Arctic Paper S.A. Capital Group Consolidated report for 1Q 2016


The Management Board of Arctic Paper S.A. (hereinafter “Company”) herewith
publishes the Arctic Paper SA Capital Group consolidated quarterly report for
the first quarter of 2016.

Selected consolidated financial data

                 For the     For the     For the    For the period
                  period      period      period   from 01.01.2015
                    from        from        from     to 31.03.2015
              01.01.2016  01.01.2015  01.01.2016
                      to          to          to
              31.03.2016  31.03.2015  31.03.2016
                thousand    thousand    thousand      thousand EUR
                     PLN         PLN         EUR

Revenues         778 560     771 103     178 372           183 907
Operating         41 377      50 959       9 480            12 154
profit
(loss)
Profit            33 675      37 630       7 715             8 975
(loss)
before tax
Profit            24 707      26 690       5 661             6 365
(loss) from
continuing
operations

Profit            19 628      12 846       4 497             3 064
(loss) for
the period
Profit             8 346     (3 652)       1 912             (871)
(loss) for
the period
attributable
to equity
holders of
the parent

Net                  245      37 978          56             9 058
operating
cash flow
Net             (25 848)    (12 838)     (5 922)           (3 062)
investment
cash flow
Net                5 485    (19 095)       1 257           (4 554)
financial
cash flow

Net change      (20 118)       6 045     (4 609)             1 442
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             0,12      (0,05)        0,03            (0,01)
PLN/EUR)
Diluted EPS         0,12      (0,05)        0,03            (0,01)
(in PLN/EUR)

Average                                   4,3648            4,1929
PLN/EUR
rate*
                   As at       As at       As at             As at
                31 March          31    31 March  31 December 2015
                    2016    December        2016
                                2015
                thousand    thousand    thousand      thousand EUR
                     PLN         PLN         EUR

Assets         1 793 672   1 813 235     420 221           425 492
Long-term        369 038     372 599      86 458            87 434
liabilities
Short-term       674 008     682 515     157 907           160 159
liabilities
Liabilities       56 960      81 264      13 345            19 069
directly
associated
with
discontinued
operations
Equity           693 665     676 856     162 512           158 830
Share             69 288      69 288      16 233            16 259
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         10,01        9,77        2,35              2,29
per share
(in PLN/EUR)
Diluted book       10,01        9,77        2,35              2,29
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           -           -      4,2684            4,2615
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 01.01.2015
                   from        from        from     to 31.03.2015
             01.01.2016  01.01.2015  01.01.2016
                     to          to          to
             31.03.2016  31.03.2015  31.03.2016
               tys. PLN    tys. PLN    tys. EUR          tys. EUR

Revenues         10 140      10 659       2 323             2 542
Operating       (9 625)     (8 952)     (2 205)           (2 135)
profit
(loss)
Profit         (11 054)     (9 153)     (2 532)           (2 183)
(loss)
before tax
Profit         (11 054)     (9 153)     (2 532)           (2 183)
(loss) from
continuing
operations

Profit         (11 054)     (9 153)     (2 532)           (2 183)
(loss) for
the period

Net             (5 122)     (5 801)     (1 173)           (1 383)
operating
cash flow
Net                (66)       (172)        (15)              (41)
investment
cash flow
Net               (351)       (410)        (80)              (98)
financial
cash flow

Net change      (5 538)     (6 383)     (1 269)           (1 522)
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          (0,16)      (0,13)      (0,04)            (0,03)
PLN/EUR)
Diluted EPS      (0,16)      (0,13)      (0,04)            (0,03)
(in
PLN/EUR)

Average                                  4,3648            4,1929
PLN/EUR
rate*
               As at 31       As at    As at 31             As at
             March 2016          31  March 2016  31 December 2015
                           December
                               2015
               tys. PLN    tys. PLN    tys. EUR          tys. EUR

Assets          952 354     950 202     223 117           222 974
Long-term       205 159     205 001      48 065            48 105
liabilities
Short-term       89 244      76 242      20 908            17 891
liabilities
Equity          657 953     668 959     154 145           156 977
Share            69 288      69 288      16 233            16 259
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         9,50        9,65        2,22              2,27
per share
(in
PLN/EUR)
Diluted            9,50        9,65        2,22              2,27
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               -           -      4,2684            4,2615
rate 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.
For additional information, please contact:

Per Skoglund, acting President of the Management Board of Arctic Paper, tel.
+46 733 21 70 09

This information is disclosed pursuant to o 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 16th May
2016 at 8:00 am CET, in reference to Arctic Paper’s Capital Group consolidated
report for first quarter 2016 filed with the Warsaw Stock Exchange.

Attachments

05139266.pdf