Management Board of Arctic Paper S.A. herewith publishes the Annual Report for
Arctic Paper Group.
Selected consolidated financial
data
For the For the For the For the period
period period period from 01.01.2012
from from from to 31.12.2012
01.01.2013 01.01.2012 01.01.2013
to to to
31.12.2013 31.12.2012 31.12.2013
000'PLN 000'PLN 000'EUR 000'EUR
Revenues 3 104 901 2 631 717 739 685 628 812
Operating (151 641) (19 998) (36 126) (4 778)
profit
(loss)
Profit (182 719) (59 908) (43 529) (14 314)
(loss)
before tax
Profit (152 153) 23 699 (36 248) 5 663
(loss) from
continuing
operations
Profit (152 153) 23 699 (36 248) 5 663
(loss) for
the period
Profit (132 266) (102 353) (31 510) (24 456)
(loss) for
the period
attributable
to equity
holders of
the parent
Net 14 857 167 054 3 539 39 915
operating
cash flow
Net (85 797) (54 967) (20 439) (13 133)
investment
cash flow
Net (8 705) (73 391) (2 074) (17 536)
financial
cash flow
Net change (79 645) 38 696 (18 974) 9 246
in cash and
cash
equivalents
Weighted 68 905 218 55 727 201 68 905 218 55 727 201
average
number of
shares
Weighted 68 905 218 55 727 201 68 905 218 55 727 201
average
diluted
number of
shares
EPS (in (1,92) (1,84) (0,46) (0,44)
PLN/EUR)
Diluted EPS (1,92) (1,84) (0,46) (0,44)
(in PLN/EUR)
Average 4,1976 4,1852
PLN/EUR
rate*
As at As at As at As at
31 31 31 31 December 2012
December December December
2013 2012 2013
000'PLN 000'PLN 000'EUR 000'EUR
Assets 1 784 458 2 045 599 430 280 500 367
Long-term 428 151 433 432 103 239 106 020
liabilities
Short-term 684 774 782 681 165 117 191 449
liabilities
Equity 671 532 829 487 161 924 202 898
Share 69 288 55 404 16 707 13 552
capital
Number of 69 287 783 66 144 483 69 287 783 66 144 483
shares
Diluted 69 287 783 66 144 483 69 287 783 66 144 483
number of
shares
Book value 9,69 12,54 2,34 3,07
per share
(in PLN/EUR)
Diluted book 9,69 12,54 2,34 3,07
value per
share (in
PLN/EUR)
Declared or 9 972 630 - 2 439 369
paid
dividend (in
PLN/EUR)
Declared or - 0,18 - 0,04
paid
dividend per
share (in
PLN/EUR)
PLN/EUR rate - - 4,1472 4,0882
at the end
of the
period**
* Items of
the income
and cash
flow
statement
are
converted at
the exchange
rate which
is the
arithmetic
mean of
average
rates
announced by
the NBP in
the given
reporting
period.
** Items of
balance
sheet and
book value
per share
were
converted at
the average
exchange
rate
announced by
the NBP and
prevailing
at the
balance
sheet date.
INDEPENDENT AUDITORS’ OPINION
To the Supervisory Board of Arctic Paper S.A.
1. We have audited the attached consolidated financial statements of Arctic
Paper S.A. Group (‘the Group’), for which the holding company is Arctic Paper
S.A. (‘the Company‘) located in Poznań at Dąbrowskiego 334A, for the year ended
31 December 2013 containing the consolidated balance sheet as at 31 December
2013, the consolidated income statement, the consolidated statement of
comprehensive income, the consolidated statement of changes in equity, the
consolidated statement of cash flow for the period from 1 January 2013 to 31
December 2013 and the summary of significant accounting policies and other
explanatory notes (‘the attached consolidated financial statements’).
2. The truth and fairness[1] (http://#_ftn1) of the attached consolidated
financial statements, the preparation of the attached consolidated financial
statements in accordance with the required applicable accounting policies and
the proper maintenance of the consolidation documentation are the responsibility
of the Company’s Management Board. In addition, the Company’s Management Board
and Members of the Supervisory Board are required to ensure that the attached
consolidated financial statements and the Directors’ Report meet the
requirements of the Accounting Act dated 29 September 1994 (Journal of Laws
2013.330 with subsequent amendments – ‘the Accounting Act’). Our responsibility
was to audit the attached consolidated financial statements and to express an
opinion on whether, based on our audit, these financial statements comply, in
all material respects, with the required applicable accounting policies and
whether they truly and fairly[2] (http://#_ftn2) reflect, in all material
respects, the financial position and results of the operations of the Group.
3. We conducted our audit of the attached consolidated financial statements in
accordance with:
· chapter 7 of the Accounting Act,
· national auditing standards issued by the National Council of Statutory
Auditors,
in order to obtain reasonable assurance whether these financial statements are
free of material misstatement. In particular, the audit included examining, to a
large extent on a test basis, documentation supporting the amounts and
disclosures in the attached consolidated financial statements. The audit also
included assessing the accounting principles adopted and used and significant
estimates made by the Company’s Management Board, as well as evaluating the
overall presentation of the attached consolidated financial statements. We
believe our audit has provided a reasonable basis to express our opinion on the
attached consolidated financial statements treated as a whole.
4. In our opinion, the attached consolidated financial statements, in all
material respects:
· present truly and fairly all information material for the assessment of the
results of the Group’s operations for the period from 1 January 2013 to 31
December 2013, as well as its financial position[3] (http://#_ftn3) as at 31
December 2013;
· have been prepared in accordance with International Financial Reporting
Standards as adopted by the EU;
· are in respect of the form and content, in accordance with the legal
regulations governing the preparation of financial statements.
5. We have read the ‘Directors’ Report for the period from 1 January 2013 to 31
December 2013 and the rules of preparation of annual statements’ (‘the
Directors’ Report’) and concluded that the information derived from the attached
consolidated financial statements reconciles with these financial statements.
The information included in the Directors’ Report corresponds with the relevant
regulations of the Decree of the Minister of Finance dated 19 February 2009 on
current and periodic information published by issuers of securities and
conditions for recognition as equivalent the information required by laws of non
-EU member states (Journal of Laws 2009.33.259 with subsequent amendments).
on behalf of
Ernst & Young Audyt Polska spółka z ograniczoną odpowiedzialnością sp. k.
(formerly: Ernst & Young Audit sp. z o.o.)
Rondo ONZ 1, 00-124 Warsaw
Reg. No 130
Key Certified Auditor
Andrzej Kowal
certified auditor
No. 90032
Warsaw, 21 March 2014
----------------------------------------------------------------------
[1] (http://#_ftnref1) Translation of the following expression in Polish:
‘rzetelność i jasność’
[2] (http://#_ftnref2) Translation of the following expression in Polish:
‘rzetelne i jasne’
[3] (http://#_ftnref3) Translation of the following expression in Polish:
‘sytuacja majątkowa i finansowa’
For additional information, please contact:
Wolfgang Luebbert, CEO, tel. +49 40 51485310
Arctic Paper Group Annual Report 2013 toghether with independent auditor's opinion.
| Source: Arctic Paper AB
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