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Equity (Tables) | 12 Months Ended
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Dec. 31, 2018
Equity [abstract] |
Summary of majority shareholders |
|  | Number of Shares |  | Percentage of |
Name |  | Beneficially Owned |  | Outstanding Shares (*) |
Grupo Villar Mir, S.A.U. |  | 91,125,521 |  | 53.9 | %
(*) 169,122,682 ordinary shares were outstanding at 31 December 2018, comprising 170,863,773 shares in issue less 1,174,091 shares held in treasury
The disclosure of valuation adjustments. | Valuation adjustments comprise the following at December 31:
|  | 2018 |  | 2017
|  | US$'000 |  | US$'000
Actuarial gains and losses |  | (390) |  | (2,998)
Hedging instruments and other |  | (11,169) |  | (13,801)
Total |  | (11,559) |  | (16,799)
Schedule of net financial debt | Management’s review of the Company’s capital structure includes monitoring of the leverage ratio, which was as follows at December 31:
|  | 2018 |  | 2017 |  | 2016 (***) |
|  | US$'000 |  | US$'000 |  | US$'000 |
Gross financial debt (*) |  | 645,389 |  | 571,337 |  | 514,587 |
Cash and cash equivalents |  | (216,647) |  | (184,472) |  | (196,931) |
Total net financial debt |  | 428,742 |  | 386,865 |  | 317,656 |
Total equity (**) |  | 884,372 |  | 937,758 |  | 892,042 |
Total net financial debt / total equity |  | 48.48 | % | 41.25 | % | 35.61 | %
(*) Gross financial debt comprises bank borrowings, obligations under finance leases, debt instruments and other financial liabilities. (**) Total equity comprises all capital and reserves of Company as stated in the consolidated statement of financial position. (***) At December 31, 2016, net financial debt excludes gross financial debt of $86,959 thousand and cash and cash equivalents of $51 thousand related to the Spanish energy business as these balances were classified as held for sale as at that date (see Note 29). If these balances had been included, net financial debt would have been $404,564 thousand and the net financial debt / equity ratio would have been 45.4%.
Summary of gross financial debt | The classification of the Company’s gross financial debt between non-current and current at December 31 is as follows:
|  | 2018 |  | 2017 |  | 2016 (*) |
|  | Balance |  |  |  | Balance |  |  |  | Balance |  |  |
|  | US$'000 |  | % |  | US$'000 |  | % |  | US$'000 |  | % |
Non-current gross financial debt |  | 560,738 |  | 86.88 | % | 458,056 |  | 80.17 | % | 269,325 |  | 52.34 | %
Current gross financial debt |  | 84,651 |  | 13.12 | % | 113,281 |  | 19.83 | % | 245,262 |  | 47.66 | %
Total gross financial debt |  | 645,389 |  | 100.00 | % | 571,337 |  | 100.00 | % | 514,587 |  | 100.00 | %
(*) At December 31, 2016, gross financial debt excluded $86,959 thousand related to the Spanish energy business, of which $76,452 thousand would have been presented as non-current and $10,507 thousand would have been presented as current had the business not been classified as held for sale (see Note 29). Had these balances been included, gross financial debt would have been $601,546 thousand.
Schedule of changes in non-controlling interests |
|  | Balance
|  | US$'000
Balance at January 1, 2017 |  | 125,556
Loss for the year |  | (5,144)
Dividends paid to joint venture partner |  | (7,350)
Non-controlling interest arising on the acquisition of FerroSolar Opco Group S.L. |  | 6,750
Translation differences and other |  | 1,922
Balance at December 31, 2017 |  | 121,734
Loss for the year |  | (19,088)
Increase of Parent's ownership interest in FerroAtlántica de Venezuela S.A. |  | 14,389
Translation differences and other |  | (890)
Balance at December 31, 2018 |  | 116,145
Summary of financial information for non-controlling interests |
|  | 2018 |  | 2017
|  | WVA |  | QSLP |  | WVA |  | QSLP
|  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000
Statement of Financial Position |  |  |  |  |  |  |  |
Non-current assets |  | 84,864 |  | 62,725 |  | 88,532 |  | 68,521
Current assets |  | 59,957 |  | 42,125 |  | 45,269 |  | 33,076
Non-current liabilities |  | 14,677 |  | 15,406 |  | 14,678 |  | 14,213
Current liabilities |  | 38,060 |  | 24,356 |  | 36,359 |  | 18,346
Income Statement |  |  |  |  |  |  |  |
Sales |  | 168,041 |  | 108,764 |  | 161,014 |  | 97,697
Operating profit |  | 6,319 |  | 2,284 |  | 5,947 |  | 467
Profit before taxes |  | 6,319 |  | 979 |  | 5,947 |  | 122
Net (loss) income |  | (6,458) |  | 478 |  | 14,678 |  | 42
Cash Flow Statement |  |  |  |  |  |  |  |
Cash flows from operating activities |  | 10,025 |  | 4,317 |  | 16,017 |  | 7,076
Cash flows from investing activities |  | (3,830) |  | (4,980) |  | (2,193) |  | (5,422)
Cash flows from financing activities |  | — |  | — |  | (15,000) |  | (2)
Exchange differences on cash and cash equivalents in foreign currencies |  | — |  | (32) |  | — |  | 68
Beginning balance of cash and cash equivalents |  | 340 |  | 2,462 |  | 1,516 |  | 742
Ending balance of cash and cash equivalents |  | 6,535 |  | 1,767 |  | 340 |  | 2,462

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