Ferroglobe PLC | CIK:0001639877 | 3

  • Filed: 4/30/2018
  • Entity registrant name: Ferroglobe PLC (CIK: 0001639877)
  • Generator: Merrill
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1639877/000155837018003516/0001558370-18-003516-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1639877/000155837018003516/gsm-20171231.xml
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  • ifrs-full:DisclosureOfLeasesExplanatory

    17.  Leases

    Obligations under finance leases

    Obligations under finance leases comprise the following at December 31:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2017

     

    2016

     

     

    Non-

     

     

     

     

     

    Non-

     

     

     

     

     

        

    Current

        

    Current

        

    Total

        

    Current

        

    Current

        

    Total

     

     

    US$'000

     

    US$'000

     

    US$'000

     

    US$'000

     

    US$'000

     

    US$'000

    Hydroelectrical installations (including power lines and concessions)

     

    68,088

     

    12,551

     

    80,639

     

     —

     

     —

     

     —

    Other finance leases

     

    1,625

     

    369

     

    1,994

     

    3,385

     

    1,852

     

    5,237

    Total

     

    69,713

     

    12,920

     

    82,633

     

    3,385

     

    1,852

     

    5,237

     

    The Company’s most significant finance lease relates to its rights to use certain hydroelectrical installations. As of December 31, 2016, the Company has a non-current and current balance of $70,876 thousand and $10,507 thousand, respectively, related to its Spanish hydroelectrical installations.  The Company signed an agreement for the sale of its Spanish Energy business on December 12, 2016 and as of December 31, 2016, these financial lease obligations were recognized in the account “Liabilities associated with assets held for sale - obligations under financial leases” (see Note 29). Subsequently, the Company did not receive the necessary regulatory approvals for the sale and the financial lease obligations of the Company’s Spanish Energy business are recognized in “Obligations under finance leases” as of December 31, 2017.

    The detail, by maturity, of the non-current payment obligations under finance leases as of December 31, 2017 is as follows:

     

     

     

     

     

     

     

     

     

     

     

     

        

    2019

        

    2020

        

    2021

        

    2022

        

    Total

     

     

    US$'000

     

    US$'000

     

    US$'000

     

    US$'000

     

    US$'000

    Hydroelectrical installations (including power lines and concessions)

     

    13,173

     

    13,824

     

    14,506

     

    26,585

     

    68,088

    Other finance leases

     

    467

     

    446

     

    471

     

    241

     

    1,625

    Total

     

    13,640

     

    14,270

     

    14,977

     

    26,826

     

    69,713

     

    Operating leases

    The Company also enters into operating leases, the most significant of which relates to the Company’s office leases. Expenses associated with operating leases are recorded in Other Operating Expenses in the consolidated income statement, and the minimum lease payments on operating leases at December 31, are as follows:

     

     

     

     

     

     

        

    2017

        

    2016

     

     

    US$'000

     

    US$'000

    Within one year

     

    2,361

     

    1,788

    Between one and five years

     

    6,557

     

    5,555

    After five years

     

    3,789

     

    2,315

    Total

     

    12,707

     

    9,658