AFARAK GROUP SE

FINANCIAL STATEMENTS RELEASE 2023

09:45 London, 11:45 Helsinki, 23 February 2024 - Afarak Group SE ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)

FINANCIAL STATEMENTS RELEASE 2023

		H2/23	H2/22	FY2023	FY2022
Revenue	EUR million	58.3	106.6	153.7	198.7
EBITDA	EUR million	1.5	29.2	16.6	53.7
EBIT	EUR million	0.6	28.2	15.0	52.3
Earnings before taxes	EUR million	-0.2	26.6	12.0	49.2
Profit from continuing operations	EUR million	-0.5	23.5	10.0	44.7
Profit from discontinued operations	EUR million	0.0	0.0	0.0	2.9
Profit for the period	EUR million	-0.5	23.5	10.0	47.6
Earnings per share	EUR	0.00	0.09	0.04	0.19
EBITDA margin	%	2.5	27.4	10.8	27.1
EBIT margin	%	1.2	26.5	9.8	26.3
Earnings margin	%	-0.3	24.9	7.8	24.8
Personnel (end of period)		595	600	595	600

SECOND HALF 2023 HIGHLIGHTS

• Revenue for the second half of 2023 decreased to EUR 58.3 (H2/2022: 106.6) million;
• Speciality Alloys processed material sold decreased by 23.5%, to 7,854 (H2/2022: 10,880) tonnes;
• Tonnage mined increased significantly by 86.2%, to 173,629 (H2/2022: 93,253) tonnes;
• Group’s EBITDA decreased to EUR 1.5 (H2/2022: 29.2) million and the EBITDA margin stood at 2.5% (H2/2022: 27.4%);
• EBIT was EUR 0.6 (H2/2022: 28.2) million and the EBIT margin stood at 1.2% (H2/2022: 26.5%);
• Loss for the period totalled EUR -0.5 (H2/2022: Profit 23.5) million;
• Cash flow from operations during H2 2023 was EUR 1.3 (H2/2022: 21.1) million;
• The interest-bearing debt of the Group remained at the same level at EUR 3.1 (31 December 2022: 2.2) (30 June 2023: 3.8) million;
• Cash and cash equivalents at 31 December totalled EUR 18.0 (31 December 2022: 12.4) (30 June 2023: 19.9) million.