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