Advertisement
APPROVED BY THE BOARD
Director, S.E. Bracken-Horrocks
Director, R.L. Cliff
Canfor Pulp Products Inc.
Condensed Consolidated Statements of Income (Loss)
3 months ended 12 months ended December 31, December 31,(millions of Canadian dollars, unaudited) 2012 2011 2012 2011----------------------------------------------------------------------------Sales (Note 12) $ 201.9 $ 212.7 $ 810.4 $ 941.0Costs and expenses Manufacturing and product costs (Note 12) 136.4 140.0 576.0 579.5 Freight and other distribution costs 28.8 27.8 116.4 116.0 Amortization 20.0 21.4 67.1 66.8 Selling and administration costs 5.8 7.0 24.6 25.3 Restructuring and severance costs - - 1.7 ----------------------------------------------------------------------------- 191.0 196.2 785.8 787.6----------------------------------------------------------------------------Operating income 10.9 16.5 24.6 153.4Finance expense, net (3.4) (2.8) (11.8) (10.9)Foreign exchange gain (loss) on long-term debt (1.3) 2.4 2.4 (2.5)Gain (loss) on derivative financial instruments (Note 5) (0.1) 1.5 1.7 (1.6)Foreign exchange gain (loss) on working capital 0.3 (1.3) (1.2) 1.0---------------------------------------------------------------------------Net income before income taxes 6.4 16.3 15.7 139.4Income tax expense (Note 6) (1.7) (0.5) (2.0) (0.8)----------------------------------------------------------------------------Net income $ 4.7 $ 15.8 $ 13.7 $ 138.6--------------------------------------------------------------------------------------------------------------------------------------------------------Net income attributable to:Controlling interest in the Partnership $ 4.7 $ 8.0 $ 9.4 $ 69.7Non-controlling interest in the Partnership (Note 11) - 7.8 4.3 68.9----------------------------------------------------------------------------Net income $ 4.7 $ 15.8 $ 13.7 $ 138.6--------------------------------------------------------------------------------------------------------------------------------------------------------Net income per common share: (in dollars)Attributable to controlling interest in the Partnership- Basic and diluted (Note 7) $ 0.07 $ 0.22 $ 0.14 $ 1.94--------------------------------------------------------------------------------------------------------------------------------------------------------The accompanying notes are an integral part of these condensed consolidatedfinancial statements.
Canfor Pulp Products Inc.
Condensed Consolidated Statements of Other Comprehensive Income (Loss)
3 months ended 12 months ended December 31, December 31,(millions of Canadian dollars, unaudited) 2012 2011 2012 2011----------------------------------------------------------------------------Net income $ 4.7 $ 15.8 $ 13.7 $ 138.6Other comprehensive income (loss) Defined benefit plan actuarial losses (Note 4) (2.3) (5.0) (16.6) (17.7) Income tax recovery on defined benefit plan actuarial losses (Note 6) 0.6 - 4.1 -----------------------------------------------------------------------------Other comprehensive income (loss), net of tax (1.7) (5.0) (12.5) (17.7)----------------------------------------------------------------------------Total comprehensive income $ 3.0 $ 10.8 $ 1.2 $ 120.9----------------------------------------------------------------------------Total comprehensive income (loss) attributable to:Controlling interest in the Partnership $ 3.0 $ 5.5 $ (3.1) $ 60.8Non-controlling interest in the Partnership (Note 11) - 5.3 4.3 60.1----------------------------------------------------------------------------Total comprehensive income $ 3.0 $ 10.8 $ 1.2 $ 120.9----------------------------------------------------------------------------
