Management Board of Arctic Paper S.A. herewith publishes the standalone
financial statement of Arctic Paper SA for 2014.
Selected standalone financial data
For the For the For the For the period
period period period from 01.01.2013
from from from to 31.12.2013
01.01.2014 01.01.2013 01.01.2014
to to to
31.12.2014 31.12.2013 31.12.2014
000'PLN 000'PLN 000'EUR 000'EUR
Revenues 38 779 116 956 9 267 27 863
Operating (22 214) (179 498) (5 309) (42 762)
profit
(loss)
Profit (25 076) (179 910) (5 993) (42 860)
(loss)
before tax
Profit (25 110) (179 910) (6 001) (42 860)
(loss) from
continuing
operations
Profit (25 110) (179 910) (6 001) (42 860)
(loss) for
the period
Net (10 387) 76 185 (2 482) 18 150
operating
cash flow
Net (21 405) (38 272) (5 115) (9 118)
investment
cash flow
Net 41 381 (59 251) 9 889 (14 116)
financial
cash flow
Net change 9 589 (21 338) 2 292 (5 083)
in cash and
cash
equivalents
- - - -
Weighted 69 287 783 68 905 218 69 287 783 68 905 218
average
number of
shares
Weighted 69 287 783 68 905 218 69 287 783 68 905 218
average
diluted
number of
shares
EPS (in (0,36) (2,61) (0,09) (0,62)
PLN/EUR)
Diluted EPS (0,36) (2,61) (0,09) (0,62)
(in
PLN/EUR)
Average 4,1845 4,1976
PLN/EUR
rate*
As at As at As at As at
31 31 31 31 December 2013
December December December
2014 2013 2014
000'PLN 000'PLN 000'EUR 000'EUR
Assets (as 936 635 905 588 219 749 218 361
on
31/12/2014
i 31/12/2013
)
Long-term 227 109 178 188 53 283 42 966
liabilities
(as on
31/12/2014
i 31/12/2013
)
Short-term 44 632 37 356 10 471 9 007
liabilities
(as on
31/12/2014
i 31/12/2013
)
Equity (as 664 893 690 044 155 994 166 388
on
31/12/2014
i 31/12/2013
)
Share 69 288 69 288 16 256 16 707
capital (as
on
31/12/2014
i 31/12/2013
)
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 9,60 9,96 2,25 2,40
per share
(in
PLN/EUR)
Diluted 9,60 9,96 2,25 2,40
book value
per share
(in
PLN/EUR)
Declared or - - - -
paid
dividend
(in
PLN/EUR)
Declared or - - - -
paid
dividend
per share
(in
PLN/EUR)
PLN/EUR 4,2623 4,1472
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 year ended 31 December
2014 of
Arctic Paper S.A. (‘the Company‘) located in Poznań at Dąbrowskiego 334A,
containing balance sheet as at 31 December 2014, the income statement, the
statement of comprehensive income, the statement of changes in equity, the cash
flow statement for the period from
1 January 2014 to 31 December 2014 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 2014 to 31
December 2014, as well as its financial position[3] (http://#_ftn3) as at 31
December 2014;
· 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 2014 to 31
December 2014 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).
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, 23 March 2015
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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:
‘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 2014 together with independent auditor's opinion.
| Source: Arctic Paper AB
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