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Ferroglobe Reports Third Quarter Results of 2019

/EIN News/ -- 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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