Company Announcements

Audited Financial Statements 31 Dec. 2019

COMPANY ANNOUNCEMENT
The following is a company announcement issued by AST Group p.l.c. (the “Company”) bearing company
registration number C 66811, in terms of the rules of Prospects MTF, a market regulated as a multi-lateral
trading facility and operated by the Malta Stock Exchange.
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QUOTE
Approval and Publication of Audited Financial Statements
The Company hereby announces that during the meeting of its Board of Directors held on Wednesday, 10th
June 2020, the Directors considered and approved the Company’s Audited Financial Statements for the
financial year ended 31st December 2019. Copies of the Company’s Audited Financial Statements for the
financial year ended 31st December 2019 are attached to this announcement and are also available for
viewing and download on the following link on the Company’s website:
https://astgroupplc.com/news/category/financial-reports/.
The Board of Directors recommended to the Annual General Meeting of the Company that no dividend be
declared.
Furthermore, the Board of Directors note that a material variance resulted between the 2019 projections
that were published in Section 8 and Annex A of the Company Admission Document issued on 4 December
2017 (Original Projections), and the actual results registered for the financial year ending 31 December
2019. The Original Projections indicated a profit before tax of €470k for the year ending 31 December 2019.
However, the Company generated a loss before tax of €301k during these twelve months. Such loss
principally sterns from the negative loss incurred in the shipping companies (AST Shipping Limited, Damask
Chartering Limited and Damask Shipping Management Company Limited) which amounted to €382k, given
that the animal feed business (through Damask Investment Limited) generated profits of €74k. The loss
incurred on the shipping companies was due to the general lowering of freight rates that impacted the
industry following a downward trend in shipping activity.
The Company further announces that the Board of Directors resolved that the aforesaid Audited Financial
Statements be submitted to the shareholders of the Company at the Annual General Meeting scheduled to
take place on 25th June 2020 for the purpose of considering, and if deemed fit, passing the resolutions set
out hereunder.
ORDINARY RESOLUTIONS
1. To consider and approve the Company’s Annual Report and Audited Financial statements for the
financial year ended 31St December 2019.
2. To re-appoint Horwath Malta as auditors of the Company and to authorise the Directors to fix their
remuneration.
3. To appoint the Directors in accordance with the Articles of Association of the Company.
UNQUOTE
Dr. Katia Cachia
Company Secretary
11th June 2020