Arctic Paper SA Capital Group half-year report for
Post# of 301275
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 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 For the For the For the period period period period from from from from 01.01.2016 01.01.2015 01.01.2016 01.01.2015 to to to to 30.06.2016 30.06.2015 30.06.2016 30.06.2015 thousand thousand thousand thousand PLN PLN EUR EUR Continuing operations Revenues 1 499 825 1 459 352 343 340 352 422 Operating 75 081 62 825 17 188 15 172 profit (loss) Profit 54 115 50 502 12 388 12 196 (loss) before tax Profit 36 672 51 890 8 395 12 531 (loss) from continuing operations Discontinued operations Profit (6 340) (25 946) (1 451) (6 266) (loss) from discontinued operations Profit 30 332 25 944 6 944 6 265 (loss) for the period Profit 9 881 (7 181) 2 262 (1 734) (loss) attributable to equity holders of the parent Net 15 384 55 890 3 522 13 497 operating cash flow Net (62 599) (23 349) (14 330) (5 639) investing cash flow Net (17 536) (6 113) (4 014) (1 476) financing cash flow Net change (64 750) 26 428 (14 823) 6 382 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 0,14 (0,10) 0,03 (0,03) PLN/EUR) Diluted EPS 0,14 (0,10) 0,03 (0,03) (in PLN/EUR) Average 4,3683 4,1409 PLN/EUR rate* As at As at As at As at 30 June 31 30 June 31 2016 December 2016 December 2015 2015 thousand thousand thousand thousand PLN PLN EUR EUR Assets 1 750 212 1 813 235 395 483 425 492 Long-term 360 071 372 599 81 363 87 434 liabilities Short-term 645 970 682 515 145 965 160 159 liabilities Liabilities 40 013 81 264 9 041 19 069 directly associated with discontinued operations Equity 704 158 676 856 159 114 158 830 Share 69 288 69 288 15 656 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 10,16 9,77 2,30 2,29 per share (in PLN/EUR) Diluted book 10,16 9,77 2,30 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 - - 4,4255 4,2615 at the end of the period** Selected standalone financial data For the For the For the For the period period period period from from from from 01.01.2016 01.01.2015 01.01.2016 01.01.2015 to to to to 30.06.2016 30.06.2015 30.06.2016 30.06.2015 PLN PLN EUR EUR thousand thousand thousand thousand Sales revenues 59 389 70 133 13 595 16 937 Operating profit 14 784 24 437 3 384 5 901 (loss) Profit (loss) before 10 197 23 112 2 334 5 581 tax Profit (loss) from 10 197 23 112 2 334 5 581 continuing operations Profit (loss) for 10 197 23 112 2 334 5 581 the period Net operating cash 1 934 (12 781) 443 (3 086) flow Net investing cash (2 982) 19 980 (683) 4 825 flow Net financing cash (706) (703) (162) (170) flow Net change in cash (1 754) 6 496 (401) 1 569 and cash equivalents Weighted average 69 287 783 69 287 783 69 287 783 69 287 783 number of shares Weighted average 69 287 783 69 287 783 69 287 783 69 287 783 diluted number of shares EPS (in PLN/EUR) 0,15 0,33 0,03 0,08 Diluted EPS (in 0,15 0,33 0,03 0,08 PLN/EUR) Average PLN/EUR 4,3683 4,1409 rate* As at 30 As at As at 30 As at June 2016 31 June 2016 31 December December 2015 2015 PLN PLN EUR EUR thousand thousand thousand thousand Assets 939 718 950 202 212 342 222 974 Long-term 189 929 205 001 42 917 48 105 liabilities Short-term 70 740 76 242 15 985 17 891 liabilities 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 69 287 783 69 287 783 69 287 783 69 287 783 shares Book value per share 9,80 9,65 2,21 2,27 (in PLN/EUR) Diluted book value 9,80 9,65 2,21 2,27 per share (in PLN/EUR) Declared or paid - - - - dividend (in PLN/EUR) Declared or paid - - - - dividend per share (in PLN/EUR) PLN/EUR rate at the - - 4,4255 4,2615 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. 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 For additional information, please contact: Per Skoglund, acting President of the Management Board of Arctic Paper, tel. +46 733 21 70 09