Adjusted EBITDA of $(38.1) million in Q4 2019 and of $(37.0) million in Full Year 2019

  • Q4 2019 results:
    • Sales of $364.4 million compared to $381.7 million in Q3 2019, and $591.1 million in Q4 2018
    • Net loss of $(75.7) million compared to $(140.1) million in Q3 2019, and $(74.2) million in Q4 2018
    • Adjusted EBITDA of $(38.1) million compared to $(7.2) million in Q3 2019 and $23.2 million in Q4 2018
  • Full Year 2019 results:
    • Sales of $1.60 billion compared to $2.24 billion in 2018
    • Net loss of $(288.1) million, including a goodwill impairment charge of $174.0 million, compared to a net profit of $24.6 million in 2018
    • Adjusted net loss attributable to Parent of $(114.0) million compared to a net profit of $64.4 million in 2018
    • Adjusted EBITDA of $(37.0) million in 2019 compared to $230.1 million in 2018
  • Gross debt of $481 million at the end of Q4 2019, compared to $556 million at the end of Q3 2019
  • Successful refinancings, providing additional financial flexibility and liquidity
    • North American asset-based revolving credit facility closed on October 11, 2019
    • European accounts receivable securitization program closed on December 10, 2019
  • Operational changes implemented to the global production platform: adapting production to reduced demand and decreasing inventory levels

LONDON, March 02, 2020 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (throughout, “Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, and a leading silicon- and manganese-based specialty alloys producer, today announced results for the fourth quarter and the full year 2019.

Q4 2019 Earnings Highlights

In Q4 2019, Ferroglobe posted a net loss of $(75.7) million, or $(0.44) per share on a fully diluted basis. On an adjusted basis, Q4 2019 net loss was $(53.8) million, or $(0.32) per share on a fully diluted basis.

Q4 2019 reported EBITDA was $(56.2) million, up from $(183.1) million in the prior quarter. On an adjusted basis, Q4 2019 EBITDA was $(38.1) million, down from Q3 2019 adjusted EBITDA of $(7.2) million. The Company reported an adjusted EBITDA margin of -10.5% for Q4 2019, compared to an adjusted EBITDA margin of -1.9% for Q3 2019.

Full Year 2019 Earnings Highlights

For Full Year 2019, Ferroglobe posted a net loss of $(288.1) million, or $(1.67) per share. On an adjusted basis, Full Year 2019 net loss was $(114.0) million, or $(0.68) per share.

For the Full Year 2019, reported EBITDA was $(243.1) million, versus $212.9 million in the prior year. Full Year 2019 Adjusted EBITDA was $(37.0) million, versus $230.1 million in the prior year. The Company reported an adjusted EBITDA margin of -2.3% for Full Year 2019, compared to an adjusted EBITDA margin of 10.3% for Full Year 2018.

                
  Quarter Ended Quarter Ended Quarter Ended Year Ended Year Ended
$,000 (unaudited) December 31, 2019 September 30, 2019 December 31, 2018 * December 31, 2019 December 31, 2018 *
                
Sales $ 364,431  $ 381,745  $ 591,052  $ 1,603,046  $ 2,242,002 
Net (loss) profit $ (75,746) $ (140,139) $ (74,155) $ (288,097) $ 24,573 
Diluted EPS $ (0.44) $ (0.83) $ (0.34) $ (1.67) $ 0.25 
Adjusted net (loss) income attributable to the parent $ (53,801) $ (16,085) $ 5,205  $ (113,998) $ 64,392 
Adjusted diluted EPS $ (0.32) $ (0.10) $ 0.03  $ (0.68) $ 0.36 
Adjusted EBITDA $ (38,132) $ (7,210) $ 23,184  $ (36,980) $ 230,051 
Adjusted EBITDA margin  -10.5%  -1.9%  3.9%  -2.3%  10.3%

* Throughout the results, the amounts for prior periods have been restated to reflect the impact of the profit / (loss) from discontinued operations associated with the sale of FerroAtlántica S.A.U., owner of the Cee-Dumbria plant and hydroelectric assets in Spain.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer commented, “The Company’s disappointing fourth quarter results are representative of the challenges faced throughout 2019.  We experienced continued pricing and volume pressures during the quarter, with increased costs as a result of the previously announced operational curtailments.  To mitigate the impact of these challenges, we successfully executed a number of cash generating initiatives, selling non-core assets, reducing inventory and releasing cash through the refinancing of the Company’s accounts receivable securitization program.  Given these headwinds and their impact on our balance sheet, a new strategic plan is being developed  aimed at returning the Company to profitability.”

Cash Flow and Balance Sheet

Cash generated from operations during Q4 2019 was $45.5 million, with working capital positively impacted by a decrease in inventories,  offset by a decrease in payables. Working capital decreased from $579 million as of September 30, 2019 to $481 million at December 31, 2019.

Gross debt was $481 million as of December 31, 2019, down significantly from $556 million as of September 30, 2019, primarily as a result of refinancing the Company’s former revolving credit facility (“RCF”).

Recent developments

On October 4, 2019, Ferroglobe subsidiary, Silicon Smelters (Pty.) Ltd. completed the sale of its remaining timberlands in South Africa for net proceeds of ZAR 130 million ($8.58 million).

On October 11, 2019, Ferroglobe completed the closing of a new five-year, $100 million North American asset-based revolving loan (“ABL”), with an initial draw of $70 million, which was used, along with cash on hand, to repay in full the RCF. This marked an important step in the Company’s overall strategy to de-risk the balance sheet, as the ABL has no leverage-based or financial-based covenants and has reduced liquidity requirements as compared to the RCF, affording the Company enhanced flexibility.

On December 10, 2019, Ferroglobe refinanced its prior accounts receivable securitization program with a new two-year, $150 million European program (“new A/R Program”), of which $104 million was utilized at closing. Subsequently, the incorporation of a special purpose vehicle (“SPV”) into the program resulted in significant additional receivables qualifying into the program.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer commented, “The successful closing of the new A/R Program has a significant impact on our cash conversion in Europe.  At closing, approximately $23 million of cash was released and another $31.5 million was released on incorporation of the SPV in February 2020.  These steps highlight the Company’s continued efforts to optimize the business operationally and financially.”

COVID-19

Marco Levi, Ferroglobe’s Chief Executive Officer commented, “ To date our business has not been directly impacted by the coronavirus. However, given the increasing concerns around the spreading of this virus globally, we continue to monitor the potential impact on our business very closely.”

Subsequent Event

On January 13, 2020, Ferroglobe appointed Dr. Marco Levi as its Chief Executive Officer (“CEO”). As CEO,  Dr. Levi was subsequently appointed to the Company’s Board of Directors on January 15, 2020, bringing the number of Directors on the Board to nine.

Discussion of Fourth Quarter 2019 Results

Sales

Sales for Q4 2019 were $364.4 million, a decrease of 4.5% compared to $381.7 million in Q3 2019. For Q4 2019, total shipments were down 1.2% and the average selling price was down 3.5% compared with Q3 2019.

                      
  Quarter Ended Quarter Ended   Quarter Ended   Year Ended Year Ended  
  December 31, 2019 September 30, 2019 Change December 31, 2018 Change December 31, 2019 December 31, 2018 Change
Shipments in metric tons:                     
Silicon Metal   61,613   60,225 2.3%   93,364 -34.0%   238,192   352,578 -32.4%
Silicon-based Alloys   64,485   69,879 -7.7%   81,197 -20.6%   295,429   311,703 -5.2%
Manganese-based Alloys   95,235   93,996 1.3%   147,445 -35.4%   392,456   424,358 -7.5%
Total shipments*   221,333   224,100 -1.2%   322,006 -31.3%   926,077   1,088,639 -14.9%
                      
Average selling price ($/MT):                     
Silicon Metal $ 2,175 $ 2,175 0.0% $ 2,429 -10.5% $ 2,256 $ 2,647 -14.8%
Silicon-based Alloys $ 1,424 $ 1,490 -4.4% $ 1,719 -17.2% $ 1,547 $ 1,845 -16.2%
Manganese-based Alloys $ 1,054 $ 1,140 -7.5% $ 1,158 -9.0% $ 1,140 $ 1,244 -8.4%
Total* $ 1,474 $ 1,527 -3.5% $ 1,668 -11.6% $ 1,557 $ 1,870 -16.8%
                      
Average selling price ($/lb.):                     
Silicon Metal $ 0.99 $ 0.99 0.0% $ 1.10 -10.5% $ 1.02 $ 1.20 -14.8%
Silicon-based Alloys $ 0.65 $ 0.68 -4.4% $ 0.78 -17.2% $ 0.70 $ 0.84 -16.2%
Manganese-based Alloys $ 0.48 $ 0.52 -7.5% $ 0.53 -9.0% $ 0.52 $ 0.56 -8.4%
Total* $ 0.67 $ 0.69 -3.5% $ 0.76 -11.6% $ 0.71 $ 0.85 -16.8%

* Excludes by-products and other

Sales Prices & Volumes By Product

During Q4 2019, total product average selling prices decreased by 3.5% versus Q3 2019. Q4 average selling prices of silicon metal remained unchanged, silicon-based alloys prices decreased  4.4%, and manganese-based alloys prices decreased  7.5%.

Sales volumes in Q4 declined by 1.2% versus the prior quarter.  Q4 sales volumes of silicon metal increased 2.3%, silicon-based alloys decreased 7.7%, and manganese-based alloys increased 1.3% versus Q4 2019.

Cost of Sales

Cost of sales was $300.6 million in Q4 2019, an increase from $277.7 million in the prior quarter. Cost of sales as a percentage of sales increased to 82.5% in Q4 2019 versus 72.8% for Q3 2019, linked primarily to product mix, costs associated with implementing the temporary curtailments to our operations, and inventory write downs across our product portfolio.

Other Operating Expenses

Other operating expenses was $58.8 million in Q4 2019, an increase from $50.1 million in the prior quarter. This increase is primarily attributable to non recurrent costs associated with the energy contracts at plants in Europe temporarily idled.

Net Loss Attributable to the Parent

In Q4 2019, net loss attributable to the Parent was $74.5 million, or $(0.44) per diluted share, compared to a net loss attributable to the Parent of $140.5 million, or $(0.83) per diluted share in Q3 2019.

Adjusted EBITDA

In Q4 2019, adjusted EBITDA was $(38.1) million, or -10.5% of sales, compared to adjusted EBITDA of $(7.2) million, or -1.9% of sales in Q3 2019, primarily due to weaker pricing and costs incurred in Q4 2019.

Conference Call

Ferroglobe management will review the fourth quarter and full year results of 2019 during a conference call at 9:00 a.m. Eastern Time on March 3, 2020.

The dial-in number for participants in the United States is 877‑293‑5491 (conference ID 4987662). International callers should dial +1 914‑495‑8526 (conference ID 4987662). 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/mmc/p/ci6ip3a5.

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”, “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

Adjusted EBITDA, adjusted EBITDA margin, adjusted net profit, adjusted profit per share, working capital and net debt, 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

Louie Toma
Managing Director
Hayden IR
Tel:       1-774-291-6000
Email:   louie@haydenir.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, 2019 September 30, 2019 December 31, 2018* December 31, 2019 December 31, 2018*
Sales $ 364,431  $ 381,745  $ 591,052  $ 1,603,046  $ 2,242,002 
Cost of sales   (300,611)   (277,692)   (448,048)   (1,200,103)   (1,446,677)
Other operating income   8,428    13,215    24,919    50,194    45,844 
Staff costs   (69,490)   (72,536)   (80,656)   (291,141)   (338,862)
Other operating expense   (58,826)   (50,060)   (70,337)   (225,727)   (277,560)
Depreciation and amortization charges, operating allowances and write-downs   (30,016)   (29,591)   (28,345)   (120,181)   (113,837)
Bargain purchase gain   —    —    (4,491)   —    40,142 
Other gain (loss)   390    (3,774)   4,005    (3,506)   6,941 
Operating (loss) profit before impairment losses   (85,694)   (38,693)   (11,901)   (187,418)   157,993 
Impairment losses   (546)   (174,018)   (58,919)   (175,899)   (58,919)
Operating (loss) profit   (86,240)   (212,711)   (70,820)   (363,317)   99,074 
Net finance expense   (16,496)   (16,491)   (13,915)   (61,857)   (52,207)
Financial derivatives (loss) gain   (1,153)   2,913    1,383    2,729    2,838 
Exchange differences   4,341    (5,083)   (3,086)   2,859    (14,136)
(Loss) profit before tax   (99,548)   (231,372)   (86,438)   (419,586)   35,569 
Income tax benefit (expense)   22,710    14,322    7,891    50,132    (20,459)
(Loss) profit for the period from continuing operations   (76,838)   (217,050)   (78,547)   (369,454)   15,110 
Profit for the period from discontinued operations   1,092    76,911    4,392    81,357    9,463 
(Loss) profit for the period   (75,746)   (140,139)   (74,155)   (288,097)   24,573 
Loss (profit) attributable to non-controlling interest   1,240    (385)   14,943    5,414    19,088 
(Loss) profit attributable to the parent $ (74,506) $ (140,524) $ (59,212) $ (282,683) $ 43,661 
                
                
EBITDA $ (56,224) $ (183,120) $ (42,475) $ (243,136) $ 212,911 
Adjusted EBITDA $ (38,132) $ (7,210) $ 23,184  $ (36,980) $ 230,051 
                
Weighted average shares outstanding               
Basic   169,182    169,123    171,935    169,153    171,966 
Diluted   169,182    169,123    171,935    169,153    172,104 
                
(Loss) profit per ordinary share               
Basic $ (0.44) $ (0.83) $ (0.34) $ (1.67) $ 0.25 
Diluted $ (0.44) $ (0.83) $ (0.34) $ (1.67) $ 0.25 

* The amounts for prior periods have been restated to reflect the impact of the profit / (loss) from discontinued operations associated with the sale of the Company’s Spanish hydroelectric plants

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)

           
  December 31, September 30, December 31,
  2019 2019 2018
ASSETS
Non-current assets          
Goodwill $  29,702 $ 29,702 $ 202,848
Other intangible assets    58,781   63,980   51,822
Property, plant and equipment    741,236   742,752   888,862
Other non-current financial assets    2,601   3,381   70,343
Deferred tax assets    36,387   50,214   14,589
Non-current receivables from related parties    2,247   2,178   2,288
Other non-current assets    1,598   1,780   10,486
Non-current restricted cash and cash equivalents    28,323   10,889   —
Total non-current assets    900,875   904,876   1,241,238
Current assets          
Inventories    360,340   479,866   456,970
Trade and other receivables    302,321   332,603   155,996
Current receivables from related parties    2,955   2,839   14,226
Current income tax assets    36,508   41,649   27,404
Other current financial assets    5,544   1,660   2,523
Other current assets    14,457   12,157   8,813
Cash and cash equivalents *    99,235   177,154   216,647
Assets and disposal groups classified as held for sale    —   8,507   —
Total current assets    821,360   1,056,435   882,579
Total assets $  1,722,235 $ 1,961,311 $ 2,123,817
           
EQUITY AND LIABILITIES
Equity $  599,437 $ 664,300 $ 884,372
Non-current liabilities          
Deferred income    1,592   4,061   1,434
Provisions    86,354   78,272   75,787
Bank borrowings    144,388   130,622   132,821
Lease liabilities    16,972   16,417   53,472
Debt instruments    344,014   343,400   341,657
Other financial liabilities    15,829   10,307   32,788
Other non-current liabilities    29,170   29,982   25,030
Deferred tax liabilities    52,557   82,192   77,379
Total non-current liabilities    690,876   695,253   740,368
Current liabilities          
Provisions    52,398   51,667   40,570
Bank borrowings    14,611   130,272   8,191
Lease liabilities    8,900   8,218   12,999
Debt instruments    10,937   2,734   10,937
Other financial liabilities    50,710   49,978   52,524
Payables to related parties    4,830   9,160   11,128
Trade and other payables    181,545   233,811   256,823
Current income tax liabilities    1,736   11,173   2,335
Other current liabilities    106,255   104,745   103,570
Liabilities associated with assets classified as held for sale    —   —   —
Total current liabilities    431,922   601,758   499,077
Total equity and liabilities $  1,722,235 $ 1,961,311 $ 2,123,817

*Cash and cash equivalents at December 31, 2019 includes the cash balance of the A/R securitization program of $38,778 ($9,088 and $nil at September 30, 2019 and December 31, 2018, respectively)

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 Year Ended
  December 31, 2019 September 30, 2019 December 31, 2018  December 31, 2019 December 31, 2018
Cash flows from operating activities:                
(Loss) profit for the period $ (75,746) $ (140,139) $ (74,155)  $ (288,097) $ 24,573 
Adjustments to reconcile net (loss) profit
to net cash used by operating activities:		                
Income tax (benefit) expense   (22,710)   (14,489)   (6,310)    (49,118)   24,233 
Depreciation and amortization charges,
operating allowances and write-downs		   30,016    29,591    30,062     123,011    119,137 
Net finance expense   16,496    20,893    15,128     68,290    56,648 
Financial derivatives loss (gain)   1,154    (2,913)   (1,383)    (2,728)   (2,838)
Exchange differences   (4,341)   5,083    3,088     (2,859)   14,138 
Impairment losses   546    174,018    58,919     175,899    58,919 
Bargain purchase gain   —    —    4,491     —    (40,142)
Gain on disposal of discontinued operation   1,107    (80,729)   —     (79,622)   — 
Share-based compensation   1,599    1,015    1,016     4,879    2,798 
Other adjustments   (390)   3,774    (4,006)    3,506    (6,942)
Changes in operating assets and liabilities                
(Increase) decrease  in inventories   126,422    5,953    91,180     85,460    (101,017)
(Increase) decrease in trade receivables   34,036    5,568    (12,261)    35,659    (25,807)
 Increase (decrease) in trade payables   (58,816)   (10,693)   5,772     (70,851)   55,410 
Other   (869)   (59,689)   6,508     (22,299)   (25,901)
Income taxes paid   (523)   (846)   (6,983)    (3,589)   (36,408)
Interest paid   (2,471)   (18,713)   (4,360)    (43,033)   (43,018)
Net cash (used) provided by operating activities   45,510    (82,316)   106,706     (65,492)   73,783 
Cash flows from investing activities:                
Interest and finance income received   171    626    843     1,673    3,833 
Payments due to investments:                
Acquisition of subsidiary   —    9,088    —     9,088    (20,379)
Other intangible assets   —    —    (240)    (184)   (3,313)
Property, plant and equipment   (5,885)   (6,269)   (28,131)    (32,730)   (106,136)
Other   (621)   —    —     (1,248)   (8)
Disposals:                
Disposal of subsidiaries   1,111    171,058    20,533     172,169    20,533 
Other non-current assets   8,668    —    —     8,668    12,734 
Other   353    19    —     3,769    6,861 
Net cash used by investing activities   3,797    174,522    (6,995)    161,205    (85,875)
Cash flows from financing activities:                
Dividends paid   —    —    —     —    (20,642)
Payment for debt issuance costs   (12,319)   (2,093)   (429)    (15,117)   (4,905)
Repayment of hydro leases   —    (55,352)   —     (55,352)   — 
Repayment of other financial liabilities   —    —    —     —    (33,096)
Increase/(decrease) in bank borrowings:                
Borrowings   174,130    —    6,882     245,629    252,200 
Payments   (269,399)   (21,038)   —     (329,500)   (106,514)
Proceeds from stock option exercises   —    —    —     —    240 
Other amounts paid due to financing activities   (4,363)   (9,324)   (3,178)    (26,631)   (13,879)
Payments to acquire or redeem own shares   —    —    (16,597)    —    (20,100)
Net cash provided (used) by financing activities   (111,951)   (87,807)   (13,322)    (180,971)   53,304 
Total net cash flows for the period   (62,644)   4,399    86,389     (85,258)   41,212 
Beginning balance of cash and cash equivalents   188,043    188,045    131,671     216,647    184,472 
Exchange differences on cash and
cash equivalents in foreign currencies		   2,159    (4,401)   (1,413)    (3,832)   (9,037)
Ending balance of cash and cash equivalents $ 127,558  $ 188,043  $ 216,647   $ 127,558  $ 216,647 
Cash from continuing operations   99,235    177,154    216,647     99,235    216,647 
Non-current restricted cash and cash equivalents   28,323    10,889    —     28,323    — 
Cash and restricted cash in the statement of financial position $ 127,558  $ 188,043  $ 216,647   $ 127,558  $ 216,647 

Adjusted EBITDA ($,000):

                
  Quarter Ended Quarter Ended Quarter Ended Year Ended Year Ended
  December 31, 2019 September 30, 2019 December 31, 2018 * December 31, 2019 December 31, 2018 *
(Loss) profit attributable to the parent $ (74,506) $ (140,524) $ (59,212) $ (282,683) $ 43,661 
(Loss) profit for the period from discontinued operations   (1,092)   (76,911)   (4,392)   (81,357)   (9,463)
Loss (profit) attributable to non-controlling interest   (1,240)   385    (14,943)   (5,414)   (19,088)
Income tax (benefit) expense   (22,710)   (14,322)   (7,891)   (50,132)   20,459 
Net finance expense   16,496    16,491    13,915    61,857    52,207 
Financial derivatives loss (gain)   1,153    (2,913)   (1,383)   (2,729)   (2,838)
Exchange differences   (4,341)   5,083    3,086    (2,859)   14,136 
Depreciation and amortization charges, operating allowances and write-downs   30,016    29,591    28,345    120,181    113,837 
EBITDA   (56,224)   (183,120)   (42,475)   (243,136)   212,911 
Impairment   456    174,008    65,300    174,464    65,300 
Revaluation of biological assets   (550)   1,080    7,615    530    7,615 
Contract termination costs   —    —    —    9,260    — 
Restructuring and termination costs   3,000    —    —    5,894    — 
Energy:  France   9,682    —    —    9,682    — 
Energy: South Africa   3,645    —    —    3,645    — 
Staff Costs:  South Africa   327    —    —    327    — 
Other Idling Costs   1,532    —    —    1,532    — 
(Loss)profit on disposal of non-core businesses   —    822    (11,747)   822    (11,747)
Bargain purchase gain   —    —    4,491    —    (40,142)
Share-based compensation   —    —    —    —    (3,886)
Adjusted EBITDA $ (38,132) $ (7,210) $ 23,184  $ (36,980) $ 230,051 

Adjusted profit attributable to Ferroglobe ($,000):

                
  Quarter Ended Quarter Ended Quarter Ended Year Ended Year Ended
  December 31, 2019 September 30, 2019 December 31, 2018 * December 31, 2019 December 31, 2018 *
(Loss) profit attributable to the parent $ (74,506) $ (140,524) $ (59,212) $ (282,683) $ 43,661 
Tax rate adjustment   9,145    59,717    19,769    84,136    9,077 
Impairment   310    118,325    44,404    118,636    44,404 
Revaluation of biological assets   (374)   734    5,178    360    5,178 
Contract termination costs   —    —    —    6,297    — 
Restructuring and termination costs   2,040    —    —    4,008    — 
Energy:  France   6,584    —    —    6,584    — 
Energy: South Africa   2,479    —    —    2,479    — 
Staff Costs:  South Africa   222    —    —    222    — 
Other Idling Costs   1,042    —    —    1,042    — 
(Loss) profit on disposal of non-core businesses   (743)   (54,337)   (7,988)   (55,079)   (7,988)
Bargain purchase gain   —    —    3,054    —    (27,297)
Share-based compensation   —    —    —    —    (2,642)
Adjusted (loss) profit attributable to the parent $ (53,801) $ (16,085) $ 5,205  $ (113,998) $ 64,392 

Adjusted diluted profit per share:

                
  Quarter Ended Quarter Ended Quarter Ended Year Ended Year Ended
  December 31, 2019 September 30, 2019 December 31, 2018 * December 31, 2019 December 31, 2018 *
Diluted (loss) profit per ordinary share $ (0.44) $ (0.83) $ (0.34) $ (1.67) $ 0.25 
Tax rate adjustment   0.05    0.35    0.11    0.50    0.05 
Impairment   0.00    0.70    0.26    0.70    0.26 
Revaluation of biological assets   (0.00)   0.00    0.03    0.00    0.03 
Contract termination costs   —    —    —    0.04    — 
Restructuring and termination costs   0.01    —    —    0.02    — 
Energy:  France   0.04    —    —    0.04    — 
Energy: South Africa   0.01    —    —    0.01    — 
Staff Costs:  South Africa   0.00    —    —    0.00    — 
Other Idling Costs   0.01    —    —    0.01    — 
(Loss) profit on disposal of non-core businesses   (0.00)   (0.32)   (0.05)   (0.33)   (0.05)
Bargain purchase gain   —    —    0.02    —    (0.16)
Share-based compensation   —    —    —    —    (0.02)
Adjusted diluted (loss) profit per ordinary share $ (0.32) $ (0.10) $ 0.03  $ (0.68) $ 0.36 

 

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