AFARAK GROUP PLC - SALE OF SAW MILL EQUIPMENT P...

5 January 2016 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, OMX: AFAGR)

AFARAK GROUP PLC - SALE OF SAW MILL EQUIPMENT POSITIVELY EFFECTS Q4 PROFIT FOR THE PERIOD

Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, OMX: AFAGR) refers to its announcement from 2nd January 2015 regarding the sale of saw mill equipment and announces that it has concluded further agreements for the sale of parts of the saw mill equipment, acquired by the Company in 2008.

 

The agreements have been signed in December 2015. Payments received in 2015 amount to EUR 660,000 with the remaining balances to be paid in instalments during Q1 and Q2 of 2016. The sales will be completed by 30th April 2016. The total cash inflow from this transaction will be EUR 1,640,000.

 

The transaction from discontinued operation positively affects the Q4/2015 profit for the period by EUR 782,286, resulting partly from the release of provision, but does not have an effect on EBITDA or EBIT and consequently the outlook of the Company remains unchanged.

AFARAK GROUP PLC
Alistair Ruiters
CEO

For additional information, please contact:

Afarak Group Plc
Alistair Ruiters, CEO, [phone], [e-mail]
Melvin Grima, Finance Director, [phone], [e-mail]

Financial reports and other investor information are available on the Company's website: www.afarak.com.

Afarak Group is a chrome mining and minerals 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

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Afarak Group via Globenewswire

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