Sales of $583 Million; Net Profit of $66 Million, Adjusted EBITDA of $86 Million
- Sales of $583.0 million, an increase of 4.0% from $560.7 million in Q1 2018
- Net profit of $66.0 million, or $0.39 on a fully diluted per share basis, a 85.4% increase from a net profit of $35.6 million, or $0.21 per share, in the prior quarter. Adjusted net profit of $25.7 million, or $0.14 on a fully diluted per share basis, a 22.9% decrease compared to adjusted net profit of $33.3 million, or $0.19 on a fully diluted per share basis, in the prior quarter
- Reported EBITDA of $130.9 million, an increase of 40.0% compared to reported EBITDA of $93.5 million in Q1 2018
- Adjusted EBITDA of $86.3 million, a decrease of 3.7% compared to $89.6 million adjusted EBITDA in Q1 2018.
LONDON, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM) (“Ferroglobe” or the “Company”), the world’s leading producer of silicon metal, and a leading silicon-and manganese-based specialty alloys producer, today announced results for the second quarter of 2018.
In Q2 2018, Ferroglobe posted a net profit of $66.0 million, or $0.39 per share on a fully diluted basis. On an adjusted basis, Q2 2018 net profit was $25.7 million, or $0.14 per share on a fully diluted basis.
Q2 2018 reported EBITDA was $130.9 million, up from $93.5 million in the prior quarter. On an adjusted basis, Q2 2018 EBITDA was $86.3 million, down 3.7% from Q1 2018 adjusted EBITDA of $89.6 million. The Company reported adjusted EBITDA margin of 14.8% for Q2 2018, compared to adjusted EBITDA margin of 16.0% for Q1 2018. Year-to-date (H1 2018) adjusted EBITDA was $175.9 million, up 135% from the same period in 2017.
The differences between reported and adjusted figures derive from the bargain purchase gain that has been recorded as a result of the Company’s acquisition of manganese alloys plants at Mo I Rana, Norway and Dunkirk, France.
During the second quarter, cash flow used for operations was $4.6 million, with working capital increasing by $70.0 million during the period. As a consequence, net debt was $475.3 million as of June 30, 2018, up from $449.3 million as of March 31, 2018.
Sales in Q2 2018 totaled $583.0 million, up 4.0% from $560.7 million in Q1 2018. During Q2 2018, the average selling prices for:
- Silicon metal increased by 0.4% to $2,773/MT in Q2 2018, as compared to $2,762/MT in Q1 2018;
- Silicon-based alloys decreased by 2.4% to $1,908/MT in Q2 2018, as compared to $1,956/MT in Q1 2018; and
- Manganese-based alloys decreased by 5.2% to $1,304/MT in Q2 2018, as compared to $1,375/MT in Q1 2018.
While sales volumes of:
- Silicon metal experienced a 6.2% decrease quarter-over-quarter,
- Silicon-based alloys experienced a 2.5% increase quarter-over-quarter, and
- Manganese-based alloys experienced a 51.0% increase quarter-over-quarter.
| Quarter Ended | Quarter Ended | Quarter Ended | Six Months Ended | Six Months Ended | |||||||||||
| June 30, 2018 | March 31, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | |||||||||||
| Shipments in metric tons: | |||||||||||||||
| Silicon Metal | 85,913 | 91,615 | 82,881 | 177,528 | 158,634 | ||||||||||
| Silicon-based Alloys | 78,214 | 76,328 | 70,913 | 154,542 | 146,299 | ||||||||||
| Manganese-based Alloys | 107,457 | 71,176 | 64,403 | 178,633 | 128,103 | ||||||||||
| Total shipments* | 271,584 | 239,119 | 218,197 | 510,703 | 433,036 | ||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | Six Months Ended | Six Months Ended | |||||||||||
| June 30, 2018 | March 31, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | |||||||||||
| Average selling price ($/MT): | |||||||||||||||
| Silicon Metal | $ | 2,773 | $ | 2,762 | $ | 2,210 | $ | 2,767 | $ | 2,148 | |||||
| Silicon-based Alloys | $ | 1,908 | $ | 1,956 | $ | 1,586 | $ | 1,932 | $ | 1,528 | |||||
| Manganese-based Alloys | $ | 1,304 | $ | 1,375 | $ | 1,308 | $ | 1,332 | $ | 1,303 | |||||
| Total* | $ | 1,943 | $ | 2,092 | $ | 1,741 | $ | 2,013 | $ | 1,688 | |||||
| Quarter Ended | Quarter Ended | Quarter Ended | Six Months Ended | Six Months Ended | |||||||||||
| June 30, 2018 | March 31, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | |||||||||||
| Average selling price ($/lb.): | |||||||||||||||
| Silicon Metal | $ | 1.26 | $ | 1.25 | $ | 1.00 | $ | 1.26 | $ | 0.97 | |||||
| Silicon-based Alloys | $ | 0.87 | $ | 0.89 | $ | 0.72 | $ | 0.88 | $ | 0.69 | |||||
| Manganese-based Alloys | $ | 0.59 | $ | 0.62 | $ | 0.59 | $ | 0.60 | $ | 0.59 | |||||
| Total* | $ | 0.88 | $ | 0.95 | $ | 0.79 | $ | 0.91 | $ | 0.77 | |||||
* Excludes by-products and other
“This was a solid quarter for Ferroglobe, culminating a first half of the year which confirms the improved fundamentals of our business and validates the positive momentum in the markets we are serving,” said Pedro Larrea, CEO of Ferroglobe. “In the year to date we have significantly increased volumes and selling prices and our EBITDA has more than doubled compared with the same period last year. The steel industries in North America and Europe - the main end markets for most of our alloys - are experiencing strong demand and high capacity utilizations in the wake of recent trade protection measures. Prices of our products have remained broadly stable overall, and current supply/demand dynamics in our industry should support continued healthy pricing.”
Cash flow generation impacted by acquisition related working capital
During the second quarter, cash flows used for operations was $4.6 million, the main driver being a working capital increase of $70.0 million during Q2 2018. Approximately half of that increase is from the recently acquired manganese-alloy plants that have built their operating working capital, with a further increase from seasonally high raw materials and finished products inventories in the rest of our operations.
Ferroglobe’s net debt was $475.3 million as of June 30, 2018, up from $449.3 million as of March 31, 2018. The increase in net debt is mainly due to the $70 million working capital increase noted above. Excluding the acquisition impact of the manganese-alloy plants, net debt has decreased by $1.6 million as compared with December 31, 2017.
“We continue to be focused on cash generation and deleveraging the balance sheet,” said Phillip Murnane, Ferroglobe’s CFO. “Although the first half of the year has required meaningful cash investment in working capital for the new manganese assets, we have a rigorous cash generation initiative in place that will provide significant cash flow release in the second half of the year.”
The Company has declared an interim dividend
Ferroglobe’s Board of Directors has declared an interim dividend of $0.06 per share, further reflecting its confidence in the underlying strength of Ferroglobe’s business and long-term outlook. The dividend will have a record date of September 5, 2018 and a payment date of September 20, 2018.
Adjusted EBITDA:
| Quarter Ended | Quarter Ended | Quarter Ended | Six Months Ended | Six Months Ended | ||||||||||||||||
| June 30, 2018 | March 31, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||||||
| Profit (loss) attributable to the parent | $ | 67,438 | $ | 36,680 | $ | 2,859 | $ | 104,118 | $ | (3,695 | ) | |||||||||
| Loss attributable to non-controlling interest | (1,408 | ) | (1,066 | ) | (1,859 | ) | (2,474 | ) | (3,420 | ) | ||||||||||
| Income tax expense (benefit) | 14,302 | 15,668 | (1,949 | ) | 29,970 | (3,163 | ) | |||||||||||||
| Net finance expense | 14,412 | 13,156 | 14,547 | 27,568 | 27,517 | |||||||||||||||
| Financial derivatives (gain) loss | (2,832 | ) | 1,765 | 4,071 | (1,067 | ) | 4,071 | |||||||||||||
| Exchange differences | 8,708 | (729 | ) | (7,263 | ) | 7,979 | (7,243 | ) | ||||||||||||
| Depreciation and amortization charges, operating allowances and write-downs | 30,309 | 28,016 | 26,401 | 58,325 | 53,623 | |||||||||||||||
| EBITDA | 130,929 | 93,490 | 36,807 | 224,419 | 67,690 | |||||||||||||||
| Non-controlling interest settlement | — | — | 1,751 | — | 1,751 | |||||||||||||||
| Power credit | — | — | (3,696 | ) | — | (3,696 | ) | |||||||||||||
| Long lived asset charge due to reclassification of discontinued operations to continuing operations | — | — | 2,608 | — | 2,608 | |||||||||||||||
| Accrual of contingent liabilities | — | — | 6,400 | — | 6,400 | |||||||||||||||
| Bargain purchase gain | (44,633 | ) | — | — | (44,633 | ) | — | |||||||||||||
| Share-based compensation | — | (3,886 | ) | — | (3,886 | ) | — | |||||||||||||
| Adjusted EBITDA | $ | 86,296 | $ | 89,604 | $ | 43,870 | $ | 175,900 | $ | 74,753 | ||||||||||
Adjusted profit attributable to Ferroglobe:
| Quarter Ended | Quarter Ended | Quarter Ended | Six Months Ended | Six Months Ended | ||||||||||||||||
| June 30, 2018 | March 31, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||||||
| Profit (loss) attributable to the parent | $ | 67,438 | $ | 36,680 | $ | 2,859 | 104,118 | $ | (3,695 | ) | ||||||||||
| Tax rate adjustment | (11,404 | ) | (742 | ) | (1,645 | ) | (12,146 | ) | 126 | |||||||||||
| Non-controlling interest settlement | — | — | 1,191 | — | 1,191 | |||||||||||||||
| Power credit | — | — | (2,513 | ) | — | (2,513 | ) | |||||||||||||
| Long lived asset charge due to reclassification of discontinued operations to continuing operations | — | — | 1,773 | — | 1,773 | |||||||||||||||
| Accrual of contingent liabilities | — | — | 4,352 | — | 4,352 | |||||||||||||||
| Bargain purchase gain | (30,350 | ) | — | — | (30,350 | ) | — | |||||||||||||
| Share-based compensation | — | (2,642 | ) | — | (2,642 | ) | — | |||||||||||||
| Adjusted profit attributable to the parent | $ | 25,684 | $ | 33,296 | $ | 6,017 | 58,980 | $ | 1,234 | |||||||||||
Adjusted diluted profit per share:
| Quarter Ended | Quarter Ended | Quarter Ended | Six Months Ended | Six Months Ended | ||||||||||||||||
| June 30, 2018 | March 31, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||||||
| Diluted profit (loss) per ordinary share | $ | 0.39 | $ | 0.21 | $ | 0.02 | $ | 0.60 | $ | (0.02 | ) | |||||||||
| Tax rate adjustment | (0.07 | ) | — | (0.01 | ) | (0.07 | ) | — | ||||||||||||
| Non-controlling interest settlement | — | — | 0.01 | — | 0.01 | |||||||||||||||
| Power credit | — | — | (0.01 | ) | — | (0.01 | ) | |||||||||||||
| Long lived asset charge due to reclassification of discontinued operations to continuing operations | — | — | 0.01 | — | 0.01 | |||||||||||||||
| Accrual of contingent liabilities | — | — | 0.03 | — | 0.03 | |||||||||||||||
| Bargain purchase gain | (0.18 | ) | — | — | (0.18 | ) | — | |||||||||||||
| Share-based compensation | — | (0.02 | ) | — | (0.02 | ) | — | |||||||||||||
| Adjusted diluted profit per ordinary share | $ | 0.14 | $ | 0.19 | $ | 0.05 | $ | 0.33 | $ | 0.02 | ||||||||||
Conference Call
Ferroglobe management will review the second quarter results of 2018 during a conference call at 9 a.m. Eastern Time on Wednesday, August 22, 2018.
The dial-in number for participants in the United States is 877‑293‑5491 (conference ID 6293829). International callers should dial +1 914‑495‑8526 (conference ID 6293829). 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/5bqj5wmw
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 diluted profit (loss) per ordinary share and adjusted profit (loss) 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:
Phillip Murnane: +44 (0) 203 129 2265
Chief Financial Officer
Email: phillip.murnane@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 | Six Months Ended | Six Months Ended | ||||||||||||||||
| June 30, 2018 | March 31, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||||||
| Sales | $ | 582,977 | $ | 560,704 | $ | 425,810 | $ | 1,143,681 | $ | 821,847 | ||||||||||
| Cost of sales | (343,817 | ) | (320,678 | ) | (250,279 | ) | (664,495 | ) | (491,417 | ) | ||||||||||
| Other operating income | 8,511 | 6,786 | 4,008 | 15,297 | 5,637 | |||||||||||||||
| Staff costs | (88,743 | ) | (82,423 | ) | (74,168 | ) | (171,166 | ) | (140,653 | ) | ||||||||||
| Other operating expense | (75,384 | ) | (70,862 | ) | (65,009 | ) | (146,246 | ) | (125,133 | ) | ||||||||||
| Depreciation and amortization charges, operating allowances and write-downs | (30,309 | ) | (28,016 | ) | (26,401 | ) | (58,325 | ) | (53,623 | ) | ||||||||||
| Bargain purchase gain | 44,633 | — | — | 44,633 | — | |||||||||||||||
| Other gain (loss) | 2,752 | (37 | ) | (3,555 | ) | 2,715 | (2,591 | ) | ||||||||||||
| Operating profit | 100,620 | 65,474 | 10,406 | 166,094 | 14,067 | |||||||||||||||
| Net finance expense | (14,412 | ) | (13,156 | ) | (14,547 | ) | (27,568 | ) | (27,517 | ) | ||||||||||
| Financial derivatives gain (loss) | 2,832 | (1,765 | ) | (4,071 | ) | 1,067 | (4,071 | ) | ||||||||||||
| Exchange differences | (8,708 | ) | 729 | 7,263 | (7,979 | ) | 7,243 | |||||||||||||
| Profit (loss) before tax | 80,332 | 51,282 | (949 | ) | 131,614 | (10,278 | ) | |||||||||||||
| Income tax (expense) benefit | (14,302 | ) | (15,668 | ) | 1,949 | (29,970 | ) | 3,163 | ||||||||||||
| Profit (loss) for the period | 66,030 | 35,614 | 1,000 | 101,644 | (7,115 | ) | ||||||||||||||
| Loss attributable to non-controlling interest | 1,408 | 1,066 | 1,859 | 2,474 | 3,420 | |||||||||||||||
| Profit (loss) attributable to the parent | $ | 67,438 | $ | 36,680 | $ | 2,859 | $ | 104,118 | $ | (3,695 | ) | |||||||||
| EBITDA | $ | 130,929 | $ | 93,490 | $ | 36,807 | $ | 224,419 | $ | 67,690 | ||||||||||
| Adjusted EBITDA | $ | 86,296 | $ | 89,604 | $ | 43,870 | $ | 175,900 | $ | 74,753 | ||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||
| Basic | 171,987 | 171,977 | 171,947 | 171,982 | 171,947 | |||||||||||||||
| Diluted | 172,127 | 172,215 | 172,047 | 172,144 | 171,947 | |||||||||||||||
| Profit (loss) per ordinary share | ||||||||||||||||||||
| Basic | $ | 0.39 | $ | 0.21 | $ | 0.02 | $ | 0.61 | $ | (0.02 | ) | |||||||||
| Diluted | $ | 0.39 | $ | 0.21 | $ | 0.02 | $ | 0.60 | $ | (0.02 | ) | |||||||||
| Ferroglobe PLC and Subsidiaries | ||||||||||
| Unaudited Condensed Consolidated Statement of Financial Position | ||||||||||
| (in thousands of U.S. dollars) | ||||||||||
| June 30, | March 30, | December 31, | ||||||||
| 2018 | 2018 | 2017 | ||||||||
| ASSETS | ||||||||||
| Non-current assets | ||||||||||
| Goodwill | $ | 203,717 | $ | 204,537 | $ | 205,287 | ||||
| Other intangible assets | 57,897 | 61,774 | 58,658 | |||||||
| Property, plant and equipment | 947,229 | 980,101 | 917,974 | |||||||
| Non-current financial assets | 116,974 | 147,744 | 89,315 | |||||||
| Deferred tax assets | 3,972 | 6,581 | 5,273 | |||||||
| Non-current receivables from related parties | 2,332 | 2,464 | 2,400 | |||||||
| Other non-current assets | 18,887 | 32,125 | 30,059 | |||||||
| Total non-current assets | 1,351,008 | 1,435,326 | 1,308,966 | |||||||
| Current assets | ||||||||||
| Inventories | 532,574 | 493,108 | 361,231 | |||||||
| Trade and other receivables | 151,062 | 142,641 | 111,463 | |||||||
| Current receivables from related parties | 5,550 | 8,841 | 4,572 | |||||||
| Current income tax assets | 10,405 | 6,524 | 17,158 | |||||||
| Current financial assets | 854 | 897 | 2,469 | |||||||
| Other current assets | 18,283 | 16,095 | 9,926 | |||||||
| Cash and cash equivalents | 155,984 | 197,669 | 184,472 | |||||||
| Total current assets | 874,712 | 865,775 | 691,291 | |||||||
| Total assets | $ | 2,225,720 | $ | 2,301,101 | $ | 2,000,257 | ||||
| EQUITY AND LIABILITIES | ||||||||||
| Equity | $ | 1,004,125 | $ | 979,504 | $ | 937,758 | ||||
| Non-current liabilities | ||||||||||
| Deferred income | 5,387 | 7,321 | 3,172 | |||||||
| Provisions | 78,767 | 82,957 | 82,397 | |||||||
| Bank borrowings | 108,143 | 71,242 | - | |||||||
| Obligations under finance leases | 61,078 | 68,101 | 69,713 | |||||||
| Debt instruments | 340,564 | 341,036 | 339,332 | |||||||
| Other financial liabilities | 42,138 | 58,288 | 49,011 | |||||||
| Other non-current liabilities | 21,178 | 64,457 | 3,536 | |||||||
| Deferred tax liabilities | 64,689 | 64,733 | 65,142 | |||||||
| Total non-current liabilities | 721,944 | 758,135 | 612,303 | |||||||
| Current liabilities | ||||||||||
| Provisions | 22,563 | 30,162 | 33,095 | |||||||
| Bank borrowings | 1,241 | 850 | 1,003 | |||||||
| Obligations under finance leases | 13,024 | 13,478 | 12,920 | |||||||
| Debt instruments | 10,936 | 2,735 | 10,938 | |||||||
| Other financial liabilities | 54,158 | 91,243 | 88,420 | |||||||
| Payables to related parties | 17,599 | 10,671 | 12,973 | |||||||
| Trade and other payables | 276,289 | 298,438 | 192,859 | |||||||
| Current income tax liabilities | 4,210 | 5,889 | 7,419 | |||||||
| Other current liabilities | 99,631 | 109,996 | 90,569 | |||||||
| Total current liabilities | 499,651 | 563,462 | 450,196 | |||||||
| Total equity and liabilities | $ | 2,225,720 | $ | 2,301,101 | $ | 2,000,257 | ||||
| Ferroglobe PLC and Subsidiaries | |||||||||||||||||||||
| Unaudited Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||
| (in thousands of U.S. dollars) | |||||||||||||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | Six Months Ended | Six Months Ended | |||||||||||||||||
| June 30, 2018 | March 31, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | |||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||||
| Profit (loss) for the period | $ | 66,030 | $ | 35,614 | $ | 1,000 | $ | 101,644 | $ | (7,115 | ) | ||||||||||
| Adjustments to reconcile net profit (loss) to net cash (used) provided by operating activities: | |||||||||||||||||||||
| Income tax expense (benefit) | 14,302 | 15,668 | (1,949 | ) | 29,970 | (3,163 | ) | ||||||||||||||
| Depreciation and amortization charges, operating allowances and write-downs | 30,309 | 28,016 | 26,401 | 58,325 | 53,623 | ||||||||||||||||
| Net finance expense | 14,412 | 13,156 | 14,547 | 27,568 | 27,517 | ||||||||||||||||
| Financial derivatives (gain) loss | (2,832 | ) | 1,765 | 4,071 | (1,067 | ) | 4,071 | ||||||||||||||
| Exchange differences | 8,708 | (729 | ) | (7,263 | ) | 7,979 | (7,243 | ) | |||||||||||||
| Bargain purchase gain | (44,633 | ) | — | — | (44,633 | ) | — | ||||||||||||||
| Share-based compensation | 33 | 699 | — | 732 | — | ||||||||||||||||
| Other adjustments | (2,752 | ) | 37 | 3,556 | (2,715 | ) | 2,592 | ||||||||||||||
| Changes in operating assets and liabilities | |||||||||||||||||||||
| (Increase) decrease in inventories | (59,050 | ) | (107,481 | ) | (11,943 | ) | (166,531 | ) | (4,835 | ) | |||||||||||
| (Increase) decrease in trade receivables | (19,257 | ) | (513 | ) | 9,456 | (19,770 | ) | 13,221 | |||||||||||||
| Increase in trade payables | 476 | 70,375 | (8,943 | ) | 70,851 | 9,213 | |||||||||||||||
| Other | 6,817 | (49,770 | ) | (506 | ) | (42,953 | ) | (35,051 | ) | ||||||||||||
| Income taxes paid | (14,186 | ) | (9,982 | ) | (3,919 | ) | (24,168 | ) | (6,216 | ) | |||||||||||
| Interest paid | (2,957 | ) | (17,301 | ) | (4,378 | ) | (20,258 | ) | (14,107 | ) | |||||||||||
| Net cash (used) provided by operating activities | (4,580 | ) | (20,446 | ) | 20,130 | (25,026 | ) | 32,507 | |||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||||
| Payments due to investments: | |||||||||||||||||||||
| Other intangible assets | (2,221 | ) | (703 | ) | — | (2,924 | ) | (410 | ) | ||||||||||||
| Property, plant and equipment | (29,778 | ) | (22,531 | ) | (14,319 | ) | (52,309 | ) | (26,681 | ) | |||||||||||
| Other | (8 | ) | — | — | (8 | ) | (14 | ) | |||||||||||||
| Disposals: | |||||||||||||||||||||
| Other non-current assets | 12,734 | — | — | 12,734 | — | ||||||||||||||||
| Other | 1,904 | 4,010 | — | 5,914 | — | ||||||||||||||||
| Acquisition of subsidiary | — | (20,379 | ) | — | (20,379 | ) | — | ||||||||||||||
| Interest and finance income received | 2,273 | 79 | 211 | 2,352 | 564 | ||||||||||||||||
| Net cash used by investing activities | (15,096 | ) | (39,524 | ) | (14,108 | ) | (54,620 | ) | (26,541 | ) | |||||||||||
| Cash flows from financing activities: | |||||||||||||||||||||
| Dividends paid | (10,321 | ) | — | — | (10,321 | ) | — | ||||||||||||||
| Payment for debt issuance costs | — | (4,476 | ) | (3,078 | ) | (4,476 | ) | (13,555 | ) | ||||||||||||
| Repayment of other financial liabilities | (33,096 | ) | — | — | (33,096 | ) | — | ||||||||||||||
| Proceeds from debt issuance | — | — | — | — | 350,000 | ||||||||||||||||
| Increase/(decrease) in bank borrowings: | |||||||||||||||||||||
| Borrowings | 37,668 | 182,364 | 30 | 220,032 | 31,455 | ||||||||||||||||
| Payments | — | (106,514 | ) | (15,300 | ) | (106,514 | ) | (387,680 | ) | ||||||||||||
| Proceeds from stock option exercises | 240 | — | — | 240 | — | ||||||||||||||||
| Other amounts paid due to financing activities | (4,648 | ) | (2,987 | ) | (10,694 | ) | (7,635 | ) | (17,905 | ) | |||||||||||
| Net cash (used) provided by financing activities | (10,157 | ) | 68,387 | (29,042 | ) | 58,230 | (37,685 | ) | |||||||||||||
| Total net cash flows for the period | (29,833 | ) | 8,417 | (23,020 | ) | (21,416 | ) | (31,719 | ) | ||||||||||||
| Beginning balance of cash and cash equivalents | 197,669 | 184,472 | 193,031 | 184,472 | 196,982 | ||||||||||||||||
| Exchange differences on cash and cash equivalents in foreign currencies | (11,852 | ) | 4,780 | 13,550 | (7,072 | ) | 18,298 | ||||||||||||||
| Ending balance of cash and cash equivalents | $ | 155,984 | $ | 197,669 | $ | 183,561 | $ | 155,984 | $ | 183,561 | |||||||||||