AFARAK PUBLISHES AUDITOR’S REPORT

17:30 London, 19:30 Helsinki, 31 March 2020 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)

AFARAK PUBLISHES AUDITOR’S REPORT

Stock Exchange Release

The Auditor of Afarak Group has today issued the following Auditor’s Report for the financial period 1 January - 31 December 2019.

The opinion of the Auditor’s Report is as follows:

“Opinion

We have audited the financial statements of Afarak Group Plc (business identity code 0618181-8) for the year ended 31 December, 2019. The financial statements comprise the consolidated balance sheet, income statement, statement of comprehensive income, statement of changes in equity, statement of cash flows and notes, including a summary of significant accounting policies, as well as the parent company’s balance sheet, income statement, statement of cash flows and notes.

In our opinion

• the consolidated financial statements give a true and fair view of the group’s financial position as well as its financial performance and its cash flows in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.
• the financial statements give a true and fair view of the parent company’s financial performance and financial position in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements.

Our opinion is consistent with the additional report submitted to the Audit Committee. “

The following is also represented in the Auditor´s Report:

“Material Uncertainty Related to Going Concern

We want to draw attention to the note “Going concern” in the financial statements in which the management describes the uncertainties related to the group’s operations and funding facilities. These matters indicate a material uncertainty relating to the company’s ability to continue as going concern. Our opinion is not modified in respect of this matter.”

Helsinki, March 31, 2020

AFARAK GROUP PLC

Board of Directors

For additional information, please contact:

Afarak Group Plc

Guy Konsbruck, CEO, [phone], [e-mail]

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

• 2019 Afarak tilintarkastuskertomus ENG 31.3._FINAL