Management Board of Arctic Paper S.A. herewith publishes the Annual Report for Arctic Paper Group for 2015. Selected consolidated financial data For the For the For the For the period period period period from 01.01.2014 from from from to 31.12.2014 01.01.2015 01.01.2014 01.01.2015 to to to 31.12.2015 31.12.2014 31.12.2015 000'PLN 000'PLN 000'EUR 000'EUR Continuing operations Revenues 2 900 460 2 865 121 693 179 684 699 Operating 100 239 135 660 23 956 32 420 profit (loss) Profit 72 150 99 099 17 243 23 683 (loss) before tax Profit 71 019 98 326 16 973 23 498 (loss) from continuing operations Discontinued operations Profit (97 588) (20 152) (23 323) (4 816) (loss) from discontinued operations Profit (26 570) 78 175 (6 350) 18 682 (loss) for the year Profit (71 258) 50 459 (17 030) 12 058 (loss) for the year attributable to equity holders of the parent Net 172 748 206 433 41 285 49 333 operating cash flow Net (81 646) (60 206) (19 513) (14 388) investment cash flow Net (62 359) (104 354) (14 903) (24 938) financial cash flow Net change 28 742 41 873 6 869 10 007 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 (1,03) 0,73 (0,25) 0,17 PLN/EUR) Diluted EPS (1,03) 0,73 (0,25) 0,17 (in PLN/EUR) Average 4,1843 4,1845 PLN/EUR rate* As at As at As at As at 31 31 31 31 December 2014 December December December 2015 2014 2015 000'PLN 000'PLN 000'EUR 000'EUR Assets 1 813 235 1 762 790 425 492 413 577 Long-term 372 599 447 152 87 434 104 909 liabilities Short-term 682 515 590 567 160 159 138 556 liabilities Liabilities 81 264 - 19 069 - directly associated with discontinued operations Equity 676 856 725 071 158 830 170 113 Share 69 288 69 288 16 259 16 256 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 9,77 10,46 2,29 2,46 per share (in PLN/EUR) Diluted book 9,77 10,46 2,29 2,46 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 - - 4,2615 4,2623 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. INDEPENDENT AUDITORS’ OPINION To the Shareholders’ Meeting and the Supervisory Board of Arctic Paper S.A. 1. We have audited the attached consolidated financial statements of Arctic Paper S.A. Group (‘the Group’), for which the holding company is Arctic Paper S.A. (‘the Company‘) located in Poznań at Dąbrowskiego 334A, for the year ended 31 December 2015, the consolidated balance sheet as at 31 December 2015, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of cash flow for the period from 1 January 2015 to 31 December 2015 and the summary of significant accounting policies and other explanatory notes (‘the attached consolidated financial statements’). 2. The truth and fairness[1] (http://#_ftn1) of the attached consolidated financial statements, the preparation of the attached consolidated financial statements in accordance with the required applicable accounting policies and the proper maintenance of the consolidation documentation 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 consolidated 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 consolidated 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 and whether they truly and fairly[2] (http://#_ftn2) reflect, in all material respects, the financial position and results of the operations of the Group. 3. We conducted our audit of the attached consolidated 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 consolidated 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 consolidated financial statements. We believe our audit has provided a reasonable basis to express our opinion on the attached consolidated financial statements treated as a whole. 4. In our opinion, the attached consolidated financial statements, in all material respects: · present truly and fairly all information material for the assessment of the results of the Group’s operations for the period from 1 January 2015 to 31 December 2015, as well as its financial position[3] (http://#_ftn3) as at 31 December 2015; · have been prepared in accordance with International Financial Reporting Standards as adopted by the EU; · are in respect of the form and content, in accordance with the legal regulations governing the preparation of financial statements. 5. We have read the ‘Directors’ Report for the period from 1 January 2015 to 31 December 2015 and the rules of preparation of annual statements’ (‘the Directors’ Report’) and concluded that the information derived from the attached consolidated financial statements reconciles with these financial statements. The information included in the Directors’ Report corresponds with the relevant regulations of art. 49 para 2 of the Accounting Act and 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 2014.133 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, 21 March 2016 ---------------------------------------------------------------------- [1] (http://#_ftnref1) Translation of the following expression in Polish: ‘rzetelność i jasność’ [2] (http://#_ftnref2) Translation of the following expression in Polish: ‘rzetelne i jasne’ [3] (http://#_ftnref3) Translation of the following expression in Polish: ‘sytuacja majątkowa i finansowa’ For additional information, please contact: Wolfgang Lübbert, President of the Management Board of Arctic Paper, tel. 49 405 148 5310
Arctic Paper Group Annual Report 2015 together with independent auditor's opinion.
| Source: Arctic Paper AB