Arctic Paper SA

05/16/2017 | Press release | Distributed by Public on 06/08/2017 08:59

Arctic Paper S.A. Capital Group Consolidated report for 1Q 2017

ed

ARCTIC PAPER S.A. CAPITAL GROUP

Consolidated quarterly report

for Q1 2017

Table of contents

Introduction 3

Information on the report 3

Definitions and abbreviations 3

Forward looking statements 7

Management Board'sReport from operations of the Arctic Paper S.A. Capital Group to the report for Q1 2017 8

Description of the business of the Arctic Paper Group 9

General information 9

Capital Group structure 10

Changes in the capital structure of the Arctic Paper Group 10

Shareholding structure 11

Summary of consolidated financial results 12

Consolidated income statement 12

Statement of financial position 17

Consolidated cash flows 21

Standalone income statement 22

Statement of financial position 24

Cash flows 26

Relevant information and factors affecting the financial results and the assessment of the financial standing 27

Key factors affecting the performance results 27

Unusual events and factors 28

Impact of changes in Arctic Paper Group's structure on

the financial result 28

Other material information 28

Factors influencing the development of the Arctic Paper Group 29

Information on market trends 29

Factors influencing the financial results in the perspective

of the next quarter 30

Risk factors 31

Supplementary information 32

Management Board position on the possibility to achieve

the projected financial results published earlier 32

Changes in holdings of the Issuer's shares or rights to shares by persons managing and supervising Arctic Paper S.A 32

Information on sureties and guarantees 32

Material off-balance sheet items 34

Information on court and arbitration proceedings and proceedings pending before public administrative authorities 34

Information on transactions with related parties executed

on non-market terms and conditions 34

Abbreviated quarterly consolidated financial statements for the period of three months ended on 31 March 2017

35

Consolidated financial statements and selected financial data 37

Selected consolidated financial data 37

Consolidated profit and loss account 38

Consolidated statement of total comprehensive income 39

Consolidated balance sheet 40

Consolidated cash flow statement 41

Consolidated statement of changes in equity 42

Standalone financial statements and selected financial data 45

Selected standalone financial data 45

Standalone profit and loss account 46

Standalone income statement 47

Standalone balance sheet 48

Standalone cash flow statement 49

Standalone statement of changes in equity 50

Additional explanatory notes 52

  1. General information 52

  2. Composition of the Group 53

  3. Management and supervisory bodies 55

  4. Approval of the financial statements 56

  5. Basis of preparation of the consolidated financial statements 56

  6. Significant accounting principles (policies) 56

  7. Seasonality 57

  8. Information on business segments 58

  9. Discontinued operations 61

  10. Dividend paid and proposed 63

  11. Earnings per share 64

  12. Interest-bearing loans and borrowings 64

  13. Equity securities 65

  14. Financial instruments 65

  15. Financial risk management objectives and policies 71

  16. Capital management 72

  17. Contingent liabilities and contingent assets 72

  18. Legal claims 72

  19. CO2 emission rights 72

  20. Government grants and operations in the Special Economic Zone 73

  21. Material events after the balance sheet date 74

Introduction

Information on the report

This Consolidated Quarterly Report for Q1 2017 was prepared in accordance with the Minister of Finance Regulation of 19 February 2009 on current and periodic disclosures made by issuers of securities and terms and conditions of classifying as equivalent information required by the law of non-member states (Journal of Laws of 2009, No. 33, item 259, as amended) and a part of the condensed consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), in particular in accordance with International Accounting Standard No. 34 and IFRS approved by the EU. IFRS comprise standards and interpretations accepted by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Interpretation Committee (IFRIC).

The abbreviated consolidated financial statements do not comprise all information and disclosures required in the annual consolidated financial statements which are subject to mandatory audit and therefore they should be read in conjunction with the consolidated financial statements of the Group for the year ended on 31 December 2016.

Certain selected information contained in this report comes from the Arctic Paper Group management accounting system and statistics systems.

This consolidated quarterly report presents data in PLN, and all figures, unless otherwise indicated, are given in thousand PLN.

Definitions and abbreviations

Unless the context requires otherwise, the following definitions and abbreviations are used in the whole document:

Abbreviations applied to business entities, institutions and authorities of the Company

Arctic Paper, Company, Issuer, Parent Company, AP

Capital Group, Group, Arctic Paper Group, AP Group

Arctic Paper Kostrzyn, AP Kostrzyn, APK

Arctic Paper Munkedals, AP Munkedals, APM

Arctic Paper Mochenwangen, AP Mochenwangen, APMW

Arctic Paper Grycksbo, AP Grycksbo, APG

Arctic Paper Spółka Akcyjna with its registered office in Poznań, Poland

Capital Group comprised of Arctic Paper Spółka Akcyjna and its subsidiaries as well as joint ventures

Arctic Paper Kostrzyn Spółka Akcyjna with its registered office in Kostrzyn nad Odrą, Poland

Arctic Paper Munkedals AB with its registered office in Munkedal Municipality, Västra County, Sweden

Arctic Paper Mochenwangen GmbH with its registered office in Mochenwangen, Germany

Arctic Paper Grycksbo AB with its registered office in Kungsvagen, Grycksbo, Sweden

Paper Mills Arctic Paper Kostrzyn, Arctic Paper Munkedals, Arctic Paper Grycksbo, Arctic Paper Mochenwangen (by the end of December 2015)

Arctic Paper Investment AB, API AB Arctic Paper Investment AB with its registered office in Göteborg, Sweden

Arctic Paper Investment GmbH, API GmbH

Arctic Paper Investment GmbH with its registered office in Wolpertswende, Germany

Arctic Paper Verwaltungs Arctic Paper Verwaltungs GmbH with its registered office in Wolpertswende, Germany

Arctic Paper Immobilienverwaltungs Arctic Paper Immobilienverwaltungs GmbH & Co. KG with its registered office in

Wolpertswende, Germany

Kostrzyn Group Arctic Paper Kostrzyn Spółka Akcyjna with its registered office in Kostrzyn nad Odrą and EC Kostrzyn Sp. z o.o. with its registered office in Kostrzyn nad Odrą

Mochenwangen Group Arctic Paper Investment GmbH, Arctic Paper Mochenwangen GmbH, Arctic Paper

Verwaltungs GmbH, Arctic Paper Immobilienverwaltungs GmbH & Co.KG (disclosed in this report as discontinued operations)

Grycksbo Group From 8 July 2014: Arctic Paper Grycksbo AB, formerly: Arctic Paper Grycksbo AB and Grycksbo Paper Holding AB

Sales Offices Arctic Paper Papierhandels GmbH with its registered office in Vienna (Austria); Arctic Paper Benelux SA with its registered office in Oud-Haverlee (Belgium); Arctic Paper Danmark A/S with its registered office in Greve (Denmark); Arctic Paper France SA with its registered office in Paris (France);

Arctic Paper Deutschland GmbH with its registered office in Hamburg (Germany); Arctic Paper Ireland Ltd with its registered office in Dublin (Ireland); liquidated on 25 October 2016;

Arctic Paper Italia Srl with its registered office in Milan (Italy);

Arctic Paper Baltic States SIA with its registered office in Riga (Latvia); Arctic Paper Norge AS with its registered office in Kolbotn (Norway); Arctic Paper Polska Sp. z o.o. with its registered office in Warsaw (Poland); Arctic Paper España SL with its registered office in Barcelona (Spain); Arctic Paper Sverige AB with its registered office in Munkedal (Sweden); Arctic Paper Schweiz AG with its registered office in Zurich (Switzerland); Arctic Paper UK Ltd with its registered office in Caterham (UK);

Arctic Paper East Sp. z o.o. with its registered office in Kostrzyn nad Odrą (Poland);

Arctic Paper Finance AB Arctic Paper Finance AB with its registered office in Göteborg, Sweden Rottneros, Rottneros AB Rottneros AB with its registered office in Sunne, Sweden

Rottneros Group, Rottneros AB Group Rottneros AB with its registered office in Sunne, Sweden; Rottneros Bruk AB with its

registered office in Sunne, Sweden; Utansjo Bruk AB with its registered office in Harnösand, Sweden, Vallviks Bruk AB with its registered office in Söderhamn, Sweden; Rottneros Packaging AB with its registered office in Stockholm, Sweden; SIA Rottneros Baltic with its registered office in Ventspils, Latvia

Pulp Mills Rottneros Bruk AB in Sunne, Sweden; Vallviks Bruk AB with its registered office in Söderhamn, Sweden

Rottneros Purchasing Office SIA Rottneros Baltic with its registered office in Latvia

Office Kalltorp Kalltorp Kraft Handelsbolaget with its registered office in Trollhattan, Sweden

Nemus Holding AB Nemus Holding AB with its registered office in Göteborg, Sweden

Thomas Onstad The Issuer's core shareholder, holding directly and indirectly over 50% of shares in Arctic Paper S.A.; a member of the Issuer's Supervisory Board

Management Board, Issuer's Management Board, Company's Management Board, Group's Management Board

Supervisory Board, Issuer's Supervisory Board, Company's Supervisory Board, Group's Supervisory Board, SB

Management Board of Arctic Paper S.A.

Supervisory Board of Arctic Paper S.A.

GM, General Meeting, Issuer's General Meeting, Company's General Meeting

EGM, Extraordinary General Meeting, Issuer's Extraordinary General Meeting, Company's Extraordinary General Meeting

Articles of Association, Issuer's Articles of Association, Company's Articles of Association

General Meeting of Arctic Paper S.A. Extraordinary General Meeting of Arctic Paper S.A.

Articles of Association of Arctic Paper S.A.

SEZ Kostrzyńsko-Słubicka Special Economic Zone

Court of Registration District Court Poznań-Nowe Miasto i Wilda in Poznań Warsaw Stock Exchange, WSE Giełda Papierów Wartościowych w Warszawie Spółka Akcyjna

KDPW, Depository Krajowy Depozyt Papierów Wartościowych Spółka Akcyjna with its registered office in

Warsaw

PFSA Polish Financial Supervision Authority

SFSA Swedish Financial Supervisory Authority, equivalent to PFSA NASDAQ in Stockholm, Nasdaq Stock Exchange in Stockholm, Sweden

CEPI Confederation of European Paper Industries

EURO-GRAPH The European Association of Graphic Paper Producers)

Eurostat European Statistical Office

GUS Central Statistical Office of Poland

NBSK Northern Bleached Softwood Kraft

BHKP Bleached Hardwood Kraft Pulp

Definitions of selected terms and financial indicators and abbreviations of currencies

Sales profit margin Ratio of profit (loss) on sales to sales revenues from continuing operations

EBIT Profit on continuing operating activity (Earnings Before Interest and Taxes)

EBIT profitability, operating profitability, operating profit margin

Ratio of operating profit (loss) to sales revenues from continuing operations

EBITDA Operating profit from continuing operations plus depreciation and amortisation and impairment charges (Earnings Before Interest, Taxes, Depreciation and Amortisation)

EBITDA profitability, EBITDA margin Ratio of operating profit plus depreciation and amortisation and impairment charges to sales revenues from continuing operations

Gross profit margin Ratio of gross profit (loss) to sales revenues from continuing operations

Sales profitability ratio, net profit margin

Ratio of net profit (loss) to sales revenues

Return on equity, ROE Ratio of net profit (loss) to equity income

Return on assets, ROA Ratio of net profit (loss) to total assets

EPS Earnings Per Share, ratio of net profit to the weighted average number of shares

BVPS Book Value Per Share, Ratio of book value of equity to the number of shares

Debt-to-equity ratio Ratio of total liabilities to equity

Equity to fixed assets ratio Ratio of equity to fixed assets

Interest-bearing debt-to-equity ratio Ratio of interest-bearing debt and other financial liabilities to equity

Net debt-to-EBITDA ratio Ratio of interest-bearing debt minus cash to EBITDA from continuing operations Solidity ratio Ratio of equity (calculated in compliance with Swedish GAAP accounting principles)

to assets

Interest coverage Ratio of interest value (less of financial lease interest) to EBITDA (calculated in

compliance with Swedish GAAP accounting principles) EBITDA-to-interest coverage ratio Ratio of EBITDA to interest expense from continuing operations Current liquidity ratio Ratio of current assets to short-term liabilities

Quick ratio Ratio of current assets minus inventory and short-term accruals, prepayments and deferred costs to current liabilities

Acid test ratio Ratio of total cash and similar assets to short-term liabilities

DSI Days Sales of Inventory, ratio of inventory to cost of sales multiplied by the number of days in the period

DSO Days Sales Outstanding, ratio of trade receivables to sales revenues from continuing operations multiplied by the number of days in the period

DPO Days Payable Outstanding, Ratio of trade payables to cost of sales from continuing operations multiplied by the number of days in the period

Operating cycle DSI + DSO

Cash conversion cycle Operating cycle - DPO

FY Financial year

Q1 1st quarter of the financial year

Q2 2nd quarter of the financial year

Q3 3rd quarter of the financial year

Q4 4th quarter of the financial year

H1 First half of the financial year

H2 Second half of the financial year

YTD Year-to-date

Like-for-like, LFL Analogous, with respect to operating result.

  1. Percentage point - difference between two amounts of one item given in percentage

    PLN, zł, złoty Monetary unit of the Republic of Poland

    gr grosz - 1/100 of one zloty (the monetary unit of the Republic of Poland

    Euro, EUR Monetary unit of the European Union

    GBP Pound sterling - monetary unit of the United Kingdom

    SEK Swedish Krona - monetary unit of the Kingdom of Sweden

    USD United States dollar, the legal tender in the United States of America

    IAS International Accounting Standards

    IFRS International Financial Reporting Standards

    GDP Gross Domestic Product

    Other definitions and abbreviations

    Series A Shares 50,000 Shares of Arctic Paper S.A. A series ordinary shares of PLN 1 each.

    Series B Shares 44,253,500 Shares of Arctic Paper S.A. B series ordinary shares of PLN 1 each.

    Series C Shares 8,100,000 Shares of Arctic Paper S.A. C series ordinary shares of PLN 1 each.

    Series E Shares 3,000,000 Shares of Arctic Paper S.A. E series ordinary shares of PLN 1 each.

    Series F Shares 13. 884,283 Shares of Arctic Paper S.A. F series ordinary shares of the nominal value of PLN 1 each

    Shares, Issuer's Shares Series A, Series B, Series C, Series E, and Series F Shares jointly

    Forward looking statements

    The information contained in this report which does not relate to historical facts relates to forward looking statements. Such statements may, in particular, concern the Group's strategy, business development, market projections, planned investment outlays, and future revenues. Such statements may be identified by the use of expressions pertaining to the future such as, e.g., "believe", "think", "expect", "may", "will", "should", "is expected", "is assumed", and any negations and grammatical forms of these expressions or similar terms. The statements contained in this report concerning matters which are not historical facts should be treated only as projections subject to risk and uncertainty. Forward-looking statements are inevitably based on certain estimates and assumptions which, although the Group's management finds them rational, are naturally subject to known and unknown risks and uncertainties and other factors that could cause the actual results to differ materially from the historical results or the projections.

    For this reason, we cannot assure that any of the events provided for in the forward-looking statements will occur or, if they occur, about their impact on the Group's operating activity or financial situation. When evaluating the information presented in this report, one should not rely on such forward-looking statements, which are stated only as at the date they are expressed. Unless legal regulations contain detailed requirements in this respect, the Group shall not be obliged to update or verify those forward-looking statements in order to provide for new developments or circumstances. Furthermore, the Group is not obliged to verify or to confirm the analysts' expectations or estimates, except for those required by law.

    Management Board'sReport from operations of the Arctic Paper S.A. Capital Group

    to the report for Q1 2017

    Description of the business of the Arctic Paper Group

    General information

    The Arctic Paper Group is a leading European producer in terms of production volume of bulky book paper, offering a broad range of products in the segment and one of the leading producers of high-quality graphic paper in Europe. The Group produces numerous types of uncoated and coated wood-free paper as well as wood-containing uncoated paper for printing houses, paper distributors, book and magazine publishing houses and the advertising industry. In connection with acquisition of the Rottneros Group in December 2012, the Group's assortment was expanded with the production of pulp. As on the day hereof, the Arctic Paper Group employs app. 1,750 people in its Paper Mills, Pulp Mills, companies dealing in paper distribution and sales, and a company dealing in timber procurement for pulp production. The Group's Paper Mills are located in Poland and Sweden, and have total production capacity of more than 700,000 tons of paper per year. Paper

    production in the Paper Mill located in Germany, with total production output of 115,000 tons of paper annually, was discontinued at the end of 2015. The Pulp Mills are located in Sweden and have total production capacity of 400,000 tons of pulp per year. The Group has fourteen Sales Offices which handle distribution and marketing of products offered by the Group providing access to all European markets, including Central and Eastern Europe. The Group's consolidated sales revenues for Q1 2017 totalled PLN 774 million.

    Arctic Paper S.A. is a holding company set up in April 2008. The Parent Entity is entered in the register of entrepreneurs of the National Court Register maintained by the District Court in Poznań - Nowe Miasto i Wilda, 8th Commercial Division of the National Court Register, under KRS number 0000306944. The Parent Entity holds statistical number REGON 080262255.

    Group Profile

    The principal business of the Arctic Paper Group is paper production and sales. The Group's additional business, partly subordinate to paper production, covers:

    • Production and sales of pulp,

    • Generation of electricity,

    • Transmission of electricity,

    • Electricity distribution,

    • Heat production,

    • Heat distribution,

    • Logistics services,

    • Paper distribution.

      Our production facilities

      As on 31 March 2017 as well as on the day hereof, the Group owned the following paper mills:

    • the Paper Mill in Kostrzyn nad Odrą (Poland) has the production capacity of about 280,000 tons per year and mainly produces uncoated wood-free paper for general

      printing use such as printing books, brochures and forms, and for producing envelopes and other paper products;

    • the Paper Mill in Munkedal (Sweden) has the production capacity of about 160,000 tons per year and mainly produces fine uncoated wood-free paper used primarily for printing books and high-quality brochures;

    • the Paper Mill in Grycksbo (Sweden) has the production capacity of about 265,000 tons per year and produces

      coated wood-free paper used for printing maps, books, magazines, posters and printing of advertising materials.

      The Paper Mill in Mochenwangen (Germany) whose production was discontinued at the end of 2015, had production capacity of about 115,000 tons.

      As on 31 March 2017 as well as on the day hereof, the Group owned the following pulp mills:

    • The Pulp Mill in Rottneros (Sweden) has production capacity of about 150,000 tons annually and produces mainly two types of mechanical pulp: groundwood and chemo thermo mechanical pulp CTMP);

    • the Pulp Mill in Vallvik (Sweden) has the annual production capacity of about 250,000 tons and produces two types of long-fibre sulphate pulp: fully bleached sulphate pulp

      and unbleached sulphate pulp. The most of Vallvik Pulp Mill production is known as NBSK pulp. The unbleached sulphate pulp produced by the mill is characterised with a high level of purity. The high quality of this pulp, which has been achieved over the years, made Vallvik the global leader in deliveries of this type of pulp, which is used, among others, in the production of power transformers and in the cable industry.

      Our products

      The product assortment of the Arctic Paper Group covers:

    • Uncoated wood-free paper;

    • Coated wood-free paper;

    • Uncoated wood-containing paper;

    • Sulphate pulp;

    • Mechanical fibre pulp.

A detailed description of the Group's assortment is included in the consolidated annual report for 2016.

Capital Group structure

The Arctic Paper Capital Group comprises Arctic Paper S.A., as the Parent Entity, and its subsidiaries, as well as joint ventures. Since 23 October 2009, Arctic Paper S.A. has been listed on the primary market of the Warsaw Stock Exchange and since

20 December 2012 in the NASDAQ stock exchange in Stockholm. The Group operates through its Paper Mills and

Pulp Mills and its subsidiary producing packaging as well as its sales Offices and Procurement Offices.

Details on the organisation of the Arctic Paper S.A. Capital Group along with identification of the consolidated entities are specified in note 2 in the abbreviated consolidated financial statements, further below in this quarterly report.

Changes in the capital structure of the Arctic Paper Group

In Q1 2017, no changes in the capital structure of the Arctic Paper Group occurred.

Shareholding structure

Nemus Holding AB, a company under Swedish law (a company owned indirectly by Mr Thomas Onstad), is the majority shareholder of Arctic Paper S.A., holding (as at 31 March 2017) 40,231,449 shares of the Group's Company, which constitutes 58.06% of its share capital and corresponds to 58.06% of the total number of votes at General Meetings. Thus Nemus Holding AB is the parent entity of the Issuer.

Additionally, Mr Thomas Onstad, an indirect shareholder of Nemus Holding AB, holds directly 6,073,658 shares representing 8.77% of the total number of shares in the Company, and via another entity - 900,000 shares accounting for 1.30% of the total number of shares of the Issuer. Mr Thomas Onstad's total direct and indirect holding in the capital of Arctic Paper S.A. as at 31 March 2017 was 68.13% and has not changed until the date hereof.

The list of shareholders holding directly or indirectly minimum 5% of the overall number of votes at general meetings

as at

16.05.2017

Share in the

as at

20.03.2017

Share in the

Share in the

total number of

Share in the

total number of

Number of

share capital

Number of

votes

Number of

share capital

Number of

votes

Shareholder

shares

[% ]

votes

[% ]

shares

[% ]

votes

[% ]

Thomas Onstad

47 205 107

68,13%

47 205 107

68,13%

47 205 107

68,13%

47 205 107

68,13%

- indirectly v ia

41 131 449

59,36%

41 131 449

59,36%

41 131 449

59,36%

41 131 449

59,36%

Nemus Holding AB

40 231 449

58,06%

40 231 449

58,06%

40 231 449

58,06%

40 231 449

58,06%

other entity

900 000

1,30%

900 000

1,30%

900 000

1,30%

900 000

1,30%

- directly

6 073 658

8,77%

6 073 658

8,77%

6 073 658

8,77%

6 073 658

8,77%

Other

22 082 676

31,87%

22 082 676

31,87%

22 082 676

31,87%

22 082 676

31,87%

Total

69 287 783

100,00%

69 287 783

100,00%

69 287 783

100,00%

69 287 783

100,00%

Treasury shares

-

0,00%

-

0,00%

-

0,00%

-

0,00%

Total

69 287 783

100,00%

69 287 783

100,00%

69 287 783

100,00%

69 287 783

100,00%

The data in the above table is provided as of the date hereof and as of the publication date of the annual report for 2016.

Summary of consolidated financial results

Consolidated income statement

% change

% change

YTD Q1

Q1

Q4

Q1

YTD Q1

YTD Q1

Q1 2017/

Q1 2017/

2017/

PLN thousand

2017

2016

2016

2017

2016

Q4 2016

Q1 2016 YTD

Q1 2016

Selected items of the consolidated income statement

Sales revenues

773 902

707 166

778 560

773 902

778 560

9,4

(0,6)

(0,6)

of which:

Sales of paper

575 056

520 465

589 849

575 056

589 849

10,5

(2,5)

(2,5)

Sales of pulp

198 846

186 701

188 711

198 846

188 711

6,5

5,4

5,4

Profit on sales

121 165

77 072

118 034

121 165

118 034

15,16

57,2

2,7

2,7

% of sales revenues

15,66

10,90

15,16

15,66

4,8 p.p.

0,5 p.p.

0,5 p.p.

Selling and distribution costs

(63 858)

(61 008)

(64 401)

(63 858)

(64 401)

4,7

(0,8)

(0,8)

Administrative expenses

(17 206)

(20 531)

(15 946)

(17 206)

(15 946)

(16,2)

7,9

7,9

Other operating income

12 936

16 275

18 450

12 936

18 450

(20,5)

(29,9)

(29,9)

Other operating expenses

(8 917)

(9 883)

(14 760)

(8 917)

(14 760)

(9,8)

(39,6)

(39,6)

EBIT

44 121

1 924

41 376

44 121

41 376

2 193,4

6,6

6,6

% of sales revenues

5,70

0,27

5,31

5,70

5,31

5,4 p.p.

0,4 p.p.

0,4 p.p.

EBITDA

75 498

38 384

70 669

75 498

70 669

96,7

6,8

6,8

% of sales revenues

9,76

5,43

9,08

9,76

9,08

4,3 p.p.

0,7 p.p.

0,7 p.p.

Financial income

6 710

207

218

6 710

218

3 145,2

2 975,8

2 975,8

Financial expenses

(7 920)

(20 889)

(7 920)

(7 920)

(7 920)

(62,1)

0,0

0,0

Gross profit (loss)

42 911

(18 759)

33 675

42 911

33 675

(328,8)

27,4

27,4

Income tax

(7 829)

8 398

(8 968)

(7 829)

(8 968)

(193,2)

(12,7)

(12,7)

Net profit (loss) from continuing operations

35 082

(10 361)

24 707

35 082

24 707

(438,6)

42,0

42,0

% of sales revenues

4,53

(1,47)

3,17

4,53

3,17

6,0 p.p.

1,4 p.p.

1,4 p.p.

Discontinued operations

Net profit / (loss) from discontinued

(2 148)

9 411

(5 079)

(2 148)

(5 079)

(122,8)

(57,7)

(57,7)

% of sales revenues

(0,28)

1,33

(0,65)

(0,28)

(0,65)

(0,3) p.p.

(1,6) p.p.

(0,7) p.p.

Net profit/(loss)

32 934

(950)

19 628

32 934

19 628

(3 567,3)

67,8

67,8

% of sales revenues

4,26

(0,13)

2,52

4,26

2,52

4,1 p.p.

4,4 p.p.

2,5 p.p.

Net profit / (loss) for the reporting period

attributable to the shareholders of the Parent Entity

24 148

5 542

8 346

24 148

8 346

335,7

189,3

189,3