Arctic Paper S.A.

Earnings Release • Feb 26, 2021

Attachment no 1 to the Current report no.7/2021 dated February 26th 2021

Table 1: Preliminary selected consolidated profit and loss account items

PLN '000	2020	2019	Change % 2020/2019
Sales revenues	2 847 450	3 117 118	(8,7)
of which:
Sales of paper	1 990 774	2 206 815	(9,8)
Sales of pulp	856 677	910 304	(5,9)
Prof it on sales	541 791	585 506	(7,5)
% of sales revenues	19,03	18,78	0,2 p.p.
Selling and distribution costs	(336 524)	(336 862)	(0,1)
Administrativ e expenses	(76 348)	(88 527)	(13,8)
Other operating income	65 280	78 111	(16,4)
Other operating expenses	(35 957)	(46 806)	(23,2)
EBIT	158 242	191 422	(17,3)
% of sales revenues	5,56	6,14	(0,6) p.p.
EBITDA	271 368	278 031	(2,4)
% of sales revenues	9,53	8,92	0,6 p.p.
Financial income	710	1 149	(38,2)
Financial expenses	(36 633)	(34 640)	5,8
Gross profit (loss)	122 318	157 931	(22,5)
Income tax	(18 733)	(33 250)	(43,7)
Net profit (loss)	103 586	124 681	(16,9)
% of sales revenues	3,64	4,00	(0,4) p.p.
Net prof it/(loss) attributable to the shareholders of the
Parent Entity	111 070	82 709	34,3
Net prof it / (loss) per share (PLN) attributable to the
shareholders of the Parent Entity	1,60	1,19	34,3

Table 2: Preliminary selected consolidated balance sheet items

PLN '000	31.12.2020	31.12.2019	Change 31/12/2020 -31/12/2019
Fixed assets	1 194 503	1 080 905	113 598
Inv entories	365 491	353 774	11 717
Receiv ables	302 751	307 445	(4 694)
including trade receivables	297 543	302 121	(4 579)
Other current assets	18 337	27 744	(9 408)
Cash and cash equiv alents	255 563	265 885	(10 321)
Total assets	2 136 646	2 035 753	100 893
Equity	1 033 033	870 528	162 505
Short-term liabilities	639 016	688 098	(49 082)
of which:
trade and other payables	379 445	435 366	(55 922)
interest-bearing debt	148 426	161 591	(13 165)
other non-financial liabilities	111 146	91 141	20 005
Long-term liabilities	464 596	477 127	(12 531)
of which:
interest-bearing debt	241 144	263 268	(22 124)
other non-financial liabilities	223 452	213 858	9 594
Total equity and liabilities	2 136 646	2 035 753	100 893

Table 3: Preliminary selected items of the consolidated cash flow statements

PLN '000	2020	2019	Change % 2020/2019
Cash f lows f rom operating activ ities	211 464	342 290	(38,2)
of which:
Gross profit/(loss)	122 318	157 931	(22,5)
Depreciation/amortisation and impairment charge	113 126	86 609	30,6
Changes to working capital	(25 051)	78 703	(131,8)
Other adjustments	1 072	19 047	(94,4)
Cash f lows f rom inv esting activ ities	(141 239)	(121 834)	15,9
Cash f lows f rom f inancing activ ities	(100 950)	(152 939)	(34,0)
Total cash flows	(30 725)	67 517	(145,5)