Arctic Paper SA
ANNUAL REPORT
2021
Annual report 2021 of Arctic 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 19
Supplementary information 21
Statement on the application of the Corporate
Governance Rules 26
Information compliant with the requirements of
Swedish regulations concerning corporate
governance. 39
Information by the Management Board of Arctic
Paper S.A. on selection of the audit firm 41
Statements of the Management Board 42
Standalone financial statements 44
Accounting principles (policies) and additional
explanatory notes 50
1. General information 50
2. Identification of the consolidated financial statements 50
3. Composition of the Company’s Management Board 50
4. Approval of the financial statements 50
5. Investments by the Company 51
6. Material values based on professional judgement and
estimates 51
7. Basis of preparation of the financial statements 52
8. Changes in the applied accounting principles 53
9. New standards and interpretations that have been
published and are not yet effective 54
10. Significant accounting principles (policies) 56
11. Sales revenues 64
12. Other revenues and expenses 64
13. Income tax 66
14. Earnings (loss) per share 68
15. Dividend paid and proposed 68
16. Other assets 70
17. Trade and other receivables 72
18. Cash and cash equivalents 73
19. Share capital and reserve capital/other reserves 73
20. Interest-bearing loans and borrowings 76
21. Long term employee liabilities 77
22. Trade payables, other liabilities and accruals and differed
income and other financial liabilities 78
23. Contingent liabilities 78
24. Information on related entities 80
25. Information on the remuneration of the statutory auditor or
entity authorised to audit financial statements 81
26. Financial risk management objectives and policies 82
27. Financial instruments 85
28. Capital management 89
29. Employment structure 89
30. Events after the balance sheet date 89