Income Statement Arctic Paper S.A.

Equities

ATC

PLARTPR00012

Paper Products

Market Closed - Warsaw S.E. Other stock markets 16:55:45 14/04/2026 BST			5-day change	1st Jan Change
7.900 ^PLN	+0.64%		+1.28%	-3.42%

02-19	Arctic Paper says management will not recommend dividend payment for 2025	RE
02-19	Arctic Paper estimates Q4 net loss at 75.4 million zlotys	RE

0569b6455e0721.bQqJsd4tBPqtKOH9WXL2mL0s-5Pcpekvg3DVhEPGptM.AWb55YYYc5XpQ9CqHUe-3f5ntfKk190Z1QC3w3SnyuQJZLDEsWsxsOdJtA

Published financial data: ARCTIC PAPER S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	2.85B	3.41B	4.89B	3.55B	3.43B
Total Revenues	2.85B	3.41B	4.89B	3.55B	3.43B
Cost of Goods Sold, Total	2.31B	2.74B	3.48B	2.8B	2.85B
Gross Profit	542M	676M	1.41B	746M	584M
Selling General & Admin Expenses, Total	414M	485M	584M	466M	470M
Other Operating Expenses	-22.38M	-15.11M	-4.34M	-66.93M	-40.22M
Other Operating Expenses, Total	392M	470M	580M	399M	430M
Operating Income	150M	206M	831M	346M	154M
Interest Expense, Total	-18.65M	-17.79M	-6.61M	-5.93M	-7.5M
Interest And Investment Income	707K	954K	2.87M	10.33M	7.46M
Net Interest Expenses	-17.94M	-16.84M	-3.74M	4.4M	-40K
Income (Loss) On Equity Invest.	-	450K	459K	776K	348K
Currency Exchange Gains (Loss)	-10.43M	2.27M	16.65M	-21.84M	11.87M
Other Non Operating Income (Expenses)	-6.37M	-6.3M	-1.04M	1.69M	-3.34M
EBT, Excl. Unusual Items	115M	186M	843M	331M	163M
Restructuring Charges	-1.24M	-538K	72.49M	39K	-
Gain (Loss) On Sale Of Assets	9.22M	6.54M	13.93M	9.47M	34.15M
Asset Writedown	-1.04M	31.38M	-1.22M	-	-4.65M
Other Unusual Items	-	-	-581K	-	-
EBT, Incl. Unusual Items	122M	223M	928M	341M	192M
Income Tax Expense	18.73M	47.21M	171M	68.53M	31.34M
Earnings From Continuing Operations	104M	176M	757M	272M	161M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	104M	176M	757M	272M	161M
Minority Interest	7.48M	-48.75M	-126M	-25.26M	-6.65M
Net Income - (IS)	111M	127M	631M	247M	154M
Net Income to Common Incl Extra Items	111M	127M	631M	247M	154M
Net Income to Common Excl. Extra Items	111M	127M	631M	247M	154M
Per Share Items
Net EPS - Basic	1.6	1.84	9.11	3.57	2.23
Basic EPS - Continuing Operations	1.6	1.84	9.11	3.57	2.23
Basic Weighted Average Shares Outstanding	69.29M	69.29M	69.29M	69.22M	69.29M
Net EPS - Diluted	1.6	1.84	9.11	3.57	2.23
Diluted EPS - Continuing Operations	1.6	1.84	9.11	3.57	2.23
Diluted Weighted Average Shares Outstanding	69.29M	69.29M	69.29M	69.22M	69.29M
Normalized Basic EPS	1.15	0.97	5.79	2.63	1.37
Normalized Diluted EPS	1.15	0.97	5.79	2.63	1.37
Dividend Per Share	0.3	0.4	2.7	1	0.7
Payout Ratio	-	16.35	4.39	75.7	44.86
Supplemental Items
EBITDA	254M	310M	947M	465M	262M
EBITA	153M	209M	833M	346M	154M
EBIT	150M	206M	831M	346M	154M
EBITDAR	-	-	947M	-	-
Total Revenues (As Reported)	2.85B	3.41B	4.89B	3.55B	3.43B
Effective Tax Rate - (Ratio)	15.31	21.16	18.41	20.1	16.29
Total Current Taxes	18.28M	20.8M	127M	-	-
Total Deferred Taxes	454K	26.41M	43.54M	-	-
Normalized Net Income	79.6M	67.33M	401M	182M	95.2M
Interest on Long-Term Debt	718K	981K	634K	529K	1.29M
Non-Cash Pension Expense	1.18M	1.03M	-	640K	678K
Supplemental Operating Expense Items
Selling and Marketing Expenses	337M	381M	445M	341M	349M
General and Administrative Expenses	76.35M	103M	139M	124M	121M
Research And Development Expense From Footnotes	-	-	16.71M	-	-
Net Rental Expense, Total	-	-	26K	-	-
Imputed Operating Lease Interest Expense	-	-	5.58K	-	-
Imputed Operating Lease Depreciation	-	-	20.42K	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	256M	168M	482M	500M	288M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	256M	168M	482M	500M	288M
Accounts Receivable, Total	254M	359M	457M	415M	361M
Other Receivables	48.77M	51.78M	46.99M	847K	84.19M
Total Receivables	303M	411M	504M	416M	445M
Inventory	365M	403M	601M	445M	495M
Other Current Assets, Total	18.34M	106M	295M	68.97M	37.08M
Total Current Assets	942M	1.09B	1.88B	1.43B	1.26B
Gross Property Plant And Equipment	2.99B	2.92B	2.87B	-	3.21B
Accumulated Depreciation	-1.91B	-1.77B	-1.75B	-	-1.79B
Net Property Plant And Equipment	1.09B	1.16B	1.13B	1.17B	1.42B
Long-term Investments	1.68M	2.94M	4.26M	4.89M	5.06M
Goodwill	9.66M	9.42M	8.85M	8.23M	7.84M
Other Intangibles, Total	43.25M	56.67M	63.9M	58.46M	38.2M
Deferred Tax Assets Long-Term	25.12M	14.3M	5.2M	3.18M	6.45M
Other Long-Term Assets, Total	29.68M	63.14M	165M	51.32M	15.71M
Total Assets	2.14B	2.39B	3.25B	2.72B	2.76B
Liabilities
Accounts Payable, Total	322M	476M	522M	448M	405M
Accrued Expenses, Total	134M	121M	152M	106M	112M
Short-term Borrowings	188K	185K	174K	4.88M	-
Current Portion of Long-Term Debt	138M	87.63M	35.39M	43.86M	52.65M
Current Portion of Leases	9.76M	8.84M	7.88M	-	4.76M
Current Income Taxes Payable	11.04M	3.91M	55.04M	29.48M	17.93M
Unearned Revenue Current, Total	-	7.16M	14.84M	8.71M	9.13M
Other Current Liabilities	23.58M	17.12M	20.28M	1.24M	10.79M
Total Current Liabilities	639M	722M	807M	642M	613M
Long-Term Debt	212M	162M	140M	104M	179M
Long-Term Leases	25.96M	28.26M	22.32M	-	20.63M
Unearned Revenue Non Current	-	13.87M	10.51M	8.11M	6.6M
Pension & Other Post Retirement Benefits	136M	112M	43.55M	41.14M	20.43M
Deferred Tax Liability Non Current	71.45M	107M	178M	121M	110M
Other Non Current Liabilities	19.18M	1.35M	1.26M	5.1M	38.48M
Total Liabilities	1.1B	1.15B	1.2B	921M	988M
Common Stock, Total	69.29M	69.29M	69.29M	69.29M	69.29M
Additional Paid In Capital	-	-	-	444M	626M
Retained Earnings	96.51M	226M	838M	862M	766M
Comprehensive Income and Other	584M	617M	681M	68.3M	-5.65M
Total Common Equity	750M	912M	1.59B	1.44B	1.46B
Minority Interest	283M	331M	465M	358M	313M
Total Equity	1.03B	1.24B	2.05B	1.8B	1.77B
Total Liabilities And Equity	2.14B	2.39B	3.25B	2.72B	2.76B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	69.29M	69.29M	69.29M	69.29M	69.29M
ECS Total Common Shares Outstanding	69.29M	69.29M	69.29M	69.29M	69.29M
Book Value / Share	10.82	13.16	22.91	20.83	21
Tangible Book Value	697M	846M	1.51B	1.38B	1.41B
Tangible Book Value Per Share	10.06	12.21	21.86	19.87	20.34
Total Debt	386M	287M	206M	153M	257M
Net Debt	131M	119M	-276M	-348M	-30.44M
Debt Equivalent Oper. Leases	-	-	208K	-	-
Minority Interest, Total (Incl. Fin. Div)	283M	331M	465M	358M	313M
Equity Method Investments, Total	1.68M	2.94M	4.26M	4.89M	5.06M
Account Code - Inventory Valuation	3	6	6	6	6
Inventories - Raw Materials, Total	146M	184M	258M	-	221M
Inventories - Work In Process, Total	8.08M	10.47M	9.17M	-	6.77M
Inventories - Finished Goods, Total	211M	208M	334M	-	267M
Inventories - Others	24K	16K	37K	-	-
Land - (BS)	556M	584M	580M	-	578M
Machinery, Total	2.34B	2.18B	2.15B	-	2.26B
Full Time Employees	1.5K	1.5K	1.5K	1.5K	1.5K
Accumulated Allowance for Doubtful Accounts (Supple)	18.68M	15.95M	5.48M	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	111M	127M	631M	247M	154M
Depreciation & Amortization - CF	110M	112M	124M	118M	114M
Amortization of Goodwill and Intangible Assets - (CF)	2.79M	2.77M	2.09M	-	-
Depreciation & Amortization, Total	113M	115M	127M	118M	114M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	181K
(Gain) Loss From Sale Of Asset	277K	647K	1.71M	2.29M	8.12M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-31.49M	4.41M	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	18.66M	53.37M	137M	10.86M	-9.83M
Change In Accounts Receivable	39.92M	-115M	-124M	64.91M	-23.77M
Change In Inventories	23.29M	-44.46M	-223M	130M	-67.52M
Change In Accounts Payable	-	-	-	-	-
Change in Unearned Revenues	-	-	4.87M	-7.81M	-844K
Change in Other Net Operating Assets	-94.88M	133M	49.26M	-94.22M	13.48M
Cash from Operations	211M	238M	607M	471M	188M
Capital Expenditure	-136M	-160M	-155M	-200M	-424M
Sale of Property, Plant, and Equipment	1.35M	911K	-	2.99M	2.17M
Cash Acquisitions	-6.09M	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-11.49M	-
Other Investing Activities, Total	-	-550K	-1M	61.95M	4.8M
Cash from Investing	-141M	-160M	-156M	-147M	-417M
Short Term Debt Issued, Total	-	18.33M	-	-	1.13M
Long-Term Debt Issued, Total	15.69M	215M	1K	39.62M	179M
Total Debt Issued	15.69M	233M	1K	39.62M	181M
Short Term Debt Repaid, Total	-	-	-18.31M	-	-
Long-Term Debt Repaid, Total	-98.03M	-341M	-54.84M	-91.35M	-72.63M
Total Debt Repaid	-98.03M	-341M	-73.15M	-91.35M	-72.63M
Common Dividends Paid	-	-20.79M	-27.72M	-187M	-69.29M
Common & Preferred Stock Dividends Paid	-	-20.79M	-27.72M	-187M	-69.29M
Other Financing Activities, Total	-18.6M	-33.1M	-23.72M	-50.12M	-15.86M
Cash from Financing	-101M	-162M	-125M	-289M	22.84M
Foreign Exchange Rate Adjustments	20.4M	-4.25M	-12.91M	-17.03M	-7.46M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-1K
Net Change in Cash	-10.32M	-87.64M	314M	18.52M	-213M
Supplemental Items
Cash Interest Paid	18.6M	17.92M	3.63M	8.28M	1.88M
Cash Income Tax Paid (Refund)	11.51M	31.18M	64.93M	86.81M	58.31M
Levered Free Cash Flow	25.26M	-25.67M	144M	431M	-302M
Unlevered Free Cash Flow	36.92M	-14.55M	148M	434M	-297M
Change In Net Working Capital	33.53M	98.19M	343M	-300M	84.49M
Net Debt Issued / Repaid	-82.34M	-108M	-73.15M	-51.73M	108M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	4.5	5.69	18.4	7.24	3.52
Return on Total Capital	6.91	8.74	27.41	10.28	4.84
Return On Equity %	10.88	15.46	45.94	14.14	9.02
Return on Common Equity	16.37	15.3	50.48	16.31	10.66
Margin Analysis
Gross Profit Margin %	19.03	19.82	28.82	21.01	17.01
SG&A Margin	14.54	14.22	11.94	13.14	13.7
EBITDA Margin %	8.92	9.1	19.35	13.09	7.63
EBITA Margin %	5.37	6.12	17.01	9.76	4.49
EBIT Margin %	5.27	6.04	16.97	9.76	4.49
Income From Continuing Operations Margin %	3.64	5.15	15.46	7.67	4.69
Net Income Margin %	3.9	3.73	12.89	6.96	4.5
Net Avail. For Common Margin %	3.9	3.73	12.89	6.96	4.5
Normalized Net Income Margin	2.8	1.97	8.19	5.12	2.77
Levered Free Cash Flow Margin	0.89	-0.75	2.94	12.14	-8.8
Unlevered Free Cash Flow Margin	1.3	-0.43	3.02	12.24	-8.66
Asset Turnover
Asset Turnover	1.36	1.51	1.73	1.19	1.25
Fixed Assets Turnover	2.76	3.05	4.29	3.1	2.66
Receivables Turnover (Average Receivables)	11.02	11.13	11.99	7.73	9.47
Inventory Turnover (Average Inventory)	6.41	7.12	6.94	5.36	6.06
Short Term Liquidity
Current Ratio	1.47	1.51	2.33	2.23	2.06
Quick Ratio	0.87	0.8	1.22	1.43	1.2
Operating Cash Flow to Current Liabilities	0.33	0.33	0.75	0.73	0.31
Days Sales Outstanding (Average Receivables)	33.22	32.79	30.43	47.25	38.64
Days Outstanding Inventory (Average Inventory)	57.09	51.25	52.6	68.1	60.35
Average Days Payable Outstanding	55.22	54.32	49.46	68.88	51.64
Cash Conversion Cycle (Average Days)	35.09	29.72	33.58	46.47	47.35
Long Term Solvency
Total Debt/Equity	37.4	23.09	10.03	8.49	14.54
Total Debt / Total Capital	27.22	18.76	9.11	7.83	12.69
LT Debt/Equity	23.04	15.31	7.91	5.78	11.29
Long-Term Debt / Total Capital	16.77	12.44	7.19	5.33	9.86
Total Liabilities / Total Assets	51.65	47.98	36.94	33.84	35.85
EBIT / Interest Expense	8.05	11.59	125.62	58.4	20.55
EBITDA / Interest Expense	14.11	18.03	144.77	78.34	35.76
(EBITDA - Capex) / Interest Expense	6.8	9.05	121.34	44.59	-20.71
Total Debt / EBITDA	1.47	0.89	0.21	0.33	0.96
Net Debt / EBITDA	0.5	0.37	-0.29	-0.75	-0.11
Total Debt / (EBITDA - Capex)	3.05	1.78	0.26	0.58	-1.66
Net Debt / (EBITDA - Capex)	1.03	0.74	-0.34	-1.31	0.2
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-8.65	19.85	43.42	-27.48	-3.22
Gross Profit, 1 Yr. Growth %	-7.47	24.85	108.56	-47.14	-21.63
EBITDA, 1 Yr. Growth %	3.68	22.24	205.03	-51.68	-43.59
EBITA, 1 Yr. Growth %	-9.9	36.63	298.58	-58.3	-55.51
EBIT, 1 Yr. Growth %	-10.16	37.32	302.91	-58.3	-55.51
Earnings From Cont. Operations, 1 Yr. Growth %	-16.92	69.82	330.24	-64.01	-40.85
Net Income, 1 Yr. Growth %	34.29	14.48	396.25	-60.84	-37.5
Normalized Net Income, 1 Yr. Growth %	86.02	-15.41	495.62	-59.27	-47.66
Diluted EPS Before Extra, 1 Yr. Growth %	34.45	14.7	396.25	-60.81	-37.5
Accounts Receivable, 1 Yr. Growth %	-3.39	41.42	27.25	-17.48	-1.01
Inventory, 1 Yr. Growth %	3.31	10.23	49.23	-25.99	11.26
Net Property, Plant and Equip., 1 Yr. Growth %	10.74	6.47	-2.62	3.66	21.69
Total Assets, 1 Yr. Growth %	4.96	11.82	36.21	-16.33	1.25
Tangible Book Value, 1 Yr. Growth %	22.63	21.37	79.05	-9.12	2.36
Common Equity, 1 Yr. Growth %	23.57	21.62	74.05	-9.08	0.82
Cash From Operations, 1 Yr. Growth %	-38.22	12.64	155	-22.42	-60.02
Capital Expenditures, 1 Yr. Growth %	-0.83	17.12	-3.12	29.24	111.62
Levered Free Cash Flow, 1 Yr. Growth %	-85.41	-201.6	-659.69	190.91	-170.13
Unlevered Free Cash Flow, 1 Yr. Growth %	-80.22	-139.41	-1.12K	185.45	-168.46
Dividend Per Share, 1 Yr. Growth %	-	33.33	575	-62.96	-30
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-5.05	4.63	31.1	1.98	-16.23
Gross Profit, 2 Yr. CAGR %	-0.63	7.49	61.37	4.99	-35.64
EBITDA, 2 Yr. CAGR %	8.96	12.58	93.1	22.34	-47.79
EBITA, 2 Yr. CAGR %	11.23	10.95	133.36	28.76	-56.92
EBIT, 2 Yr. CAGR %	11.34	11.07	135.22	29.62	-56.92
Earnings From Cont. Operations, 2 Yr. CAGR %	36.14	18.78	170.3	24.44	-53.86
Net Income, 2 Yr. CAGR %	280.47	23.99	138.35	39.41	-50.52
Normalized Net Income, 2 Yr. CAGR %	273.41	25.44	124.46	64.36	-53.83
Diluted EPS Before Extra, 2 Yr. CAGR %	281.39	24.18	138.58	39.48	-50.53
Accounts Receivable, 2 Yr. CAGR %	-12.57	16.88	34.15	7.55	-15.35
Inventory, 2 Yr. CAGR %	-12.61	6.71	28.25	5.09	-9.26
Net Property, Plant and Equip., 2 Yr. CAGR %	9.68	8.58	1.82	0.47	12.31
Total Assets, 2 Yr. CAGR %	-0.45	8.34	23.42	6.75	-7.96
Tangible Book Value, 2 Yr. CAGR %	14.96	22	47.42	27.56	-3.55
Common Equity, 2 Yr. CAGR %	14.04	22.59	45.5	25.8	-4.26
Cash From Operations, 2 Yr. CAGR %	19.29	-16.58	69.48	40.65	-44.31
Capital Expenditures, 2 Yr. CAGR %	-11.76	7.77	6.52	11.9	65.38
Levered Free Cash Flow, 2 Yr. CAGR %	-53.33	-61.5	138.47	309.66	42.84
Unlevered Free Cash Flow, 2 Yr. CAGR %	-39.95	-72.08	100.08	446.45	39.79
Dividend Per Share, 2 Yr. CAGR %	-	-	200	58.11	-49.08
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1.2	2.62	16.23	7.62	0.22
Gross Profit, 3 Yr. CAGR %	-1.07	7.23	34.06	11.23	-4.76
EBITDA, 3 Yr. CAGR %	1.72	13.22	56.95	22.31	-5.48
EBITA, 3 Yr. CAGR %	5.14	19.12	69.93	31.33	-9.64
EBIT, 3 Yr. CAGR %	4.62	19.4	70.66	32.14	-9.24
Earnings From Cont. Operations, 3 Yr. CAGR %	13.55	46.55	82.42	38.03	-2.89
Net Income, 3 Yr. CAGR %	44.46	154.95	96.86	30.55	6.7
Normalized Net Income, 3 Yr. CAGR %	26.13	127.63	110.84	31.71	12.24
Diluted EPS Before Extra, 3 Yr. CAGR %	37.91	155.52	97.06	30.67	6.7
Accounts Receivable, 3 Yr. CAGR %	-5.02	2.63	20.24	17.82	0.15
Inventory, 3 Yr. CAGR %	1.36	-5.58	19.33	6.78	7.11
Net Property, Plant and Equip., 3 Yr. CAGR %	9.72	8.6	4.71	2.43	7.1
Total Assets, 3 Yr. CAGR %	4.22	3.48	16.93	8.42	4.89
Tangible Book Value, 3 Yr. CAGR %	11.84	17.06	38.64	25.47	18.54
Common Equity, 3 Yr. CAGR %	10.93	16.52	37.79	24.39	16.85
Cash From Operations, 3 Yr. CAGR %	-6.85	17.03	21.07	30.61	-7.52
Capital Expenditures, 3 Yr. CAGR %	-9.05	-3.02	4.01	13.61	38.38
Levered Free Cash Flow, 3 Yr. CAGR %	-0.81	-39.51	-6.04	157.39	127.48
Unlevered Free Cash Flow, 3 Yr. CAGR %	-1.96	-47.82	-7.48	127.46	173.43
Dividend Per Share, 3 Yr. CAGR %	14.47	-	-	49.38	20.51
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-0.37	2.84	10.63	2.36	1.96
Gross Profit, 5 Yr. CAGR %	5.74	3.44	20.31	6.33	-0.04
EBITDA, 5 Yr. CAGR %	4.47	4.91	31.45	16.78	1.36
EBITA, 5 Yr. CAGR %	10.35	7.66	44.63	22.89	-1.91
EBIT, 5 Yr. CAGR %	10.38	7.37	44.67	23.39	-1.61
Earnings From Cont. Operations, 5 Yr. CAGR %	7.84	18.8	60.64	37.27	5.26
Net Income, 5 Yr. CAGR %	9.28	21.56	76.5	100.26	13.31
Normalized Net Income, 5 Yr. CAGR %	84.64	16.59	58.83	99.83	17.34
Diluted EPS Before Extra, 5 Yr. CAGR %	33.31	22.7	71.72	100.57	13.38
Accounts Receivable, 5 Yr. CAGR %	-3.53	3.15	9.05	4.57	6.53
Inventory, 5 Yr. CAGR %	-1.32	2.26	11.36	-1.45	6.95
Net Property, Plant and Equip., 5 Yr. CAGR %	8.56	6.72	6.49	5.27	7.69
Total Assets, 5 Yr. CAGR %	3.34	5.63	11.51	4.78	6.25
Tangible Book Value, 5 Yr. CAGR %	10.43	11.23	24.9	21.15	19.91
Common Equity, 5 Yr. CAGR %	9.51	10.49	23.64	20.14	19.11
Cash From Operations, 5 Yr. CAGR %	4.13	5.19	18.35	25.96	-11.26
Capital Expenditures, 5 Yr. CAGR %	5.8	-2.08	-3.12	2.69	25.21
Levered Free Cash Flow, 5 Yr. CAGR %	-27.61	-5.62	40.88	30.01	11.78
Unlevered Free Cash Flow, 5 Yr. CAGR %	-23.34	-4.24	30.42	33.52	9.77
Dividend Per Share, 5 Yr. CAGR %	-	-	68.29	-	-