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West Fraser shares trade on the Toronto Stock Exchange under the symbol: "WFT".
West Fraser Timber Co. Ltd.Condensed Consolidated Balance Sheets(in millions of Canadian dollars, except where indicated - unaudited) December 31 December 31 2012 2011---------------------------------------------------------------------------AssetsCurrent assetsCash and short-term investments $ 102 $ 68Receivables 251 266Income taxes receivable - 4Inventories (note 3) 459 398Prepaid expenses 11 9--------------------------------------------------------------------------- 823 745Property, plant and equipment 959 936Timber licences 496 490Goodwill and other intangibles 330 336Other assets 10 11--------------------------------------------------------------------------- $ 2,618 $ 2,518---------------------------------------------------------------------------LiabilitiesCurrent liabilitiesPayables and accrued liabilities $ 322 $ 274Income taxes payable 20 -Reforestation and decommissioning obligations 43 41--------------------------------------------------------------------------- 385 315Long-term debt 300 306Other liabilities 313 270Deferred income taxes 128 144--------------------------------------------------------------------------- 1,126 1,035---------------------------------------------------------------------------Shareholders' EquityShare capital 602 601Accumulated other comprehensive earnings (9) (6)Retained earnings 899 888--------------------------------------------------------------------------- 1,492 1,483--------------------------------------------------------------------------- $ 2,618 $ 2,518---------------------------------------------------------------------------Number of Common shares and Class B Common shares outstanding at February14, 2013 was 42,863,296.West Fraser Timber Co. Ltd.Condensed Consolidated Statements of Changes in Shareholders' Equity(in millions of Canadian dollars, except where indicated - unaudited) October 1 to December 31 January 1 to December 31 2012 2011 2012 2011---------------------------------------------------------------------------Retained earningsBalance - beginning of period $ 836 $ 902 $ 888 $ 943Actuarial gain (loss) on employee future benefits (net of tax) 47 (14) (52) (104)Earnings for the period 22 6 87 73Dividends (6) (6) (24) (24)---------------------------------------------------------------------------Balance - end of period $ 899 $ 888 $ 899 $ 888---------------------------------------------------------------------------Accumulated other comprehensive earningsBalance - beginning of period $ (12) $ 1 $ (6) $ (10)Translation gain (loss) on foreign operations 3 (7) (3) 4---------------------------------------------------------------------------Balance - end of period $ (9) $ (6) $ (9) $ (6)---------------------------------------------------------------------------Share capitalBalance - beginning of period $ 602 $ 601 $ 601 $ 601Issuance of Common shares - - 1 ----------------------------------------------------------------------------Balance - end of period $ 602 $ 601 $ 602 $ 601------------------------------------------------------------------------------------------------------------------------------------------------------Shareholders' equity $ 1,492 $ 1,483 $ 1,492 $ 1,483---------------------------------------------------------------------------Condensed Consolidated Statements of Earnings and Comprehensive Earnings(in millions of Canadian dollars, except where indicated - unaudited) October 1 to December 31 January 1 to December 31 2012 2011 2012 2011---------------------------------------------------------------------------Sales $ 773 $ 650 $ 3,000 $ 2,762---------------------------------------------------------------------------Costs and expensesCost of products sold 505 476 2,020 1,917Freight and other distribution costs 118 111 477 460Export taxes 11 15 48 58Amortization 39 40 152 168Selling, general and administration 33 26 115 104Equity-based compensation 30 4 61 (3)--------------------------------------------------------------------------- 736 672 2,873 2,704---------------------------------------------------------------------------Operating earnings 37 (22) 127 58Finance expense (5) (5) (19) (20)Exchange gain (loss) on long- term debt (3) 9 7 (7)Other income 2 1 - 14---------------------------------------------------------------------------Earnings from continuing operations before tax provision 31 (17) 115 45Tax recovery (provision) (note 4) (9) 6 (28) (18)---------------------------------------------------------------------------Earnings from continuing operations 22 (11) 87 27Earnings from discontinued operations (note 5) - 17 - 46---------------------------------------------------------------------------Earnings $ 22 $ 6 $ 87 $ 73---------------------------------------------------------------------------Earnings per share (dollars) (note 6)Basic from continuing operations $ 0.51 $ (0.25) $ 2.02 $ 0.63Diluted from continuing operations $ 0.51 $ (0.25) $ 2.02 $ 0.41Basic after discontinued operations $ 0.51 $ 0.14 $ 2.02 $ 1.70Diluted after discontinued operations $ 0.51 $ 0.14 $ 2.02 $ 1.47---------------------------------------------------------------------------Comprehensive earningsEarnings $ 22 $ 6 $ 87 $ 73Other comprehensive earningsTranslation gain (loss) on foreign operations 3 (7) (3) 4Actuarial gain (loss) on employee future benefits 47 (14) (52) (104)---------------------------------------------------------------------------Comprehensive earnings $ 72 $ (15) $ 32 $ (27)---------------------------------------------------------------------------West Fraser Timber Co. Ltd.Condensed Consolidated Statements of Cash Flows(in millions of Canadian dollars, except where indicated - unaudited) October 1 to December 31 January 1 to December 31 2012 2011 2012 2011---------------------------------------------------------------------------Operating activitiesEarnings from continuing operations $ 22 $ (10) $ 87 $ 27 Adjustments Amortization 39 40 152 168 Finance expense 5 5 19 20 Exchange loss (gain) on long-term debt 3 (9) (7) 7 Tax provision (recovery) 9 (6) 28 18 Income taxes received (paid) (1) - 2 (75) Reforestation and decommissioning obligations (3) - (2) 6 Employee future benefits expense 9 7 38 35 Contributions to employee future benefit plans (39) (64) (64) (93) Other 1 (3) (8) (9)Changes in non- cash working capital Receivables 2 32 (22) 8 Inventories (36) (40) (58) (24) Prepaid expenses 2 4 (2) (1) Payables and accrued liabilities 8 (7) 32 (2)---------------------------------------------------------------------------Cash flows from operating activities 21 (51) 195 85---------------------------------------------------------------------------Financing activitiesRepayment of operating loans - - - (15)Finance expense paid (8) (9) (18) (20)Dividends (6) (6) (24) (24)Other (1) - - ----------------------------------------------------------------------------Cash flows from financing activities (15) (15) (42) (59)---------------------------------------------------------------------------Investing activitiesAcquisition (30) - (30) -Additions to capital assets (44) (89) (150) (213)Proceeds from Green Transformation Program 4 5 49 37Proceeds from disposal of capital assets - - 9 10Other 2 1 3 2---------------------------------------------------------------------------Cash flows from investing activities (68) (83) (119) (164)---------------------------------------------------------------------------Change in cash from continuing operations (62) (149) 34 (138)Change in cash from discontinued operations - 9 - 45Cash - beginning of period 164 208 68 161---------------------------------------------------------------------------Cash - end of period $ 102 $ 68 $ 102 $ 68---------------------------------------------------------------------------
