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Arctic Paper SA Capital Group Half-Year Report for the 6 Month Period Ended 30th June 2014

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

Arctic Paper (STO:ARP):

The Management Board of Arctic Paper S.A. (hereinafter “Company”) herewith published the Arctic Paper SA Capital Group half-year report for the 6 month period ended 30th June 2014 together with Independent Auditors’ Review Report on the Interim Condensed Consolidated Financial Statements for the 6 month period ended 30th June 2014 and Independent Auditors’ Review Report on the Interim Condensed Financial Statements for the 6 month period ended 30th June 2014.

http://mb.cision.com/Main/5162/9635845/280815.pdf

Selected consolidated financial data

  For the period
from 01.01.2014
to 30.06.2014
  For the period
from 01.01.2013
to 30.06.2013
  For the period
from 01.01.2014
to 30.06.2014
  For the period
from 01.01.2013
to 30.06.2013
thousand PLN thousand PLN thousand EUR thousand EUR
 
Revenues 1 558 375 1 586 007 373 129 379 739
Operating profit (loss) 43 543 (94 836) 10 426 (22 707)
Profit (loss) before tax 27 961 (108 936) 6 695 (26 083)
Profit (loss) from continuing operations 22 383 (97 932) 5 359 (23 448)
 
Profit (loss) for the period 22 383 (97 932) 5 359 (23 448)
Profit (loss) for the period attributable to equity holders of the parent 14 097 (90 504) 3 375 (21 669)
 
Net operating cash flow 61 321 (52 645) 14 682 (12 605)
Net investment cash flow (32 717) (49 608) (7 834) (11 878)
Net financial cash flow (50 764) 35 775 (12 155) 8 566
 
Net change in cash and cash equivalents (22 160) (66 478) (5 306) (15 917)
 
Weighted average number of shares 69 287 783 68 512 027 69 287 783 68 512 027
Weighted average diluted number of shares 69 287 783 68 512 027 69 287 783 68 512 027
EPS (in PLN/EUR) 0,20 (1,32) 0,05 (0,32)
Diluted EPS (in PLN/EUR) 0,20 (1,32) 0,05 (0,32)
 
Average PLN/EUR rate* 4,1765 4,1766
 
As at
30 June 2014
As at
31 December 2013
As at
30 June 2014
As at
31 December 2013
thousand PLN thousand PLN thousand EUR thousand EUR
 
Assets 1 725 072 1 784 458 414 591 430 280
Long-term liabilities 395 698 428 151 95 099 103 239
Short-term liabilities 650 708 684 774 156 386 165 117
Equity 678 665 671 532 163 105 161 924
Share capital 69 288 69 288 16 652 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) 9,79 9,69 2,35 2,34
Diluted book value per share (in PLN/EUR) 9,79 9,69 2,35 2,34
 
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** - - 4,1609 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.

Selected standalone financial data

  For the period
from 01.01.2014
to 30.06.2014
  For the period
from 01.01.2013
to 30.06.2013
  For the period
from 01.01.2014
to 30.06.2014
  For the period
from 01.01.2013
to 30.06.2013
PLN thousand PLN thousand EUR thousand EUR thousand
 
Revenues 20 162 99 527 4 828 23 830
Operating profit (loss) (2 657) (110 463) (636) (26 448)
Profit (loss) before tax (3 590) (109 848) (860) (26 301)
Profit (loss) from continuing operations (3 590) (109 848) (860) (26 301)
 
Profit (loss) for the period (3 590) (109 848) (860) (26 301)
 
Net operating cash flow 144 72 212 34 17 290
Net investment cash flow - (22 523) - (5 393)
Net financial cash flow (705) (72 902) (169) (17 455)
 
Net change in cash and cash equivalents (561) (23 214) (134) (5 558)
 
Weighted average number of shares 69 287 783 68 512 027 69 287 783 68 512 027
Weighted average diluted number of shares 69 287 783 68 512 027 69 287 783 68 512 027
EPS (in PLN/EUR) (0,05) (1,60) (0,01) (0,38)
Diluted EPS (in PLN/EUR) (0,05) (1,60) (0,01) (0,38)
 
Average PLN/EUR rate* 4,1765 4,1766
 
As at 30
June 2014
As at
31 December 2013
As at 30
June 2014
As at
31 December 2013
PLN thousand PLN thousand EUR thousand EUR thousand
 
Assets 897 406 905 588 215 676 218 361
Long-term liabilities 177 466 178 188 42 651 42 966
Short-term liabilities 33 157 37 356 7 969 9 007
Equity 686 783 690 044 165 056 166 388
Share capital 69 288 69 288 16 652 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) 9,91 9,96 2,38 2,40
Diluted book value per share (in PLN/EUR) 9,91 9,96 2,38 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** - - 4,1609 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’ Review Report on the Interim Condensed Consolidated Financial Statements for the 6 month period ended 30 June 2014

To the Supervisory Board of Arctic Paper S.A.

1. We have reviewed the accompanying interim condensed consolidated financial statements of Arctic Paper S.A. Capital Group (‘the Group’) where Arctic Paper S.A. is the dominant entity (‘the Company’), and is located at at Jana Henryka Dąbrowskiego 334A in Poznań, including the interim condensed consolidated balance sheet as at 30 June 2014, the interim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of changes in equity, the interim condensed consolidated cash flow statement for the period from 1 January 2014 to 30 June 2014 and other explanatory notes (‘the interim condensed consolidated financial statements’).

2. The Company’s Management Board is responsible for the compliance of the interim condensed consolidated financial statements’ with International Financial Reporting Standard IAS 34 “Interim financial reporting” as adopted by the European Union (‘IAS 34’). Our responsibility was to issue a report on these consolidated financial statements based, on our review.

3. We conducted our review in accordance with the provisions of the law binding in Poland and national auditing standards issued by the National Council of Statutory Auditors in Poland. These standards require that we plan and perform our review to obtain moderate assurance as to whether the consolidated financial statements are free of material misstatement. The review was mainly based on applying analytical procedures to the financial data, inspection of accounting records and discussions with the management of the Company as well as its employees. The scope of a review differs significantly from an audit of financial statements, the objective of which is to express an opinion on whether financial statements comply with the required applicable accounting policies, and on the truth and fairness of these financial statements. Consequently, the review does not enable us to obtain sufficient assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not in accordance, in all material respects, with IAS 34.

on behalf of
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 Robert Klimacki
certified auditor
No. 90055

Warsaw, 1 September 2014

Independent Auditors’ Review Report on the Interim Condensed Financial Statements

for the 6 month period ended 30 June 2014

To the Supervisory Board of Arctic Paper S.A.

1. We have reviewed the accompanying interim condensed financial statements of Arctic Paper S.A. (‘the Company’) located at Jana Henryka Dąbrowskiego 334A in Poznań, including the interim condensed balance sheet as at 30 June 2014, the interim condensed income statement, the interim condensed statement of comprehensive income, the interim condensed statement of changes in equity, the interim condensed cash flow statement for the period from 1 January 2014 to 30 June 2014 and other explanatory notes (‘the interim condensed financial statements’).

2. The Company’s Management Board is responsible for the compliance of the accompanying interim condensed financial statements with International Financial Reporting Standard IAS 34 “Interim financial reporting” as adopted by the European Union (‘IAS 34’). Our responsibility was to issue a report on these financial statements, based on our review.

3. We conducted our review in accordance with the provisions of the law binding in Poland and national auditing standards issued by the National Council of Statutory Auditors in Poland. These standards require that we plan and perform our review to obtain moderate assurance as to whether the financial statements are free of material misstatement. The review was mainly based on applying analytical procedures to the financial data, inspection of accounting records and discussions with the management of the Company as well as its employees. The scope of a review differs significantly from an audit of financial statements, the objective of which is to express an opinion on whether financial statements comply with the required applicable accounting policies, and on the truth and fairness of these financial statements. Consequently, the review does not enable us to obtain sufficient assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not in accordance, in all material respects, with IAS 34.

on behalf of
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
Robert Klimacki
certified auditor
No. 90055

Warsaw, 1 September 2014

This information is disclosed pursuant to 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 recognised as equivalent, and was submitted for publication on 1st September 2014 at 8:00 am CET, in reference to Arctic Paper’s Capital Group half-year report for the 6 month period ended in the 30th June 2014 filed with the Warsaw Stock Exchange.

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Contacts

Arctic Paper
Wolfgang Luebbert, CEO
tel. +49 40 51485310