent $   (7,006)   $   77   $   8,056   $   52,050   $   18,516
                             
                             
                             

Adjusted diluted (loss) profit per share:

  Quarter Ended   Quarter Ended   Quarter Ended   Year Ended   Year Ended
  December 31, 2018   September 30, 2018   December 31, 2017   December 31, 2018   December 31, 2017
Diluted (loss) profit per ordinary share $   (0.08)   $   (0.01)   $   0.04   $   0.52   $   (0.00)
Tax rate adjustment   0.02     0.01     (0.11)     (0.05)     (0.05)
Non-controlling interest settlement                   0.01
Power credit                   (0.01)
Long lived asset charge due to reclassification of discontinued operations to continuing operations                   0.01
Accrual of contingent liabilities           0.02         0.05
Impairment loss   0.03         0.12     0.03     0.12
Business interruption                   (0.01)
Revaluation of biological assets   0.00         (0.02)     0.00     (0.02)
Step-up valuation adjustment                   0.01
Bargain purchase gain   0.03             (0.15)    
Gain on sale of hydro plant assets   (0.05)             (0.05)    
Share-based compensation               (0.02)    
Adjusted diluted (loss) profit per ordinary share $   (0.05)   $   0.00   $   0.05   $   0.28   $   0.11
                             

 

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