Annual Report 2023 of Arctic Paper S.A.
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 12
Relevant information and factors affecting the
financial results and the assessment of the
financial standing 18
Factors affecting the development of the
Company 20
Supplementary information 22
Information compliant with the requirements of
Swedish regulations concerning corporate
governance 40
Information by the Management Board of Arctic
Paper S.A. on selection of the audit firm 42
Statements of the Management Board 43
Standalone financial statements 45
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 51
5. Investments by the Company 52
6. Material values based on professional judgement and
estimates 53
7. Basis of preparation of the financial statements 53
8. Changes in the applied accounting principles 53
9. New and amended standards and interpretations applied 54
10. Significant accounting principles (policies) 56
11. Revenues 64
12. Other revenues and expenses 64
13. Income tax 66
14. Earnings/(loss) per share 67
15. Dividend paid and proposed 68
16. Other assets 69
17. Trade and other receivables 73
18. Cash and cash equivalents 73
19. Share capital and other capitals 74
20. Interest-bearing bank loans and cash-pooling 75
21. Long-term employee liabilities 77
22. Trade and other payables and other financial liabilities 77
23. Contingent liabilities 78
24. Information on related entities 79
25. Information on the remuneration of the statutory auditor or
entity authorised to audit financial statements 81
26. Financial risk management objectives and policies 81
27. Financial instruments 85
28. Capital management 88
29. Employment structure 88
30. Change in presentation due to correction of an error 89
31. Events after the balance sheet date 90
Selected standalone financial data
Period
from 01.01.2023
to 31.12.2023
Period
from 01.01.2022
to 31.12.2022
Period
from 01.01.2023
to 31.12.2023
Period
from 01.01.2022
to 31.12.2022
PLN thousand
PLN thousand
EUR thousand
EUR thousand
Sales revenues 195 486
72 460
43 169
15 455
Operating profit/(loss) 248 537
224 463
54 885
47 877
Gross profit/(loss) 249 158
218 975
55 022
46 707
Net profit/(loss) from continuing
operations 251 216
222 906
55 476
47 545
Net profit/(loss) for the financial year 251 216
222 906
55 476
47 545
Net cash flows from operating activities 298 125
277 871
65 835
59 267
Net cash flows from investing activities (26 624)
(50)
(5 879)
(11)
Net cash flows from financing activities (218 489)
(79 515)
(48 249)
(16 960)
Change in cash and cash equivalents 53 011
198 306
11 707
42 298
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) 3.63
3.22
0.80
0.69
Diluted EPS (in PLN/EUR) 3.63
3.22
0.80
0.69
Mean PLN/EUR exchange rate*
4.5284
4.6883
As at
31 December 2023
As at
31 December 2022
As at
31 December 2023
As at
31 December 2022
PLN thousand
PLN thousand
EUR thousand
EUR thousand
Total assets 1 287 686
1 144 888
296 156
244 118
Long-term liabilities 44 668
75 036
10 273
15 999
Short-term liabilities 405 043
292 883
93 156
62 450
Equity 837 975
776 970
192 727
165 669
Share capital 69 288
69 288
15 935
14 774
Number of ordinary shares
69 287 783