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 in the 30th June 2015 together with Independent Auditors’ Review
Report on the Interim Condensed Consolidated Financial Statements for the 6
month period ended 30 June 2015 and Independent Auditors’ Review Report on the
Interim Condensed Financial Statements for the 6 month period ended 30 June
2015.
Selected consolidated financial data
For the For the For the For the
period period period period
from from from from
01.01.2015 01.01.2014 01.01.2015 01.01.2014
to to to to
30.06.2015 30.06.2014 30.06.2015 30.06.2014
thousand thousand thousand thousand
PLN PLN EUR EUR
Continuing
operations
Revenues 1 459 352 1 436 062 352 422 343 843
Operating 62 825 46 257 15 172 11 075
profit
(loss)
Profit 50 502 31 310 12 196 7 497
(loss)
before tax
Profit 51 890 24 178 12 531 5 789
(loss) from
continuing
operations
Discontinued
operations
Profit (25 946) (1 795) (6 266) (430)
(loss) from
discontinued
operations
Profit 25 944 22 383 6 265 5 359
(loss) for
the period
Profit (7 181) 14 097 (1 734) 3 375
(loss)
attributable
to equity
holders of
the parent
Net 55 890 61 321 13 497 14 682
operating
cash flow
Net (23 349) (32 717) (5 639) (7 834)
investing
cash flow
Net (6 113) (50 764) (1 476) (12 155)
financing
cash flow
Net change 26 428 (22 160) 6 382 (5 306)
in cash and
cash
equivalents
Weighted 69 287 783 69 287 783 69 287 783 69 287 783
average
number of
shares
Weighted 69 287 783 69 287 783 69 287 783 69 287 783
average
diluted
number of
shares
EPS (in (0,10) 0,20 (0,03) 0,05
PLN/EUR)
Diluted EPS (0,10) 0,20 (0,03) 0,05
(in PLN/EUR)
Average 4,1409 4,1765
PLN/EUR
rate*
As at As at As at As at
30 June 31 30 June 31
2015 December 2015 December
2014 2014
thousand thousand thousand thousand
PLN PLN EUR EUR
Assets 1 832 862 1 762 790 436 978 413 577
Long-term 395 285 447 152 94 241 104 909
liabilities
Short-term 649 411 590 567 154 828 138 556
liabilities
Liabilities 50 788 - 12 109 -
directly
associated
with
discontinued
operations
Equity 737 378 725 071 175 801 170 113
Share 69 288 69 288 16 519 16 256
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 10,64 10,46 2,54 2,46
per share
(in PLN/EUR)
Diluted book 10,64 10,46 2,54 2,46
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 - - 4,1944 4,2623
at the end
of the
period**
Selected standalone financial data
For the For the For the For the
period period period period
from from from from
01.01.2015 01.01.2014 01.01.2015 01.01.2014
to to to to
30.06.2015 30.06.2014 30.06.2015 30.06.2014
PLN PLN EUR EUR
thousand thousand thousand thousand
Sales revenues 70 133 20 162 16 937 4 828
Operating 24 437 (2 657) 5 901 (636)
profit (loss)
Profit (loss) 23 112 (3 590) 5 581 (860)
before tax
Profit (loss) 23 112 (3 590) 5 581 (860)
from
continuing
operations
Profit (loss) 23 112 (3 590) 5 581 (860)
for the period
Net operating (12 781) 144 (3 086) 34
cash flow
Net investing 19 980 - 4 825 -
cash flow
Net financing (703) (705) (170) (169)
cash flow
Net change in 6 496 (561) 1 569 (134)
cash and cash
equivalents
Weighted 69 287 783 69 287 783 69 287 783 69 287 783
average number
of shares
Weighted 69 287 783 69 287 783 69 287 783 69 287 783
average
diluted number
of shares
EPS (in 0,33 (0,05) 0,08 (0,01)
PLN/EUR)
Diluted EPS 0,33 (0,05) 0,08 (0,01)
(in PLN/EUR)
Average 4,1409 4,1765
PLN/EUR rate*
As at 30 As at As at 30 As at
June 2015 31 June 2015 31
December December
2014 2014
PLN PLN EUR EUR
thousand thousand thousand thousand
Assets 964 126 936 635 229 860 225 104
Long-term 196 221 227 109 46 782 54 582
liabilities
Short-term 79 945 44 632 19 060 10 727
liabilities
Equity 687 960 664 893 164 019 159 795
Share capital 69 288 69 288 16 519 16 652
Number of 69 287 783 69 287 783 69 287 783 69 287 783
shares
Diluted number 69 287 783 69 287 783 69 287 783 69 287 783
of shares
Book value per 9,93 9,60 2,37 2,31
share (in
PLN/EUR)
Diluted book 9,93 9,60 2,37 2,31
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 - - 4,1944 4,1609
at the end of
the period**
* Profit and loss items have been converted as a matter of arithmetic
computation using the official mid-rates announced by the National Bank of
Poland prevailing on the last day of each month.
** Balance sheet items and book value per share have been converted using the
official mid-rates announced by the National Bank of Poland prevailing on the
balance sheet date.
Independent Auditors’ Review Report on the Interim Condensed Consolidated
Financial Statements for the 6 month period ended 30 June 2015
To the General Shareholders Meeting and 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 2015, 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 2015 to
30 June 2015 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[1] (http://#_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[2] (http://#_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.
Rondo ONZ 1, 00-124 Warsaw
Reg. No 130
Key Certified Auditor
Robert Klimacki
certified auditor
No. 90055Warsaw, 28 August 2015
[1] (http://#_ftnref1) Translation of the following expression in Polish
language: “zakres i metoda”
[2] (http://#_ftnref2) Translation of the following expression in Polish
language: “rzetelności i jasności”
Independent Auditors’ Review Report on the Interim Condensed Financial
Statements for the 6 month period ended 30 June 2015
To the General Shareholders Meeting and 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 2015, 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 2015 to
30 June 2015 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[1] (http://#_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[2] (http://#_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 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.
Rondo ONZ 1, 00-124 Warsaw
Reg. No 130
Key Certified Auditor
Robert Klimacki
certified auditor
No. 90055
Warsaw, 28 August 2015
----------------------------------------------------------------------
[1] (http://#_ftnref1) Translation of the following expression in Polish
language: “zakres i metoda”
[2] (http://#_ftnref2) Translation of the following expression in Polish
language: “rzetelności i jasności”
For additional information, please contact:
Wolfgang Lübbert, President of the Management Board of Arctic Paper, tel.
49 405 148 5310
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 recognized as equivalent, and was submitted for publication on 28th
August 2015 at 8:00 am CET, in reference to Arctic Paper’s Capital Group
consolidated report for 1H2015 filed with the Warsaw Stock Exchange.
Arctic Paper SA Capital Group consolidated half-year report for 2015
| Source: Arctic Paper AB
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