Arctic Paper S.A. Financial Statement for the Year 2014 Together with Independent Auditor's Opinion

GÖTEBORG, Sweden--()--Regulatory News:

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 period
from 01.01.2014
to 31.12.2014
  For the period
from 01.01.2013
to 31.12.2013
  For the period
from 01.01.2014
to 31.12.2014
  For the period
from 01.01.2013
to 31.12.2013
    000'PLN 000'PLN 000'EUR 000'EUR
 
Revenues 38 779 116 956 9 267 27 863
Operating profit (loss) (22 214) (179 498) (5 309) (42 762)
Profit (loss) before tax (25 076) (179 910) (5 993) (42 860)
Profit (loss) from continuing operations (25 110) (179 910) (6 001) (42 860)
           
Profit (loss) for the period (25 110) (179 910) (6 001) (42 860)
 
Net operating cash flow (10 387) 76 185 (2 482) 18 150
Net investment cash flow (21 405) (38 272) (5 115) (9 118)
Net financial cash flow 41 381 (59 251) 9 889 (14 116)
           
Net change in cash and cash equivalents 9 589 (21 338) 2 292 (5 083)
- - - -
Weighted average number of shares 69 287 783 68 905 218 69 287 783 68 905 218
Weighted average diluted number of shares 69 287 783 68 905 218 69 287 783 68 905 218
EPS (in PLN/EUR) (0,36) (2,61) (0,09) (0,62)
Diluted EPS (in PLN/EUR) (0,36) (2,61) (0,09) (0,62)
 
Average PLN/EUR rate* 4,1845 4,1976
 
 
As at
31 December 2014
As at
31 December 2013
As at
31 December 2014
As at
31 December 2013
000'PLN 000'PLN 000'EUR 000'EUR
           
Assets (as on 31/12/2014 i 31/12/2013) 936 635 905 588 219 749 218 361
Long-term liabilities (as on 31/12/2014 i 31/12/2013) 227 109 178 188 53 283 42 966
Short-term liabilities (as on 31/12/2014 i 31/12/2013) 44 632 37 356 10 471 9 007
Equity (as on 31/12/2014 i 31/12/2013) 664 893 690 044 155 994 166 388
Share capital (as on 31/12/2014 i 31/12/2013) 69 288 69 288 16 256 16 707
           
Number of shares 69 287 783 69 287 783 69 287 783 69 287 783
Diluted number of shares 69 287 783 69 287 783 69 287 783 69 287 783
Book value per share (in PLN/EUR) 9,60 9,96 2,25 2,40
Diluted book value per share (in PLN/EUR) 9,60 9,96 2,25 2,40
 
Declared or paid dividend (in PLN/EUR) - - - -
Declared or paid dividend per share (in PLN/EUR) - - - -
 
PLN/EUR rate at the end of the period** 4,2623 4,1472
* 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] 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] 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] 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

[1] Translation of the following expression in Polish: ‘rzetelność i jasność

[2] Translation of the following expression in Polish: ‘rzetelnie i jasno

[3] Translation of the following expression in Polish: ‘sytuacja majątkowa i finansowa

For additional information, please contact: Wolfgang Luebbert, CEO, tel. +49 40 51485310

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Contacts

For additional information, please contact:
Wolfgang Luebbert, CEO,
tel. +49 40 51485310

Contacts

For additional information, please contact:
Wolfgang Luebbert, CEO,
tel. +49 40 51485310