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Canfor Pulp Products Inc.
Condensed Consolidated Balance Sheets
As at As at March 31, December 31,(millions of Canadian dollars, unaudited) 2013 2012---------------------------------------------------------------------------ASSETS (Note 1)Current assetsCash and cash equivalents $ 16.5 $ -Accounts receivable - Trade (Note 10) 70.7 61.6- Other 23.4 22.8Inventories (Note 2) 134.4 134.1Prepaid expenses and other assets 7.1 8.3---------------------------------------------------------------------------Total current assets 252.1 226.8---------------------------------------------------------------------------Property, plant and equipment 521.9 530.8Other long-term assets 1.9 0.4---------------------------------------------------------------------------Total assets $ 775.9 $ 758.0------------------------------------------------------------------------------------------------------------------------------------------------------LIABILITIESCurrent liabilitiesCheques issued in excess of cash on hand $ - $ 1.2Accounts payable and accrued liabilities 104.6 93.4Current portion of long-term debt (Note 3(b)) 111.7 109.4---------------------------------------------------------------------------Total current liabilities 216.3 204.0---------------------------------------------------------------------------Retirement benefit obligations 103.1 103.9Other long-term provisions 3.6 3.6Deferred income taxes, net 58.8 59.9---------------------------------------------------------------------------Total liabilities $ 381.8 $ 371.4---------------------------------------------------------------------------EQUITYShare capital $ 525.3 $ 525.3Retained earnings (deficit) (131.2) (138.7)---------------------------------------------------------------------------Total equity $ 394.1 $ 386.6---------------------------------------------------------------------------Total liabilities and equity $ 775.9 $ 758.0------------------------------------------------------------------------------------------------------------------------------------------------------
Subsequent Event (Note 13)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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 March 31,(millions of Canadian dollars, unaudited) 2013 2012--------------------------------------------------------------------------- (Note 1)Sales $ 217.5 $ 220.0Costs and expenses Manufacturing and product costs 143.3 153.1 Freight and other distribution costs 30.9 32.1 Amortization 18.9 17.2 Selling and administration costs 5.4 6.1--------------------------------------------------------------------------- 198.5 208.5---------------------------------------------------------------------------Operating income 19.0 11.5Finance expense, net (3.1) (3.2)Foreign exchange gain (loss) on long-term debt (2.3) 2.0Gain on derivative financial instruments (Note 5) 0.7 1.3Foreign exchange gain (loss) on working capital 0.7 (0.8)---------------------------------------------------------------------------Net income before income taxes 15.0 10.8Income tax expense (Note 6) (4.1) (0.8)---------------------------------------------------------------------------Net income $ 10.9 $ 10.0------------------------------------------------------------------------------------------------------------------------------------------------------Net income attributable to:Controlling interest in the Partnership $ 10.9 $ 5.7Non-controlling interest in the Partnership (Note 11) - 4.3---------------------------------------------------------------------------Net income $ 10.9 $ 10.0------------------------------------------------------------------------------------------------------------------------------------------------------Net income per common share: (in dollars)Attributable to controlling interest in the PartnershipBasic and diluted (Note 7) $ 0.15 $ 0.12------------------------------------------------------------------------------------------------------------------------------------------------------
