Arctic Paper SA Capital Group Half-Year Report for the 6 Month Period Ended 30th June 2016 Together With Independent Auditors’ Review Reports

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

The Management Board of Arctic Paper S.A. (hereinafter “Company”) (STO:ARP) herewith published the Arctic Paper SA Capital Group half-year report for the 6 month period ended in the 30th June 2016 together with Independent Auditors’ Review Report on the Interim Condensed Consolidated Financial Statements for the 6 month period ended 30 June 2016 and Independent Auditors’ Review Report on the Interim Condensed Financial Statements for the 6 month period ended 30 June 2016.

Selected consolidated financial data

   

For the
period
from
01.01.2016
to 30.06.2016

 

For the
period
from
01.01.2015
to 30.06.2015

 

For the
period
from
01.01.2016
to 30.06.2016

 

For the
period
from
01.01.2015
to 30.06.2015

   

thousand
PLN

thousand
PLN

thousand
EUR

thousand
EUR

 
Continuing operations
Revenues 1 499 825 1 459 352 343 340 352 422
Operating profit (loss) 75 081 62 825 17 188 15 172
Profit (loss) before tax 54 115 50 502 12 388 12 196
Profit (loss) from continuing operations 36 672 51 890 8 395 12 531
Discontinued operations
Profit (loss) from discontinued operations (6 340) (25 946) (1 451) (6 266)
           
Profit (loss) for the period 30 332 25 944 6 944 6 265
Profit (loss) attributable to equity holders of the parent 9 881 (7 181) 2 262 (1 734)
 
Net operating cash flow 15 384 55 890 3 522 13 497
Net investing cash flow (62 599) (23 349) (14 330) (5 639)
Net financing cash flow (17 536) (6 113) (4 014) (1 476)
           
Net change in cash and cash equivalents (64 750) 26 428 (14 823) 6 382
 
Weighted average number of shares 69 287 783 69 287 783 69 287 783 69 287 783
Weighted average diluted number of shares 69 287 783 69 287 783 69 287 783 69 287 783
EPS (in PLN/EUR) 0,14 (0,10) 0,03 (0,03)
Diluted EPS (in PLN/EUR) 0,14 (0,10) 0,03 (0,03)
 
Average PLN/EUR rate* 4,3683 4,1409
 

As at
30 June 2016

As at
31 December
2015

As at
30 June 2016

As at
31 December
2015

thousand
PLN

thousand
PLN

thousand
EUR

thousand
EUR

           
Assets 1 750 212 1 813 235 395 483 425 492
Long-term liabilities 360 071 372 599 81 363 87 434
Short-term liabilities 645 970 682 515 145 965 160 159
Liabilities directly associated with discontinued operations 40 013 81 264 9 041 19 069
Equity 704 158 676 856 159 114 158 830
Share capital 69 288 69 288 15 656 16 259
           
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) 10,16 9,77 2,30 2,29
Diluted book value per share (in PLN/EUR) 10,16 9,77 2,30 2,29
 
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** - - 4,4255 4,2615
 

Selected standalone financial data

 

For the period
from
01.01.2016
to 30.06.2016

 

For the period
from
01.01.2015
to 30.06.2015

 

For the period
from
01.01.2016
to 30.06.2016

 

For the period
from
01.01.2015
to 30.06.2015

 

PLN
thousand

PLN
thousand

EUR thousand

EUR
thousand

 
Sales revenues 59 389 70 133 13 595 16 937
Operating profit (loss) 14 784 24 437 3 384 5 901

Profit (loss) before tax

10 197 23 112 2 334 5 581
Profit (loss) from continuing operations 10 197 23 112 2 334 5 581
         
Profit (loss) for the period 10 197 23 112 2 334 5 581
 
Net operating cash flow 1 934 (12 781) 443 (3 086)
Net investing cash flow (2 982) 19 980 (683) 4 825
Net financing cash flow (706) (703) (162) (170)
         
Net change in cash and cash equivalents (1 754) 6 496 (401) 1 569
 
Weighted average number of shares 69 287 783 69 287 783 69 287 783 69 287 783
Weighted average diluted number of shares 69 287 783 69 287 783 69 287 783 69 287 783
EPS (in PLN/EUR) 0,15 0,33 0,03 0,08
Diluted EPS (in PLN/EUR) 0,15 0,33 0,03 0,08
 
Average PLN/EUR rate* 4,3683 4,1409
 

As at 30
June 2016

As at
31 December
2015

As at 30
June 2016

As at
31 December
2015

PLN
thousand

PLN
thousand

EUR thousand

EUR
thousand

         
Assets 939 718 950 202 212 342 222 974
Long-term liabilities 189 929 205 001 42 917 48 105
Short-term liabilities 70 740 76 242 15 985 17 891
Equity 679 049 668 959 153 440 156 977
Share capital 69 288 69 288 15 656 16 259
         
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) 9,80 9,65 2,21 2,27
Diluted book value per share (in PLN/EUR) 9,80 9,65 2,21 2,27
 
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** - - 4,4255 4,2615

* 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.

Independent Auditor’s Report on review of interim condensed consolidated financial statements

To the General Shareholders Meeting and Supervisory Board of Arctic Paper S.A.

Introduction

We have reviewed the accompanying interim condensed consolidated financial statements of Arctic Paper S.A. Capital Group (‘the Group’), with parent’s company Arctic Paper S.A. (‘the Company’) registered office located at Jana Henryka Dąbrowskiego 334A in Poznań as of 30 June 2016 and the related interim condensed consolidated balance sheet as at 30 June 2016, 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 2016 to 30 June 2016 accounting policies and other explanatory notes (‘the interim condensed consolidated financial statements’).

Management is responsible for the preparation and presentation of accompanying interim condensed consolidated financial statements in accordance with International Financial Reporting Standard IAS 34 Interim Financial Reporting as adopted by the European Union (‘IAS 34’). Our responsibility is to express a conclusion on accompanying interim condensed consolidated financial statements based on our review.

Scope of review

We conducted our review in accordance with National Financial Revision Standard 2410 based on International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity prepared by International Auditing and Assurance Standards Board (‘standard’). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with National Standards on Auditing and consequently does not enable us to obtain 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 on accompanying interim condensed consolidated financial statements.

Conclusion

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

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

Independent Auditor’s Report on review of interim condensed financial statements

To the General Shareholders Meeting and Supervisory Board of Arctic Paper S.A.

Introduction

We have reviewed the accompanying interim condensed financial statements of Arctic Paper S.A. (‘the Company’) with registered office located at Jana Henryka Dąbrowskiego 334A in Poznań as of 30 June 2016, and the related interim condensed balance sheet as at 30 June 2016, 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 2016 to 30 June 2016, accounting policies and other explanatory notes (‘the interim condensed financial statements’).

Management is responsible for the preparation and presentation of accompanying interim condensed financial statements in accordance with International Financial Reporting Standard IAS 34 Interim Financial Reporting as adopted by the European Union (‘IAS 34’). Our responsibility is to express a conclusion on accompanying interim condensed financial statements based on our review.

Scope of review

We conducted our review in accordance with National Financial Revision Standard 2410 based on International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity prepared by International Auditing and Assurance Standards Board (‘standard’). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with National Standards on Auditing and consequently does not enable us to obtain 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 on accompanying interim condensed financial statements.

Conclusion

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

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

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Contacts

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

Contacts

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