Advertisement
See accompanying notes to consolidated financial statements
On behalf of the Board:
L. Sauder, Director
D. Whitehead, Director
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITYFor the years ended December 31, 2012 and 2011 (unaudited)(thousands of Class A Class B Contri- Trans- Canadian Share Share buted lation Hedging Retained dollars) Capital Capital Surplus Reserve Reserve Earnings Total----------------------------------------------------------------------------Balance at December 31, 2010 $285,362 $ 4,080 $ 5,408 $(7,646) $ - $ 60,246 $347,450Net loss for the period: - - - - - (13,453) (13,453)Other comprehensive earnings (loss):Foreign currency translation differences, net of tax - - - 2,717 - - 2,717Defined benefit plan actuarial losses, net of tax - - - - - (4,376) (4,376)Loss in fair value of interest rate swaps - - - - (503) - (503)Contributions:Share options exercised 1,370 - - - - - 1,370Share issuance, net of share issue expenses 55,553 - - - - - 55,553Changes in ownership interests in investee:Acquisition of subsidiary - - 2,068 - - (4) 2,064----------------------------------------------------------------------------Balance at December 31, 2011 $342,285 $ 4,080 $ 7,476 $(4,929) $ (503) $ 42,413 $390,822Net loss for the period: - - - - - (8,706) (8,706)Other comprehensive loss:Foreign currency translation differences, net of tax - - - (2,889) - - (2,889)Defined benefit plan actuarial losses, net of tax - - - - - (3,568) (3,568)Gain in fair value of interest rate swaps - - - - 371 - 371----------------------------------------------------------------------------Balance at December 31, 2012 $342,285 $ 4,080 $ 7,476 $(7,818) $ (132) $ 30,139 $376,030--------------------------------------------------------------------------------------------------------------------------------------------------------See accompanying notes to consolidated financial statements.INTERNATIONAL FOREST PRODUCTS LIMITEDNotes to Unaudited Condensed Consolidated Interim Financial Statements(Tabular amounts expressed in thousands except number of shares and pershare amounts)Three months and year ended December 31, 2012 and 2011 (unaudited)----------------------------------------------------------------------------
1. Nature of operations:
International Forest Products Limited and its subsidiaries (the "Company" or "Interfor") is a producer of wood products in British Columbia and the U.S. Pacific Northwest for sale to markets around the world.
The Company is a publicly listed company incorporated under the Business Corporations Act (British Columbia) with shares listed on the Toronto Stock Exchange. Its head office, principal address and records office is located at Suite 3500, 1055 Dunsmuir Street, Vancouver, British Columbia, V7X 1H7.
The condensed consolidated interim financial statements of the Company as at and for the three months and year ended December 31, 2012 comprise the Company and its subsidiaries. The consolidated financial statements of the Company as at and for the year ended December 31, 2011 are available on www.sedar.com.
