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Condensed Consolidated Statements of Changes in Equity
3 months ended 12 months ended December 31, December 31,(millions of Canadian dollars, unaudited) 2012 2011 2012 2011----------------------------------------------------------------------------Share capitalBalance at beginning of period $ 525.3 $ 294.9 $ 294.9 $ 294.9Exchange transaction (Note 11) - - 230.4 -----------------------------------------------------------------------------Balance at end of period $ 525.3 $ 294.9 $ 525.3 $ 294.9----------------------------------------------------------------------------Retained earnings (deficit)Balance at beginning of period $ (142.6) $ (61.0) $ (67.3) $ (52.9)Exchange transaction (Note 11) - - (57.8) -Net income excluding amount attributable to non- controlling interest in the Partnership 4.7 8.0 9.4 69.7Defined benefit plan actuarial losses excluding amount attributable to non- controlling interest in the Partnership, net of tax (1.7) (2.5) (12.5) (8.9)Dividends/distributions declared excluding amount attributable to non- controlling interest in the Partnership - (11.8) (11.4) (75.2)----------------------------------------------------------------------------Balance at end of period $ (139.6) $ (67.3) $ (139.6) $ (67.3)----------------------------------------------------------------------------Total equity attributable to equity holders of the Company $ 385.7 $ 227.6 $ 385.7 $ 227.6----------------------------------------------------------------------------Non-controlling interest in the PartnershipBalance at beginning of period $ - $ 232.5 $ 226.1 $ 240.5Net income attributable to non-controlling interest in the Partnership - 7.8 4.3 68.9Defined benefit plan actuarial losses attributable to non- controlling interest in the Partnership - (2.5) - (8.8)Distributions to non- controlling interest in the Partnership - (11.7) - (74.5)Exchange transaction (Note 11) - - (230.4) -----------------------------------------------------------------------------Balance at end of period $ - $ 226.1 $ - $ 226.1----------------------------------------------------------------------------Total equity $ 385.7 $ 453.7 $ 385.7 $ 453.7----------------------------------------------------------------------------The accompanying notes are an integral part of these condensed consolidatedfinancial statements.
Canfor Pulp Products Inc.
Condensed Consolidated Statements of Cash Flows
3 months ended 12 months ended December 31, December 31,(millions of Canadian dollars, unaudited) 2012 2011 2012 2011----------------------------------------------------------------------------Cash generated from (used in):Operating activities Net income $ 4.7 $ 15.8 $ 13.7 $ 138.6 Items not affecting cash: Amortization 20.0 21.4 67.1 66.8 Income tax expense 1.7 0.5 2.0 0.8 Foreign exchange (gain) loss on long-term debt 1.3 (2.4) (2.4) 2.5 Changes in mark-to-market value of derivative financial instruments (0.2) (3.7) 0.4 (1.8) Employee future benefits (Note 4) (4.1) 0.3 (1.9) 2.2 Net finance expense 3.4 2.8 11.8 10.9 Other, net - - 0.3 0.2 Salary pension plan contributions (1.8) (1.8) (7.6) (7.9) Income taxes paid, net (1.6) - (7.7) (0.2) Net change in non-cash working capital (Note 8) 2.4 1.2 12.2 (13.1)---------------------------------------------------------------------------- 25.8 34.1 87.9 199.0----------------------------------------------------------------------------Financing activities Decrease in operating bank loans (7.0) - - - - Dividends / distributions paid - (22.8) (19.2) (181.0) Finance expenses paid (4.1) (3.8) (8.1) (7.8)---------------------------------------------------------------------------- (11.1) (26.6) (27.3) (188.8)----------------------------------------------------------------------------Investing activities Additions to property, plant and equipment (12.8) (40.2) (87.6) (68.5) Expenditures under Green Transformation Program - (26.6) (1.1) (87.6) Reimbursements under Green Transformation Program 0.7 25.2 19.7 75.6 Other government grants received 0.6 - 2.2 3.5 Acquisition of CPPI cash on exchange (Note 11) - - 6.8 - Other, net - 0.1 0.2 0.6---------------------------------------------------------------------------- (11.5) (41.5) (59.8) (76.4)----------------------------------------------------------------------------Increase (decrease) in cash and cash equivalents(i) 3.2 (34.0) 0.8 (66.2)Cash and cash equivalents at beginning of period(i) (4.4) 32.0 (2.0) 64.2----------------------------------------------------------------------------Cash and cash equivalents at end of period(i) $ (1.2) $ (2.0) $ (1.2) $ (2.0)--------------------------------------------------------------------------------------------------------------------------------------------------------
