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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Ferroglobe PLC    GSM   GB00BYW6GV68

FERROGLOBE PLC

(GSM)
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Ferroglobe Reports Third Quarter Results of 2019

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12/02/2019 | 08:21pm EDT

Sales of $381.7 million; Net Loss of $(140.1) million; Adjusted EBITDA of $(7.2) million

  • Q3 sales of $381.7 million, compared to $409.5 million in Q2 2019 and $524.4 million in Q3 2018
  • Q3 net loss of $(140.1) million compared to a net loss of $(43.7) million in Q2 2019 and a net loss of $(2.9) million in Q3 2018, with the Q3 2019 net loss including a goodwill impairment charge of $174.0 million
  • Q3 adjusted net loss attributable to Parent of $(16.1) million compared to a net loss of $(22.2) million in Q2 2019 and a net loss of $(0.1) million in Q3 2018
  • Q3 adjusted EBITDA of $(7.2) million compared to $5.0 million in Q2 2019 and $43.9 million in Q3 2018
  • Successful closing of the divestiture of FerroAtlántica, S.A.U. on August 30, 2019, resulting in gross proceeds of $171.2 million and a profit on disposal of $80.7 million
  • Successful closing of a new, five-year $100 million North American asset-based revolving credit facility on October 11, 2019 and repayment of the Company’s previous revolving credit facility
  • Further operational changes announced to the global production platform in an effort to streamline operations, adapting production to reduced demand and decreasing inventory levels

LONDON, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (throughout, “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 third quarter of 2019.

Earnings Highlights

In Q3 2019, Ferroglobe posted a net loss of $(140.1) million, or $(0.83) per share on a fully diluted basis. On an adjusted basis, Q3 2019 net loss was $(16.1) million, or $(0.10) per share on a fully diluted basis.

Q3 2019 reported EBITDA was $(183.1) million, down from $(7.1) million in the prior quarter. On an adjusted basis, Q3 2019 EBITDA was $(7.2) million, down from Q2 2019 adjusted EBITDA of $5.0 million. The Company reported an adjusted EBITDA margin of -1.9% for Q3 2019, compared to an adjusted EBITDA margin of 1.2% for Q2 2019.

                
  Quarter Ended Quarter Ended Quarter Ended Nine Months Ended Nine Months Ended
$,000 (unaudited) September 30, 2019 June 30, 2019 September 30, 2018 * September 30, 2019 September 30, 2018 *
                
Sales $ 381,745  $ 409,479  $ 524,407  $ 1,238,615  $ 1,650,950 
Net (loss) profit $ (140,139) $ (43,658) $ (2,916) $ (212,351) $ 98,728 
Diluted EPS $ (0.83) $ (0.24) $ (0.01) $ (1.23) $ 0.60 
Adjusted net (loss) income attributable to the parent $ (16,085) $ (22,221) $ (135) $ (60,200) $ 59,189 
Adjusted diluted EPS $ (0.10) $ (0.13) $ (0.00) $ (0.36) $ 0.34 
Adjusted EBITDA $ (7,210) $ 5,035  $ 43,864  $ 1,152  $ 206,867 
Adjusted EBITDA margin  -1.9%  1.2%  8.4%  0.1%  12.5%

* 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

Pedro Larrea, Ferroglobe’s Chief Executive Officer commented, “The overall market weakness has adversely impacted our third quarter financials and is expected to linger for the remainder of 2019.”  Mr. Larrea continued, “Although we are beginning to see some positive data points across our key products, we continue to right-size our cost structure and production platform in anticipation of demand and pricing uncertainty into 2020. The measures we are now taking are aimed at returning to positive cash-flow, and these operational changes should also help maximize our profitability as soon as the market environment improves.”

Cash Flow and Balance Sheet

Cash used in operations during Q3 2019 was $82.3 million, including a $66.2 million net movement in respect of securitized accounts receivable and interest and tax paid of $19.6 million.

Working capital increased from $410.4 million at June 30, 2019 to $578.7 million at September 30, 2019, driven by an increase in trade receivables of $181.7 million as a result of consolidating trade receivables sold pursuant to the Company’s accounts receivable securitization program. The securitized trade receivables were consolidated due to an amendment to the program in September 2019. Excluding the consolidation of the securitized trade receivables, working capital decreased from $410.4 million to $397.0 million.

Net debt was $368.3 million as of September 30, 2019, down from $478.3 million as of June 30, 2019.

Following a review of the carrying value of the Company’s assets as of September 30, 2019, in the light of prevailing market conditions, the Company has determined that the value of goodwill with respect to the Company’s US and Canadian operations has been impaired. Accordingly, we have recorded total impairment charges of $174.0 million, with $143.2 million allocated  to Ferroglobe’s US operations and $30.8 million allocated to the Canadian operations, resulting in a revised goodwill carrying value of $29.7 million at September 30, 2019. A further review will be undertaken at year end.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer commented, “The entire management team is committed to returning the Company to profitability and delivering a healthier liquidity position and stronger balance sheet. The operational changes support the financial strategy and will help us achieve these goals.”

Successful closing of non-core asset divestitures

FerroAtlántica, S.A.U.

On August 30, 2019, Ferroglobe successfully completed and closed the previously-announced sale of its 100% interest in subsidiary FerroAtlántica, S.A.U. (“FerroAtlántica”), which includes ten hydroelectric power plants and the Cee-Dumbria ferroalloys factory, to affiliates of TPG Sixth Street Partners. The transaction, valued at €170 million ($189.0 million), provided the Company with gross proceeds of €154.0 million ($171.2 million), after closing adjustments.

Ultracore Polska ZOO

On September 28, 2019, Ferroglobe closed on the sale of its subsidiary Ultracore Polska ZOO, which manufactures cored wire in Poland, for net proceeds of $2.2 million.

Timberlands in South Africa

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)

Pedro Larrea commented, “Non-core asset divestitures have been an important element of our cash generation initiatives this year.  Of the assets we previously announced for sale, we have now closed on all but one transaction.  The sale process for our French energy assets continues and will likely carry into next year. Additionally, we are reviewing our portfolio for additional assets which could be deemed non-core to the business and will provide an update should we move forward with any other disposals.”

Other recent developments

Ferroglobe continues to make progress with various initiatives to ‘right-size’ its operational footprint and enhance its financial position. These initiatives are aimed at balancing production with demand, improving the Company’s cost structure and generating cash.

On October 4, 2019, Ferroglobe announced further adjustments to its global production platform, to streamline operations, adapt production to reduced demand and release cash through the workdown of inventory. The announced changes reduce the Company’s global production capacity for silicon metal, silicon-based alloys and manganese-based alloys. In France, the Chateau-Feuillet, Montricher and Laudun facilities will reduce production. In North America, the Bécancour, Quebec and Bridgeport, Alabama facilities will reduce production in the near-term.

Most recently the Company has undertaken an extended outage at its Mo I Rana facility in Norway. Both furnaces (producing manganese alloys) were idled on October 28, 2019. Customer orders from this plant have been shifted to the other facilities in order to optimize the Company’s utilization, logistics and overall economics.

In the aggregate these measures will reduce the Company’s immediate production capacity across all major product categories. With these operational changes, Ferroglobe’s current silicon metal capacity (annualized run-rate) will decline to 186,000 tons, down 56,000 tons from 242,000 tons at the end of Q3 2019. Silicon-based alloys capacity will decline to 354,000 tons, down 88,000 tons from 442,000 tons at the end of Q3 2019. Lastly, the Company’s manganese-based alloys capacity will decline to 538,000 tons, down 125,000 tons from 663,000 tons at the end of Q3 2019. 

On October 11, 2019, Ferroglobe completed the closing of a new five year $100 million North American asset-based revolving credit facility (“ABL”), replacing the Company’s revolving credit facility (“RCF”). The replacement of the RCF marks an important step in the Company’s overall strategy to de-risk the balance sheet. The new ABL has no leverage-based or financial-based covenants and offers reduced liquidity requirements as compared to the prior RCF, thereby enhancing the Company’s flexibility. 

Discussion of Third Quarter 2019 Results

Sales

Sales for Q3 2019 were $381.7 million, a decrease of 6.8% compared to $409.5 million in Q2 2019. For Q3 2019, total shipments were down 3.8% and the average selling price was down 3.5% compared with Q2 2019.

                      
  Quarter Ended Quarter Ended   Quarter Ended   Nine Months Ended Nine Months Ended  
  September 30, 2019 June 30, 2019 Change September 30, 2018 Change September 30, 2019 September 30, 2018 Change
Shipments in metric tons:                     
Silicon Metal   60,225   54,084 11.4%   81,686 -26.3%   176,578   259,214 -31.9%
Silicon-based Alloys   69,879   79,264 -11.8%   75,964 -8.0%   230,944   230,506 0.2%
Manganese-based Alloys   93,996   99,555 -5.6%   98,280 -4.4%   297,221   276,913 7.3%
Total shipments*   224,100   232,903 -3.8%   255,930 -12.4%   704,743   766,633 -8.1%
                      
Average selling price ($/MT):                     
Silicon Metal $ 2,175 $ 2,320 -6.3% $ 2,636 -17.5% $ 2,284 $ 2,726 -16.2%
Silicon-based Alloys $ 1,490 $ 1,572 -5.2% $ 1,802 -17.3% $ 1,582 $ 1,889 -16.3%
Manganese-based Alloys $ 1,140 $ 1,188 -4.0% $ 1,211 -5.9% $ 1,167 $ 1,289 -9.5%
Total* $ 1,527 $ 1,582 -3.5% $ 1,841 -17.1% $ 1,583 $ 1,955 -19.0%
                      
Average selling price ($/lb.):                     
Silicon Metal $ 0.99 $ 1.05 -6.3% $ 1.20 -17.5% $ 1.04 $ 1.24 -16.2%
Silicon-based Alloys $ 0.68 $ 0.71 -5.2% $ 0.82 -17.3% $ 0.72 $ 0.86 -16.3%
Manganese-based Alloys $ 0.52 $ 0.54 -4.0% $ 0.55 -5.9% $ 0.53 $ 0.58 -9.5%
Total* $ 0.69 $ 0.72 -3.5% $ 0.84 -17.1% $ 0.72 $ 0.89 -19.0%

* Excludes by-products and other

Sales Prices & Volumes By Product

During Q3 2019, total product average selling prices decreased by 3.5% versus Q2 2019. Q3 average selling prices of silicon metal decreased 6.3%, silicon-based alloys decreased 5.2%, and manganese-based alloys decreased 4.0%. Sales volumes in Q3 declined by 3.8% versus the prior quarter.  Q3 sales volumes of silicon metal increased 11.4%, silicon-based alloys decreased 11.8%, and manganese-based alloys decreased 5.6% versus Q2 2019.

Cost of Sales

Cost of sales was $277.7 million in Q3 2019, a decrease from $292.4 million in the prior quarter. Cost of sales as a percentage of sales increased to 72.8% in Q3 2019 versus 71.4% for Q2 2019.

Other Operating Expenses

Other operating expenses was $50.1 million in Q3 2019, a decrease from $62.9 million in the prior quarter, primarily due to contract termination costs incurred in Q2 2019 related to the solar joint venture. 

Net Loss Attributable to the Parent

In Q3 2019, net loss attributable to the Parent was $140.5 million, or $(0.83) per diluted share, compared to a net loss attributable to the Parent of $40.8 million, or $(0.24) per diluted share in Q2 2019.

Adjusted EBITDA

In Q3 2019, adjusted EBITDA was $(7.2) million, or -1.9% of sales, compared to adjusted EBITDA of $5.0 million, or 1.2% of sales in Q2 2019.

Conference Call

Ferroglobe management will review the third quarter results of 2019 during a conference call at 9:00 a.m. Eastern Time on December 3, 2019.

The dial-in number for participants in the United States is 877‑293‑5491 (conference ID 5768864). International callers should dial +1 914‑495‑8526 (conference ID 5768864). 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/8nkuu92x.

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


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 Nine Months Ended Nine Months Ended
  September 30, 2019 June 30, 2019 September 30, 2018* September 30, 2019 September 30, 2018*
Sales $ 381,745  $ 409,479  $ 524,407  $ 1,238,615  $ 1,650,950 
Cost of sales   (277,692)   (292,432)   (334,340)   (899,492)   (998,629)
Other operating income   13,215    14,530    5,630    41,766    20,925 
Staff costs   (72,536)   (74,852)   (88,134)   (221,651)   (258,206)
Other operating expense   (50,060)   (62,924)   (63,920)   (166,901)   (207,223)
Depreciation and amortization charges, operating allowances and write-downs   (29,591)   (30,204)   (29,587)   (90,165)   (85,492)
Bargain purchase gain   —    —    —    —    44,633 
Other (loss) gain   (3,774)   275    221    (3,896)   2,936 
Operating (loss) profit before impairment losses   (38,693)   (36,128)   14,277    (101,724)   169,894 
Impairment losses   (174,018)   (1,195)   —    (175,353)   — 
Operating (loss) profit   (212,711)   (37,323)   14,277    (277,077)   169,894 
Net finance expense   (16,491)   (15,047)   (12,992)   (45,361)   (38,292)
Financial derivatives (loss) gain   2,913    (295)   388    3,882    1,455 
Exchange differences   (5,083)   5,080    (3,071)   (1,482)   (11,050)
(Loss) profit before tax   (231,372)   (47,585)   (1,398)   (320,038)   122,007 
Income tax benefit (expense)   14,322    4,890    (663)   27,422    (28,350)
(Loss) profit for the period from continuing operations   (217,050)   (42,695)   (2,061)   (292,616)   93,657 
Profit (loss) for the period from discontinued operations   76,911    (963)   (855)   80,265    5,071 
(Loss) profit for the period   (140,139)   (43,658)   (2,916)   (212,351)   98,728 
Loss attributable to non-controlling interest   (385)   2,835    1,671    4,174    4,145 
(Loss) profit attributable to the parent $ (140,524) $ (40,823) $ (1,245) $ (208,177) $ 102,873 
                
                
EBITDA $ (183,120) $ (7,119) $ 43,864  $ (186,912) $ 255,386 
Adjusted EBITDA $ (7,210) $ 5,035  $ 43,864  $ 1,152  $ 206,867 
                
Weighted average shares outstanding               
Basic   169,123    169,123    171,935    169,123    171,966 
Diluted   169,123    169,123    171,935    169,123    172,104 
                
(Loss) profit per ordinary share               
Basic $ (0.83) $ (0.24) $ (0.01) $ (1.23) $ 0.60 
Diluted $ (0.83) $ (0.24) $ (0.01) $ (1.23) $ 0.60 

* 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)

           
  September 30, June 30, December 31,
  2019 2019 2018
ASSETS
Non-current assets          
Goodwill $  29,702 $ 204,089 $ 202,848
Other intangible assets    63,980   62,778   51,822
Property, plant and equipment    742,752   784,272   888,862
Other non-current financial assets    3,381   20,042   70,343
Deferred tax assets    50,214   22,915   14,589
Non-current receivables from related parties    2,178   2,276   2,288
Other non-current assets    1,780   9,746   10,486
Non-current restricted cash and cash equivalents    10,889   —   —
Total non-current assets    904,876   1,106,118   1,241,238
Current assets          
Inventories    479,866   504,527   456,970
Trade and other receivables    332,603   158,252   155,996
Current receivables from related parties    2,839   3,000   14,226
Current income tax assets    41,649   31,610   27,404
Other current financial assets    1,660   7,840   2,523
Other current assets    12,157   12,289   8,813
Cash and cash equivalents *    177,154   187,673   216,647
Assets and disposal groups classified as held for sale    8,507   97,862   —
Total current assets    1,056,435   1,003,053   882,579
Total assets $  1,961,311 $ 2,109,171 $ 2,123,817
           
EQUITY AND LIABILITIES
Equity $  664,300 $ 816,080 $ 884,372
Non-current liabilities          
Deferred income    4,061   8,108   1,434
Provisions    78,272   80,218   75,787
Bank borrowings    130,622   —   132,821
Lease liabilities    16,417   18,629   53,472
Debt instruments    343,400   342,806   341,657
Other financial liabilities    10,307   24,585   32,788
Other non-current liabilities    29,982   25,246   25,030
Deferred tax liabilities    82,192   64,520   77,379
Total non-current liabilities    695,253   564,112   740,368
Current liabilities          
Provisions    51,667   44,007   40,570
Bank borrowings    130,272   172,890   8,191
Lease liabilities    8,218   8,692   12,999
Debt instruments    2,734   10,938   10,937
Other financial liabilities    49,978   52,594   52,524
Payables to related parties    9,160   9,884   11,128
Trade and other payables    233,811   252,372   256,823
Current income tax liabilities    11,173   1,766   2,335
Other current liabilities    104,745   95,150   103,570
Liabilities associated with assets classified as held for sale    —   80,686   —
Total current liabilities    601,758   728,979   499,077
Total equity and liabilities $  1,961,311 $ 2,109,171 $ 2,123,817

* Cash and cash equivalents include current restricted cash of $42,834 at September 30, 2019 ($nil at June 30, 2019 and December 31, 2018)

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

                 
  Quarter Ended Quarter Ended Quarter Ended  Nine Months Ended Nine Months Ended
  September 30, 2019 June 30, 2019 September 30, 2018  September 30, 2019 September 30, 2018
Cash flows from operating activities:                
(Loss) profit for the period $ (140,139) $ (43,658) $ (2,916)  $ (212,351) $ 98,728 
Adjustments to reconcile net (loss) profit
to net cash used by operating activities:
                
Income tax (benefit) expense   (14,489)   (5,215)   573     (26,408)   30,543 
Depreciation and amortization charges,
operating allowances and write-downs
   29,591    31,327    30,750     92,995    89,075 
Net finance expense   20,893    16,145    13,952     51,794    41,520 
Financial derivatives loss (gain)   (2,913)   295    (388)    (3,882)   (1,455)
Exchange differences   5,083    (5,080)   3,071     1,482    11,050 
Impairment losses   174,018    1,195    —     175,353    — 
Bargain purchase gain   —    —    —     —    (44,633)
Gain on disposal of discontinued operation   (80,729)   —    —     (80,729)   — 
Share-based compensation   1,015    933    1,050     3,280    1,782 
Other adjustments   3,774    (275)   (221)    3,896    (2,936)
Changes in operating assets and liabilities                
(Increase) decrease  in inventories   5,953    (46,950)   (25,666)    (40,962)   (192,197)
(Increase) decrease in trade receivables   5,568    (32,316)   6,224     1,623    (13,546)
Increase (decrease) in trade payables   (10,693)   21,625    (21,213)    (12,035)   49,638 
Other   (59,689)   28,472    10,543     (21,430)   (32,410)
Income taxes paid   (846)   (540)   (5,257)    (3,066)   (29,425)
Interest paid   (18,713)   (3,341)   (18,400)    (40,562)   (38,658)
Net cash (used) provided by operating activities   (82,316)   (37,383)   (7,898)    (111,002)   (32,924)
Cash flows from investing activities:                
Interest and finance income received   626    486    638     1,502    2,990 
Payments due to investments:                
Acquisition of subsidiary   9,088    —    —     9,088    (20,379)
Other intangible assets   —    (50)   (149)    (184)   (3,073)
Property, plant and equipment   (6,269)   (7,128)   (25,696)    (26,845)   (78,005)
Other   —    (627)   —     (627)   (8)
Disposals:                
Disposal of subsidiaries   171,058    —    —     171,058    — 
Other non-current assets   —    —    —     —    12,734 
Other   19    1,638    947     3,416    6,861 
Net cash used by investing activities   174,522    (5,681)   (24,260)    157,408    (78,880)
Cash flows from financing activities:                
Dividends paid   —    —    (10,321)    —    (20,642)
Payment for debt issuance costs   (2,093)   —    —     (2,798)   (4,476)
Repayment of hydro leases   (55,352)   —    —     (55,352)   — 
Repayment of other financial liabilities   —    —    —     —    (33,096)
Increase/(decrease) in bank borrowings:                
Borrowings   —    39,649    25,286     71,499    245,318 
Payments   (21,038)   (18,252)   —     (60,101)   (106,514)
Proceeds from stock option exercises   —    —    —     —    240 
Other amounts paid due to financing activities   (9,324)   (7,236)   (3,067)    (22,268)   (10,702)
Payments to acquire or redeem own shares   —    —    (3,502)    —    (3,502)
Net cash provided (used) by financing activities   (87,807)   14,161    8,396     (69,020)   66,626 
Total net cash flows for the period   4,399    (28,903)   (23,762)    (22,614)   (45,178)
Beginning balance of cash and cash equivalents   188,045    216,627    155,984     216,647    184,472 
Exchange differences on cash and
cash equivalents in foreign currencies
   (4,401)   321    (551)    (5,990)   (7,623)
Ending balance of cash and cash equivalents $ 188,043  $ 188,045  $ 131,671   $ 188,043  $ 131,671 
Cash from continuing operations   177,154    187,673    131,671     177,154    131,671 
Non-current restricted cash and cash equivalents   10,889    —    —     10,889    — 
Cash held for sale   —    372    —     —    — 
Cash and restricted cash in the statement of financial position $ 188,043  $ 188,045  $ 131,671   $ 188,043  $ 131,671 

Adjusted EBITDA ($,000):

                
  Quarter Ended Quarter Ended Quarter Ended Nine Months Ended Nine Months Ended
  September 30, 2019 June 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
(Loss) profit attributable to the parent $ (140,524) $ (40,823) $ (1,245) $ (208,177) $ 102,873 
Loss (profit) for the period from discontinued operations   (76,911)   963    855    (80,265)   (5,071)
Loss attributable to non-controlling interest   385    (2,835)   (1,671)   (4,174)   (4,145)
Income tax (benefit) expense   (14,322)   (4,890)   663    (27,422)   28,350 
Net finance expense   16,491    15,047    12,992    45,361    38,292 
Financial derivatives loss (gain)   (2,913)   295    (388)   (3,882)   (1,455)
Exchange differences   5,083    (5,080)   3,071    1,482    11,050 
Depreciation and amortization charges, operating allowances and write-downs   29,591    30,204    29,587    90,165    85,492 
EBITDA   (183,120)   (7,119)   43,864    (186,912)   255,386 
Impairment   174,008    —    —    174,008    — 
Revaluation of biological assets   1,080    —    —    1,080    — 
Contract termination costs   —    9,260    —    9,260    — 
Restructuring and termination costs   —    2,894    —    2,894    — 
Loss on disposal of non-core businesses   822    —    —    822    — 
Bargain purchase gain   —    —    —    —    (44,633)
Share-based compensation   —    —    —    —    (3,886)
Adjusted EBITDA $ (7,210) $ 5,035  $ 43,864  $ 1,152  $ 206,867 

Adjusted profit attributable to Ferroglobe ($,000):

                
  Quarter Ended Quarter Ended Quarter Ended Nine Months Ended Nine Months Ended
  September 30, 2019 June 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
(Loss) profit attributable to the parent $ (140,524) $ (40,823) $ (1,245) $ (208,177) $ 102,873 
Tax rate adjustment   59,717    10,337    1,110    74,990    (10,692)
Impairment   118,325    —    —    118,325    — 
Revaluation of biological assets   734    —    —    734    — 
Contract termination costs   —    6,297    —    6,297    — 
Restructuring and termination costs   —    1,968    —    1,968    — 
Profit on disposal of non-core businesses   (54,337)   —    —    (54,337)   — 
Bargain purchase gain   —    —    —    —    (30,350)
Share-based compensation   —    —    —    —    (2,642)
Adjusted (loss) profit attributable to the parent $ (16,085) $ (22,221) $ (135) $ (60,200) $ 59,189 

Adjusted diluted profit per share:

                
  Quarter Ended Quarter Ended Quarter Ended Nine Months Ended Nine Months Ended
  September 30, 2019 June 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
Diluted (loss) profit per ordinary share $ (0.83) $ (0.24) $ (0.01) $ (1.23) $ 0.60 
Tax rate adjustment   0.35    0.06    0.01    0.44    (0.06)
Impairment   0.70    —    —    0.70    — 
Revaluation of biological assets   0.00    —    —    0.00    — 
Contract termination costs   —    0.04    —    0.04    — 
Restructuring and termination costs   —    0.01    —    0.01    — 
Loss on disposal of non-core businesses   (0.32)   —    —    (0.32)   — 
Bargain purchase gain   —    —    —    —    (0.18)
Share-based compensation   —    —    —    —    (0.02)
Adjusted diluted (loss) profit per ordinary share $ (0.10) $ (0.13) $ (0.00) $ (0.36) $ 0.34 

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Financials (USD)
Sales 2019 1 615 M - -
Net income 2019 -281 M - -
Net Debt 2019 506 M - -
P/E ratio 2019 -0,57x
Yield 2019 -
Capitalization 104 M 104 M -
EV / Sales 2018 0,31x
EV / Sales 2019 0,41x
Nbr of Employees 3 462
Free-Float 42,2%
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Managers
NameTitle
Marco Levi Chief Executive Officer & Director
Francisco Javier López Madrid Executive Chairman
Benoist Ollivier Chief Operating Officer & Deputy CEO
Beatríz García-Cos Muntańola Chief Financial Officer
Juan Villar-Mir de Fuentes Non-Executive Director
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