RESULT WARNING: AFARAK GROUP REASSESSED ITS IMPAIRMENT TEST REVIEW

RESULT WARNING: AFARAK GROUP REASSESSED ITS IMPAIRMENT TEST REVIEW




RESULT WARNING: AFARAK GROUP REASSESSED ITS IMPAIRMENT TEST REVIEW

10:00 London, 12:00 Helsinki, 1 April 2021 – Afarak Group Plc (“Afarak” or “the Company”) (LSE: AFRK, OMX: AFAGR)

RESULT WARNING: AFARAK GROUP RESSASSED ITS IMPAIRMENT TEST REVIEW

After the publication of the financial statement on 26 February 2021, the Board of directors reassessed the impairment test review deciding for an additional impairment of EUR 8.9 million on its South African mining business as reported in the Financial statements of Afarak Group plc published on 31 March 2021. In addition, a provision on a disputed tax claim amounting to EUR 0.9 million was recorded.

Helsinki, April 1, 2021

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