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Afarak Group Earnings Release 2019
3302_rns_2020-02-26_c8bd5c52-c8c0-4a3f-a008-d1fa1130921b.html
Earnings Release
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AFARAK GROUP: Q4 EBITDA WEAKER THAN EXPECTED
AFARAK GROUP: Q4 EBITDA WEAKER THAN EXPECTED
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, [email protected]
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
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