Last checked at 31 Mar 2020 17:37
AFARAK GROUP PLC'S PUBLISHES FINANCIAL STATEMENTS AND ANNUAL REPORT FOR 1 JANUARY - 31 DECEMBER 2019
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 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 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, +356 2122 1566, guy.konsbruck@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 Helsinki London Stock Exchange Main media
www.afarak.com
Attachment
AFARAK ANNUAL REPORT 2019