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AFRK Afarak Group Se

20.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Afarak Group Se LSE:AFRK London Ordinary Share FI0009800098 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 20.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Offices-holdng Companies,nec 201.34M 47.72M 0.1937 1.03 49.27M

Afarak Group Plc Additional Information Related To Quarterly Report

17/05/2017 3:05pm

UK Regulatory


 
TIDMAFAGR 
 
 
   15:00 London, 17:00 Helsinki, 17 May 2017 - Afarak Group Plc ("Afarak" 
or "the Company") (LSE: AFRK, NASDAQ: AFAGR) 
 
   ADDITIONAL INFORMATION RELATED TO QUARTERLY REPORT 
 
   The company wishes to make available to all shareholders certain 
clarifications discussed and/or requested during the investor call, 
relating to the first quarter results (published on May 12, 2017) and 
with respect to: 1) currency movements that were being accounted for in 
equity and moved to the income statement; and, 2) tax charge. 
 
   1.     Currency movements 
 
   The Company is simplifying and improving its corporate structures and 
its balance sheet making it also more transparent in order to pursue 
further investments in the development of its mining operations in South 
Africa. This restructuring included the repayment of the internal loans 
originated back in 2010 and 2011, with the foreign exchange difference 
arising from the time differences in South African rand against hard 
currencies, calculated between the origination and repayment dates. This 
cumulative unrealised exchange difference has been recorded in the 
"Other Comprehensive Income" and "Translation reserve" in equity. 
Following IFRS, when realised the accumulated exchange loss of EUR 3.2 
million is recognised as a finance cost in the "Income Statement", and 
the corresponding offsetting reduction in the "Translation Reserve" is 
recognised within the change in the Translation Reserve in "Other 
Comprehensive Income". This realised exchange difference and the 
offsetting positive movement in the Translation difference, has no net 
impact on the shareholders equity and, as a result, the Group's total 
comprehensive income is EUR 8.3 million. 
 
   2.     Tax charge 
 
   The reported tax charge of EUR 2.7 million during the first quarter was 
higher than usual on the back of the significantly improved result 
achieved during the period. The tax charge also included a one-off 
write-off of deferred tax asset amounting to EUR 1.1 million on foreign 
exchange difference on the historical intragroup loans that are unlikely 
to be utilised in the taxation of the relevant subsidiary in the short 
to medium term. The effective tax rate when excluding the write-off was 
23.2%. The reported tax charge is provisional for the period and will 
fluctuate going forward, depending on Company's profitability in the 
coming quarters. 
 
   The necessary charges and currency movements, due to compliance with 
IFRS, have also not influenced the proposed capital redemption of EUR 
0.02, which is reflective of strong operating cash flows, rather than 
the declared bottom line profit figure, affected by these book entries. 
 
   Further the Company wishes to inform that the Capital redemption 
proposed to the AGM will be paid, if accepted, on 9 June and not on 10 
June as previously communicated. 
 
   Guy Konsbruck 
 
   CEO 
 
   Afarak Group plc 
 
   www.afarak.com 
 
   For additional information, please contact: 
 
   Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.com 
 
   Predrag Kovacevic, CFO, +356 2122 1566, pedja.kovacevic@afarak.com 
 
   Melvin Grima, Finance Director, +356 2122 1566, melvin.grima@afarak.com 
 
   Jean Paul Fabri, PR Manager, +356 2122 1566, jp.fabri@afarak.com 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Afarak Group via Globenewswire 
 
 
  http://www.afarakgroup.com 
 

(END) Dow Jones Newswires

May 17, 2017 10:05 ET (14:05 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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