Arctic Paper SA
2022 ANNUAL
REPORT
Annual report 2021 of Arct ic Paper S.A.
Translatorʼs Explanatory Note: the following document is a free translation of the report of the above -mentioned Company. In the event
of any discrepancy in interpreting the terminology in Polish version is binding.
Table of contents
Selected standalone financial data 4
Letter from the President of the Management
Board of Arctic Paper S.A. 6
Description of the business of Arctic Paper 7
Summary of financial results 11
Relevant information and factors affecting the
financial results and the assessment of the
financial standing 16
Factors affecting the development of the
Company 18
Supplementary information 20
Statement on the application of the Corporate
Governance Rules 25
Information compliant with the requirements of
Swedish regulations concerning corporate
governance. 38
Information by the Management Board of Arctic
Paper S.A. on selection of the audit firm 40
Statements of the Management Board 41
Standalone financial statements 43
Accounting principles (policies) and additional
explanatory notes 48
1. General information 48
2. Identification of the consolidated financial statements 48
3. Composition of the Company’s Management Board 48
4. Approval of the financial statements 48
5. Investments by the Company 49
6. Material values based on professional judgement and
estimates 50
7. Basis of preparation of the financial statements 50
8. Changes in the applied accounting principles 51
9. New standards and interpretations that have been
published and are not yet effective 51
10. Significant accounting principles (policies) 52
11. Sales revenues 60
12. Other revenues and expenses 60
13. Income tax 62
14. Earnings/(loss) per share 64
15. Dividend paid and proposed 64
16. Other assets 65
17. Trade and other receivables 69
18. Cash and cash equivalents 69
19. Share capital and reserve capital/other reserves 70
20. Interest-bearing loans and borrowings 71
21. Long-term employee liabilities 72
22. Trade and other payables and other financial liabilities 73
23. Contingent liabilities 73
24. Information on related entities 75
25. Information on the remuneration of the statutory auditor or
entity authorised to audit financial statements 77
26. Financial risk management objectives and policies 77
27. Financial instruments 81
28. Capital management 83
29. Employment structure 84
30. Events after the balance sheet date 84
SELECTED STANDALONE
FINANCIAL DATA
Annual repor t 2022 of Arctic P aper S. A.
Selected standalone financial data
Period
from
01.01.2022
to 31.12.2022
Period
from
01.01.2021
to 31.12.2021
Period
from
01.01.2022
to 31.12.2022
Period
from
01.01.2021
to 31.12.2021
PLN '000
PLN '000
EUR '000
EUR '000
Sales revenues
72 460
63 836
15 455
13 978
Operating profit/(loss)
224 463
32 920
47 877
7 208
Gross profit/(loss)
218 975
21 787
46 707
4 771
Net profit/(loss) from continuing
operations
222 906
21 787
47 545
4
771
Net profit/(loss) for the financial year
222 906
21 787
47 545
4 771
Net cash flows from operating activities
220 455
(15 320)
47 022
(3 354)
Net cash flows from investing activities
(50)
(2 498)
(11)
(547)
Net cash
flows from financing activities
(22 099)
(7 364)
(4 714)
(1 612)
Change in cash and cash equivalents
198 306
(25 182)
42 298
(5 514)
Weighted average number of ordinary shares
69 287 783
69 287 783
69 287 783
69 287 783
Diluted weighted average number of ordinary shares
69 287 783
69 287 783
69 287 783
69 287 783
EPS (in PLN/EUR)
3,22
0,31
0,69
0,07
Diluted EPS (in PLN/EUR)
3,22
0,31
0,69
0,07
Mean PLN/EUR exchange rate*
4,6883
4,5775
As at
31 December
2022
As at
31 December
2021
As at
31 December
2022
As at
31 December
2021
PLN '000
PLN '000
EUR '000
EUR '000
Total assets
1 144 888
857 299
244 118
186 394
Long
-
term liabilities
75 036
105 398
15
999
22 916
Short
-
term liabilities
292 883
174 841
62 450
38 014
Equity
776 970
577 059
165 669
125 464
Share capital
69 288
69 288
14 774
15 064
Number of ordinary shares
69 287 783
69 287 783
69 287 783
69 287 783
Diluted number of
ordinary shares
69 287 783
69 287 783
69 287 783
69 287 783
Book value per share (in PLN/EUR)
11,21
8,33
2,39
1,81
Diluted book value per share (in PLN/EUR)
11,21
8,33
2,39
1,81
Declared or paid dividend (in PLN/EUR)
27 715 113
20 786
335
5 909 532
4 519 358
Declared or paid dividend per share (in PLN/EUR)
0,40
0,30
0,09
0,07
PLN/EUR exchange rate at the end of the period**
4,6899
4,5994
* - Profit and loss account and cash flow statement items have been translated at the mean arithmetic exchange rates published by the National Bank of
Poland, prevailing in the period that the presented data refers to.
** - Balance sheet items have been translated at the mean arithmetic exchange rates published by the National Bank of Poland, prevailing on the balance
sheet date.