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The accompanying notes are an integral part of these condensed consolidated financial statements.
Canfor Pulp Products Inc.
Condensed Consolidated Statements of Cash Flows
3 months ended March 31,(millions of Canadian dollars, unaudited) 2013 2012---------------------------------------------------------------------------Cash generated from (used in): (Note 1)Operating activities Net income $ 10.9 $ 10.0 Items not affecting cash: Amortization 18.9 17.2 Income tax expense 4.1 0.8 Foreign exchange (gain) loss on long-term debt 2.3 (2.0) Changes in mark-to-market value of derivative financial instruments (0.6) 0.4 Employee future benefits 1.4 1.3 Net finance expense 3.1 3.2 Other, net (1.8) - Defined benefit pension plan contributions (2.8) (2.6) Income taxes paid, net - (1.2) Net change in non-cash working capital (Note 8) (7.2) 14.4--------------------------------------------------------------------------- 28.3 41.5---------------------------------------------------------------------------Financing activities Finance expenses paid (0.2) (0.2) Dividends / distributions paid (3.6) (7.8)--------------------------------------------------------------------------- (3.8) (8.0)---------------------------------------------------------------------------Investing activities Additions to property, plant and equipment (6.9) (25.6) Expenditures under Green Transformation Program - (1.1) Reimbursements under Green Transformation Program - 7.9 Other government grants received - 0.2 Acquisition of CPPI cash on exchange (Note 11) - 6.8 Other, net 0.1 0.1--------------------------------------------------------------------------- (6.8) (11.7)---------------------------------------------------------------------------Increase in cash and cash equivalents(i) 17.7 21.8Cash and cash equivalents at beginning of period(i) (1.2) (2.0)---------------------------------------------------------------------------Cash and cash equivalents at end of period(i) $ 16.5 $ 19.8------------------------------------------------------------------------------------------------------------------------------------------------------
(i)Cash and cash equivalents include cash on hand less unpresented cheques.
The accompanying notes are an integral part of these condensed consolidated financial statements.
