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28.08.2015 10:33:00
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Arctic Paper SA Capital Group Consolidated Half-Year Report for 2015
Regulatory News:
The Management Board of Arctic Paper S.A. (STO:ARP) (hereinafter "Company”) herewith published the Arctic Paper SA Capital Group half-year report for the 6 month period ended in the 30th June 2015 together with Independent Auditors’ Review Report on the Interim Condensed Consolidated Financial Statements for the 6 month period ended 30 June 2015 and Independent Auditors’ Review Report on the Interim Condensed Financial Statements for the 6 month period ended 30 June 2015.
| Selected consolidated financial data | ||||||||||||
| For the period | For the period | For the period | For the period | |||||||||
| from 01.01.2015 | from 01.01.2014 | from 01.01.2015 | from 01.01.2014 | |||||||||
| to 30.06.2015 | to 30.06.2014 | to 30.06.2015 | to 30.06.2014 | |||||||||
| thousand PLN | thousand PLN | thousand EUR | thousand EUR | |||||||||
| Continuing operations | ||||||||||||
| Revenues | 1 459 352 | 1 436 062 | 352 422 | 343 843 | ||||||||
| Operating profit (loss) | 62 825 | 46 257 | 15 172 | 11 075 | ||||||||
| Profit (loss) before tax | 50 502 | 31 310 | 12 196 | 7 497 | ||||||||
| Profit (loss) from continuing operations | 51 890 | 24 178 | 12 531 | 5 789 | ||||||||
| Discontinued operations | ||||||||||||
| Profit (loss) from discontinued operations | (25 946) | (1 795) | (6 266) | -430 | ||||||||
| Profit (loss) for the period | 25 944 | 22 383 | 6 265 | 5 359 | ||||||||
| Profit (loss) attributable to equity holders of the parent | (7 181) | 14 097 | (1 734) | 3 375 | ||||||||
| Net operating cash flow | 55 890 | 61 321 | 13 497 | 14 682 | ||||||||
| Net investing cash flow | (23 349) | (32 717) | (5 639) | (7 834) | ||||||||
| Net financing cash flow | (6 113) | (50 764) | (1 476) | (12 155) | ||||||||
| Net change in cash and cash equivalents | 26 428 | (22 160) | 6 382 | (5 306) | ||||||||
| 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) | (0,10) | 0,20 | (0,03) | 0,05 | ||||||||
| Diluted EPS (in PLN/EUR) | (0,10) | 0,20 | (0,03) | 0,05 | ||||||||
| Average PLN/EUR rate* | 41,409 | 41,765 | ||||||||||
| As at | As at | As at | As at | |||||||||
| 30-Jun-15 | 31-Dec-14 | 30-Jun-15 | 31-Dec-14 | |||||||||
| thousand PLN | thousand PLN | thousand EUR | thousand EUR | |||||||||
| Assets | 1 832 862 | 1 762 790 | 436 978 | 413 577 | ||||||||
| Long-term liabilities | 395 285 | 447 152 | 94 241 | 104 909 | ||||||||
| Short-term liabilities | 649 411 | 590 567 | 154 828 | 138 556 | ||||||||
| Liabilities directly associated with discontinued operations | 50 788 | - | 12 109 | - | ||||||||
| Equity | 737 378 | 725 071 | 175 801 | 170 113 | ||||||||
| Share capital | 69 288 | 69 288 | 16 519 | 16 256 | ||||||||
| 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) | 10,64 | 10,46 | 2,54 | 2,46 | ||||||||
| Diluted book value per share (in PLN/EUR) | 10,64 | 10,46 | 2,54 | 2,46 | ||||||||
| 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** | - | - | 41,944 | 42,623 | ||||||||
| Selected standalone financial data | ||||||||||||
| For the period | For the period | For the period | For the period | |||||||||
| from 01.01.2015 | from 01.01.2014 | from 01.01.2015 | from 01.01.2014 | |||||||||
| to 30.06.2015 | to 30.06.2014 | to 30.06.2015 | to 30.06.2014 | |||||||||
| PLN thousand | PLN thousand | EUR thousand | EUR thousand | |||||||||
| Sales revenues | 70 133 | 20 162 | 16 937 | 4 828 | ||||||||
| Operating profit (loss) | 24 437 | (2 657) | 5 901 | -636 | ||||||||
| Profit (loss) before tax | 23 112 | (3 590) | 5 581 | -860 | ||||||||
| Profit (loss) from continuing operations | 23 112 | (3 590) | 5 581 | -860 | ||||||||
| Profit (loss) for the period | 23 112 | (3 590) | 5 581 | -860 | ||||||||
| Net operating cash flow | (12 781) | 144 | (3 086) | 34 | ||||||||
| Net investing cash flow | 19 980 | - | 4 825 | - | ||||||||
| Net financing cash flow | -703 | -705 | -170 | -169 | ||||||||
| Net change in cash and cash equivalents | 6 496 | -561 | 1 569 | -134 | ||||||||
| 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) | 0,33 | (0,05) | 0,08 | (0,01) | ||||||||
| Diluted EPS (in PLN/EUR) | 0,33 | (0,05) | 0,08 | (0,01) | ||||||||
| Average PLN/EUR rate* | 41,409 | 41,765 | ||||||||||
| As at 30 | As at | As at 30 | As at | |||||||||
| Jun-15 | 31-Dec-14 | Jun-15 | 31-Dec-14 | |||||||||
| PLN thousand | PLN thousand | EUR thousand | EUR thousand | |||||||||
| Assets | 964 126 | 936 635 | 229 860 | 225 104 | ||||||||
| Long-term liabilities | 196 221 | 227 109 | 46 782 | 54 582 | ||||||||
| Short-term liabilities | 79 945 | 44 632 | 19 060 | 10 727 | ||||||||
| Equity | 687 960 | 664 893 | 164 019 | 159 795 | ||||||||
| Share capital | 69 288 | 69 288 | 16 519 | 16 652 | ||||||||
| 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) | 9,93 | 9,60 | 2,37 | 2,31 | ||||||||
| Diluted book value per share (in PLN/EUR) | 9,93 | 9,60 | 2,37 | 2,31 | ||||||||
| 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** | - | - | 41,944 | 41,609 | ||||||||
* 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 Auditors’ Review Report on the Interim Condensed Consolidated Financial Statements for the 6 month period ended 30 June 2015
To the General Shareholders Meeting and 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 Jana Henryka Dabrowskiego 334A in Poznan, including the interim condensed consolidated balance sheet as at 30 June 2015, 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 2015 to 30 June 2015 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[1] (http://#_ftn1) 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[2] (http://#_ftn2) 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 spólka
z ograniczona odpowiedzialnoscia sp. k.
Rondo ONZ 1, 00-124 Warsaw
Reg. No 130
Key Certified Auditor
Robert Klimacki
certified auditor
No. 90055Warsaw, 28 August 2015
[1] (http://#_ftnref1) Translation of the following expression in Polish language: "zakres i metoda”
[2] (http://#_ftnref2) Translation of the following expression in Polish language: "rzetelnosci i jasnosci”
Independent Auditors’ Review Report on the Interim Condensed Financial Statements for the 6 month period ended 30 June 2015
To the General Shareholders Meeting and 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 Dabrowskiego 334A in Poznan, including the interim condensed balance sheet as at 30 June 2015, 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 2015 to 30 June 2015 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[1] (http://#_ftn1) 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[2] (http://#_ftn2) 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 spólka
z ograniczona odpowiedzialnoscia sp. k.
Rondo ONZ 1, 00-124 Warsaw
Reg. No 130
Key Certified Auditor
Robert Klimacki
certified auditor
No. 90055
Warsaw, 28 August 2015
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[1] (http://#_ftnref1) Translation of the following expression in Polish language: "zakres i metoda”
[2] (http://#_ftnref2) Translation of the following expression in Polish language: "rzetelnosci i jasnosci”
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 recognized as equivalent, and was submitted for publication on 28th August 2015 at 8:00 am CET, in reference to Arctic Paper’s Capital Group consolidated report for 1H2015 filed with the Warsaw Stock Exchange.
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