Management Board of Arctic Paper S.A. herewith publishes the Annual Report for
Arctic Paper Group for 2015.
Selected consolidated financial data
For the For the For the For the period
period period period from 01.01.2014
from from from to 31.12.2014
01.01.2015 01.01.2014 01.01.2015
to to to
31.12.2015 31.12.2014 31.12.2015
000'PLN 000'PLN 000'EUR 000'EUR
Continuing
operations
Revenues 2 900 460 2 865 121 693 179 684 699
Operating 100 239 135 660 23 956 32 420
profit
(loss)
Profit 72 150 99 099 17 243 23 683
(loss)
before tax
Profit 71 019 98 326 16 973 23 498
(loss) from
continuing
operations
Discontinued
operations
Profit (97 588) (20 152) (23 323) (4 816)
(loss) from
discontinued
operations
Profit (26 570) 78 175 (6 350) 18 682
(loss) for
the year
Profit (71 258) 50 459 (17 030) 12 058
(loss) for
the year
attributable
to equity
holders of
the parent
Net 172 748 206 433 41 285 49 333
operating
cash flow
Net (81 646) (60 206) (19 513) (14 388)
investment
cash flow
Net (62 359) (104 354) (14 903) (24 938)
financial
cash flow
Net change 28 742 41 873 6 869 10 007
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 (1,03) 0,73 (0,25) 0,17
PLN/EUR)
Diluted EPS (1,03) 0,73 (0,25) 0,17
(in PLN/EUR)
Average 4,1843 4,1845
PLN/EUR
rate*
As at As at As at As at
31 31 31 31 December 2014
December December December
2015 2014 2015
000'PLN 000'PLN 000'EUR 000'EUR
Assets 1 813 235 1 762 790 425 492 413 577
Long-term 372 599 447 152 87 434 104 909
liabilities
Short-term 682 515 590 567 160 159 138 556
liabilities
Liabilities 81 264 - 19 069 -
directly
associated
with
discontinued
operations
Equity 676 856 725 071 158 830 170 113
Share 69 288 69 288 16 259 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 9,77 10,46 2,29 2,46
per share
(in PLN/EUR)
Diluted book 9,77 10,46 2,29 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 - - 4,2615 4,2623
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 Shareholders’ Meeting and 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 2015, the consolidated balance sheet as at 31 December 2015, 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 2015 to 31 December 2015
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 2015 to 31
December 2015, as well as its financial position[3] (http://#_ftn3) as at 31
December 2015;
· 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 2015 to 31
December 2015 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 art. 49 para 2 of the Accounting Act and 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
2014.133 with subsequent amendments).
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, 21 March 2016
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[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 Lübbert, President of the Management Board of Arctic Paper, tel.
49 405 148 5310
Arctic Paper Group Annual Report 2015 together with independent auditor's opinion.
| Source: Arctic Paper AB
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