Afarak Group Plc Afarak Group Plc's Publishes Financial Statements And Annual Report For 1 January - 31 December 2019

 
TIDMAFAGR 
 
 
   17:30 London, 19:30 Helsinki, 31 March 2020 - Afarak Group Plc ("Afarak" 
or "the Company") (LSE: AFRK, OMX: AFAGR) Annual Financial Report 
 
   AFARAK GROUP PLC'S PUBLISHES FINANCIAL STATEMENTS AND ANNUAL REPORT FOR 
1 JANUARY - 31 DECEMBER 2019 
 
   Afarak Group announces that it has published today its Annual Report for 
the year ended 31 December 2019 which is available from the Company's 
website 
https://www.globenewswire.com/Tracker?data=__IesXOeG-hui6S7JCAstKGeXwcN7oLBeBCBBvROEYDc_KYNEpF2t2AqKtU9l1qurgUgqYVi-T0ZPNjxDTqSQQ== 
www.afarak.com. 
 
   The Annual Report for 2019 includes a detailed Strategic Review which 
analysis the Company's operational and financial performance, risk 
management and a sustainability review with a focus on the initiatives 
undertaken with respect to health & safety, host communities and the 
environment.  A Governance Review highlighting the Board's work during 
2019 and initiatives related to Corporate Governance is also included. 
The Annual Report also includes an updated Resources and Reserves 
Statement for the Company's mining assets in South Africa and Turkey 
following activities over the course of 2019. 
 
   Commenting on the Annual Report, Guy Konsbruck, CEO of Afarak, said that 
"2019 was a bad year for the complete Ferro-Chrome industry, 
particularly so, in South Africa. Whereas our Specialty segment 
performed very well, and our implemented resilience strategies worked 
out to  counterbalance falling market prices, our ferro-chrome segment 
has been struggling. Benchmark falling quarter by quarter, unfavorable 
Rand/$ exchange rates, very expensive energy and continuous disruptions 
of energy supply made it very difficult to operate in South Africa. 
Afarak, as the smallest of the remaining producers resisted better than 
others, but heavy losses have been incurred, in spite of huge cost 
cutting efforts, including lay-offs and capacity reductions. We have 
temporarily discontinued mining operations in all mines. Some sites like 
Stellite and Zeerust continue to treat tailings, and/or toll-treat for 
third parties." 
 
   A copy of the Annual Report 2019 has been submitted to the UK's National 
Storage Mechanism and will shortly be available for inspection at 
https://www.globenewswire.com/Tracker?data=__IesXOeG-hui6S7JCAstPKAGqLy-CZECA9hlT3pMoI6E75A8YcASHeZXA4AqlQAwxEC8rYYP6ReGYPyB1GPmg5QEqasJTdrunlPKf5hqkkvV7O5VBrBrhKWrqGGZpfCEeSdylMBfz_q8DZ11EUpr6ymXNyA5kRHziqG-u0MkSSoQAzxkqTUmDLaQhLTXEV-SwEj17nIc27ub2uzGWCR6pyW6_rv7EaaXOelY6N74I3ri9hi_NI-g817s3r_RxzjnyrIBtA58INCYuAFsTQoXA== 
www.hemscott.com/nsm.do. 
 
   Afarak will hold its 2020 Annual General Meeting in Helsinki on within 
the time stipulated in the Finnish Companies Act. 
 
   Guy Konsbruck 
 
   CEO 
 
   For additional information, please contact: 
 
   Afarak Group Plc 
 
   Guy Konsbruck, CEO, [phone], 
https://www.globenewswire.com/Tracker?data=GEz6u5f9Mp-jgIsQ_1H4xrGteHhJW3isOkJ8h5KkgDBgpCaD-kHZP9ahoVUJ0LnkRYHZFZbc_siLYC8jAB3W0bLiRnqwOPLT-yoytdbSqQ5BkTAfRCz8nQQ3-CuWxGIt 
[e-mail] 
 
 
 
   Financial reports and other investor information are available on the 
Company's website: 
https://www.globenewswire.com/Tracker?data=__IesXOeG-hui6S7JCAstHKl-s3O4sHCT4VFVzs_ffWhePF1E4vKBNtIHKuAtGtAx_ZqE6M9nW6qM3w18KLbUw== 
www.afarak.com. 
 
   Afarak Group is a specialist alloy producer focused on delivering 
sustainable growth with a Speciality Alloys business in southern Europe 
and a FerroAlloys business in South Africa. The Company is listed on 
NASDAQ Helsinki (AFAGR) and the Main Market of the London Stock Exchange 
(AFRK). 
 
   Distribution: 
 
   NASDAQ Helsinki 
 
   London Stock Exchange 
 
   Main media 
 
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www.afarak.com 
 
   Attachment 
 
 
   -- AFARAK ANNUAL REPORT 2019 
      https://ml-eu.globenewswire.com/Resource/Download/5cfa50ca-7073-40d9-a9da-2686b3b4984d 
 
 
 
 
 
 
 

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March 31, 2020 12:38 ET (16:38 GMT)

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