Management Board of Arctic Paper S.A. herewith publishes the standalone
financial statement of Arctic Paper SA for 2013.
Selected standalone
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 107 172 110 902 25 532 26 499
Operating (179 498) 35 784 (42 762) 8 550
profit
(loss)
Profit (179 910) 13 528 (42 860) 3 232
(loss)
before tax
Profit (179 910) 13 529 (42 860) 3 233
(loss) from
continuing
operations
Profit (179 910) 13 529 (42 860) 3 233
(loss) for
the period
Net 76 185 209 353 18 150 50 022
operating
cash flow
Net (38 272) (43 040) (9 118) (10 284)
investment
cash flow
Net (59 251) (159 718) (14 116) (38 162)
financial
cash flow
Net change (21 338) 6 596 (5 083) 1 576
in cash and
cash
equivalents
Weighted 68 905 218 66 144 483 68 905 218 66 144 483
average
number of
shares
Weighted 68 905 218 66 144 483 68 905 218 55 727 201
average
diluted
number of
shares
EPS (in (2,61) 0,20 (0,62) 0,05
PLN/EUR)
Diluted EPS (2,61) 0,20 (0,62) 0,05
(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 (as 905 588 1 113 516 218 361 272 373
on
31/12/2013
i 31/12/2012
)
Long-term 178 188 131 102 42 966 32 068
liabilities
(as on
31/12/2013
i 31/12/2012
)
Short-term 37 356 132 216 9 007 32 341
liabilities
(as on
31/12/2013
i 31/12/2012
)
Equity (as 690 044 850 198 166 388 207 964
on
31/12/2013
i 31/12/2012
)
Share 69 288 55 404 16 707 13 552
capital (as
on
31/12/2013
i 31/12/2012
)
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 55 727 201
number of
shares
Book value 9,96 12,85 2,40 3,14
per share
(in
PLN/EUR)
Diluted 9,96 12,85 2,40 3,14
book 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 4,1472 4,0882
rate 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 financial statements for the year ended 31
December 2013 of Arctic Paper S.A. (‘the Company‘) located in Poznań at
Dąbrowskiego 334A, containing balance sheet as at 31 December 2013, the income
statement, the statement of comprehensive income, the statement of changes in
equity, the cash flow statement for the period from 1 January 2013 to 31
December 2013 and the summary of significant accounting policies and other
explanatory notes (‘the attached financial statements’).
2. The truth and fairness[1] (http://#_ftn1) of the attached financial
statements, the preparation of the attached financial statements in accordance
with the required applicable accounting policies and the proper maintenance of
the accounting records 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 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 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, whether
they truly and fairly[2] (http://#_ftn2) reflect, in all material respects, the
financial position and results of the operations of the Company and whether the
accounting records that form the basis for their preparation are, in all
material respects, properly maintained.
3. We conducted our audit of the attached 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 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 financial statements. We believe our audit has
provided a reasonable basis to express our opinion on the attached financial
statements treated as a whole
4. In our opinion, the attached financial statements, in all material respects:
· present truly and fairly all information material for the assessment of the
results of the Company’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 and based on properly maintained accounting
records;
· are in respect of the form and content, in accordance with legal regulations
governing the preparation of financial statements and the Company’s Articles of
Association.
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
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).
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:
‘rzetelnie i jasno’
[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 S.A. financial statement for the year 2013 together with independent auditor's opinion.
| Source: Arctic Paper AB
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