Last checked at 29 Mar 2019 16:16
AFARAK GROUP PLC'S PUBLISHES FINANCIAL STATEMENTS AND ANNUAL REPORT FOR 1 JANUARY - 31 DECEMBER 2018
16:00 London, 18:00 Helsinki, 29 March 2019 - 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 2018
Afarak Group announces that it has published today its Annual Report for the year ended 31 December 2018 which is available from the Company's website www.afarak.com.
The Annual Report for 2018 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 2018 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 following activities over the course of 2018.
Commenting on the Annual Report, Guy Konsbruck, CEO of Afarak, said that "2018 marked a particularly disruptive and difficult year for Afarak. The unforeseen challenges in the South African assets were exacerbated by the lower average ferrochrome benchmark prices. These factors led to the Group posting poor results when compared to the record performance for 2017. The Afarak leadership team has designed and implemented corrective measures across the business. Despite some setbacks we are balanced, resilient and ready to continue to integrate and optimise the business. We have a clear objective to ensure that Afarak returns to growth.”
Jelena Manojlovic, Chairman of Afarak added that, “In 2018, we made some encouraging progress in certain areas of our business but overall it was a tough year and our financial performance reflects the challenging operational environment. Improved commercial execution, cost discipline and technical excellence are the areas of focus for ensuring the delivery of our strategy.”
A copy of the Annual Report 2018 has been submitted to the UK's National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do.
Afarak will hold its 2018 Annual General Meeting in Helsinki on 25 June 2019.
Guy KonsbruckCEO
For additional information, please contact:
Afarak Group Plc
Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.comJean Paul Fabri, +356 9940 8746, jp.fabri@afarak.com
Financial reports and other investor information are available on the Company's website: 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 HelsinkiLondon Stock ExchangeMain media
www.afarak.com
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Afarak_AR 2018 EN