AFARAK GROUP: Q4 EBITDA WEAKER THAN EXPECTED

26 Feb 2020 15:51

16:00 London, 18:00 Helsinki, 26 February 2020 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)

AFARAK GROUP: Q4 EBITDA WEAKER THAN EXPECTED

Stock Exchange Release

Afarak Group Plc´s ("Afarak" or the "Company") wishes to inform that, due to further worsening market conditions for Mogale, the Q4 result will show a higher than expected loss.

Accordingly, the Company expects that EBITDA for the fourth quarter will be approximately EUR -6.4 million.

The Mogale smelter impairment assessment has been updated for the financial year closing in accordance of current market conditions and resulted in a further write-down of EUR 7.4 million.

All other business units have also been tested and no indication for the necessity of an asset write-down has been identified.

Helsinki, February 26, 2020

AFARAK GROUP PLC

Board of Directors

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