The Management Board of Arctic Paper S.A. (hereinafter “Company”) herewith
published the Arctic Paper SA Capital Group half-year report for the 6 month
period ended 30th June 2014 together with Independent Auditors’ Review Report on
the Interim Condensed Consolidated Financial Statements for the 6 month period
ended 30th June 2014 and Independent Auditors’ Review Report on the Interim
Condensed Financial Statements for the 6 month period ended 30th June 2014.
Selected consolidated financial data
For the For the For the For the period
period period period from 01.01.2013
from from from to 30.06.2013
01.01.2014 01.01.2013 01.01.2014
to to to
30.06.2014 30.06.2013 30.06.2014
thousand thousand thousand thousand EUR
PLN PLN EUR
Revenues 1 558 375 1 586 007 373 129 379 739
Operating 43 543 (94 836) 10 426 (22 707)
profit
(loss)
Profit 27 961 (108 936) 6 695 (26 083)
(loss)
before tax
Profit 22 383 (97 932) 5 359 (23 448)
(loss) from
continuing
operations
Profit 22 383 (97 932) 5 359 (23 448)
(loss) for
the period
Profit 14 097 (90 504) 3 375 (21 669)
(loss) for
the period
attributable
to equity
holders of
the parent
Net 61 321 (52 645) 14 682 (12 605)
operating
cash flow
Net (32 717) (49 608) (7 834) (11 878)
investment
cash flow
Net (50 764) 35 775 (12 155) 8 566
financial
cash flow
Net change (22 160) (66 478) (5 306) (15 917)
in cash and
cash
equivalents
Weighted 69 287 783 68 512 027 69 287 783 68 512 027
average
number of
shares
Weighted 69 287 783 68 512 027 69 287 783 68 512 027
average
diluted
number of
shares
EPS (in 0,20 (1,32) 0,05 (0,32)
PLN/EUR)
Diluted EPS 0,20 (1,32) 0,05 (0,32)
(in PLN/EUR)
Average 4,1765 4,1766
PLN/EUR
rate*
As at As at As at As at
30 June 31 30 June 31 December 2013
2014 December 2014
2013
thousand thousand thousand thousand EUR
PLN PLN EUR
Assets 1 725 072 1 784 458 414 591 430 280
Long-term 395 698 428 151 95 099 103 239
liabilities
Short-term 650 708 684 774 156 386 165 117
liabilities
Equity 678 665 671 532 163 105 161 924
Share 69 288 69 288 16 652 16 707
capital
Number of 69 287 783 69 287 783 69 287 783 69 287 783
shares
Diluted 69 287 783 69 287 783 69 287 783 69 287 783
number of
shares
Book value 9,79 9,69 2,35 2,34
per share
(in PLN/EUR)
Diluted book 9,79 9,69 2,35 2,34
value per
share (in
PLN/EUR)
Declared or - - - -
paid
dividend (in
PLN/EUR)
Declared or - - - -
paid
dividend per
share (in
PLN/EUR)
PLN/EUR rate - - 4,1609 4,1472
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.
Selected standalone financial data
For the For the For the For the period
period period period from 01.01.2013
from from from to 30.06.2013
01.01.2014 01.01.2013 01.01.2014
to to to
30.06.2014 30.06.2013 30.06.2014
PLN PLN EUR EUR thousand
thousand thousand thousand
Revenues 20 162 99 527 4 828 23 830
Operating profit (2 657) (110 463) (636) (26 448)
(loss)
Profit (loss) before (3 590) (109 848) (860) (26 301)
tax
Profit (loss) from (3 590) (109 848) (860) (26 301)
continuing
operations
Profit (loss) for (3 590) (109 848) (860) (26 301)
the period
Net operating cash 144 72 212 34 17 290
flow
Net investment cash - (22 523) - (5 393)
flow
Net financial cash (705) (72 902) (169) (17 455)
flow
Net change in cash (561) (23 214) (134) (5 558)
and cash equivalents
Weighted average 69 287 783 68 512 027 69 287 783 68 512 027
number of shares
Weighted average 69 287 783 68 512 027 69 287 783 68 512 027
diluted number of
shares
EPS (in PLN/EUR) (0,05) (1,60) (0,01) (0,38)
Diluted EPS (in (0,05) (1,60) (0,01) (0,38)
PLN/EUR)
Average PLN/EUR 4,1765 4,1766
rate*
As at 30 As at As at 30 As at
June 2014 31 June 2014 31 December 2013
December
2013
PLN PLN EUR EUR thousand
thousand thousand thousand
Assets 897 406 905 588 215 676 218 361
Long-term 177 466 178 188 42 651 42 966
liabilities
Short-term 33 157 37 356 7 969 9 007
liabilities
Equity 686 783 690 044 165 056 166 388
Share capital 69 288 69 288 16 652 16 707
Number of shares 69 287 783 69 287 783 69 287 783 69 287 783
Diluted number of 69 287 783 69 287 783 69 287 783 69 287 783
shares
Book value per share 9,91 9,96 2,38 2,40
(in PLN/EUR)
Diluted book value 9,91 9,96 2,38 2,40
per share (in
PLN/EUR)
Declared or paid - - - -
dividend (in
PLN/EUR)
Declared or paid - - - -
dividend per share
(in PLN/EUR)
PLN/EUR rate at the - - 4,1609 4,1472
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’ Review Report on the Interim Condensed Consolidated
Financial Statements for the 6 month period ended 30 June 2014
To the Supervisory Board of Arctic Paper S.A.
1. We have reviewed the accompanying interim condensed consolidated financial
statements of Arctic Paper S.A. Capital Group (‘the Group’) where Arctic Paper
S.A. is the dominant entity (‘the Company’), and is located at at Jana Henryka
Dąbrowskiego 334A in Poznań, including the interim condensed consolidated
balance sheet as at 30 June 2014, the interim condensed consolidated income
statement, the interim condensed consolidated statement of comprehensive income,
the interim condensed consolidated statement of changes in equity, the interim
condensed consolidated cash flow statement for the period from 1 January 2014 to
30 June 2014 and other explanatory notes (‘the interim condensed consolidated
financial statements’).
2. The Company’s Management Board is responsible for the compliance of the
interim condensed consolidated financial statements’ with International
Financial Reporting Standard IAS 34 “Interim financial reporting” as adopted by
the European Union (‘IAS 34’). Our responsibility was to issue a report on these
consolidated financial statements based, on our review.
3. We conducted our review in accordance with the provisions of the law binding
in Poland and national auditing standards issued by the National Council of
Statutory Auditors in Poland. These standards require that we plan and perform
our review to obtain moderate assurance as to whether the consolidated financial
statements are free of material misstatement. The review was mainly based on
applying analytical procedures to the financial data, inspection of accounting
records and discussions with the management of the Company as well as its
employees. The scope (http://connect.ne.cision.com#_ftn1) of a review differs
significantly from an audit of financial statements, the objective of which is
to express an opinion on whether financial statements comply with the required
applicable accounting policies, and on the truth and
fairness (http://connect.ne.cision.com#_ftn2) of these financial statements.
Consequently, the review does not enable us to obtain sufficient assurance that
we would become aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion.
4. Based on our review nothing has come to our attention that causes us to
believe that the accompanying interim condensed consolidated financial
statements are not in accordance, in all material respects, with IAS 34.
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
Robert Klimacki
certified auditor
No. 90055
Warsaw, 1 September 2014
Independent Auditors’ Review Report on the Interim Condensed Financial
Statements
for the 6 month period ended 30 June 2014
To the Supervisory Board of Arctic Paper S.A.
1. We have reviewed the accompanying interim condensed financial statements of
Arctic Paper S.A. (‘the Company’) located at Jana Henryka Dąbrowskiego 334A in
Poznań, including the interim condensed balance sheet as at 30 June 2014, the
interim condensed income statement, the interim condensed statement of
comprehensive income, the interim condensed statement of changes in equity, the
interim condensed cash flow statement for the period from 1 January 2014 to
30 June 2014 and other explanatory notes (‘the interim condensed financial
statements’).
2. The Company’s Management Board is responsible for the compliance of the
accompanying interim condensed financial statements with International Financial
Reporting Standard IAS 34 “Interim financial reporting” as adopted by the
European Union (‘IAS 34’). Our responsibility was to issue a report on these
financial statements, based on our review.
3. We conducted our review in accordance with the provisions of the law binding
in Poland and national auditing standards issued by the National Council of
Statutory Auditors in Poland. These standards require that we plan and perform
our review to obtain moderate assurance as to whether the financial statements
are free of material misstatement. The review was mainly based on applying
analytical procedures to the financial data, inspection of accounting records
and discussions with the management of the Company as well as its employees. The
scope (http://connect.ne.cision.com#_ftn3)of a review differs significantly
from an audit of financial statements, the objective of which is to express an
opinion on whether financial statements comply with the required applicable
accounting policies, and on the truth and fairness
(http://connect.ne.cision.com#_ftn4)of these financial statements.
Consequently, the review does not enable us to obtain sufficient assurance that
we would become aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion.
4. Based on our review, nothing has come to our attention that causes us to
believe that the accompanying interim condensed financial statements are not in
accordance, in all material respects, with IAS 34.
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
Robert Klimacki
certified auditor
No. 90055
Warsaw, 1 September 2014
For additional information, please contact:
Wolfgang Luebbert, CEO, tel. +49 40 51485310
This information is disclosed pursuant to the § 82 section 2 and § 83 section 3
of the Minister of Finance Regulation of 19 February 2009 on current and
periodic information provided by the securities issuers and conditions on which
information required under law applicable in a state not being a member state
may be recognised as equivalent, and was submitted for publication on 1st
September 2014 at 8:00 am CET, in reference to Arctic Paper’s Capital Group half
-year report for the 6 month period ended in the 30th June 2014 filed with the
Warsaw Stock Exchange.
Arctic Paper SA Capital Group half-year report for the 6 month period ended 30th June 2014
| Source: Arctic Paper AB
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