News Column

West Fraser Announces Second Quarter Results

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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/17/13 -- West Fraser Timber Co. Ltd. (TSX: WFT) today reported earnings of $109 million or $2.54 per share on sales of $900 million in the second quarter of 2013. These results compare with previous periods as follows:

---------------------------------------------------------------------------($ millions except earnings per share ("EPS")) Q2-13 Q1-13 YTD-13 Q2-12 YTD-12---------------------------------------------------------------------------Sales 900 863 1,763 774 1,455EBITDA(1) 178 141 319 82 99 Operating earnings 141 101 242 45 22 Earnings 109 67 176 24 5 Basic EPS ($) 2.54 1.57 4.11 0.57 0.13 Adjusted earnings(2) 107 103 210 38 25 Adjusted basic EPS ($)(2) 2.49 2.42 4.91 0.90 0.59---------------------------------------------------------------------------(1) In this News Release, reference is made to EBITDA (defined as operating earnings plus amortization). Our management believes that, in addition to earnings, EBITDA is a useful performance indicator and is a useful measure of cash available prior to debt service, capital expenditures and income taxes. Reference is also made to Adjusted earnings (calculated as set out in the tables described in footnote 2) and Adjusted basic EPS (collectively, with EBITDA, "these measures"). None of these measures is a generally accepted earnings measure under International Financial Reporting Standards ("IFRS") and none have a standardized meaning prescribed by IFRS. Investors are cautioned that these measures should not be considered as an alternative to earnings, earnings per share or cash flow, as determined in accordance with IFRS. As there is no standardized method of calculating any of these measures, our method of calculating each of them may differ from the methods used by other entities and, accordingly, our use of any of these measures may not be directly comparable to similarly titled measures used by other entities.(2) Refer to the table titled "Earnings Adjustments for Certain Non- Operational Items" in Management's Discussion and Analysis of our second quarter 2013 results for details of these adjustments.



Operational Results

In the quarter our lumber operations generated operating earnings of $103 million (Q1 - $122 million) and EBITDA of $125 million (Q1- $146 million). The weaker results compared to the previous quarter reflect sharply reduced prices for SPF and SYP lumber during the current quarter.

In the quarter our panel segment generated operating earnings of $6 million (Q1 - $14 million) and EBITDA of $10 million (Q1 - $18 million) as plywood prices weakened.

In the quarter our pulp and paper operations generated operating earnings of $20 million (Q1 - $4 million loss) and EBITDA of $31 million (Q1 - $8 million). Higher prices, a slightly weaker Canadian dollar and income from selling power under the Alberta power purchase agreement contributed to the improved results.

Outlook

Both SPF and SYP lumber prices experienced a sharp drop during the second quarter. U.S. housing continues to slowly recover and lumber prices have stabilized and shown some improvement in early July. We expect lumber prices to remain fairly volatile but with a gradual upward trend. B.C. and Alberta timber harvesting stumpage costs are set to increase in the third quarter but lumber productivity and cost reductions are expected to continue to improve over the next few quarters as we complete various major capital projects.

"In the second quarter we saw an example of the kind of lumber price volatility that we have expected to accompany the gradual recovery of the U.S. housing market," said Ted Seraphim, our President and CEO. "We continue to be optimistic about that recovery and are focused on ensuring that we are able to fully benefit from it."

Management's Discussion & Analysis ("MD&A")

The Company's MD&A is available on the Company's website: www.westfraser.com and on the System for Electronic Document Analysis and Retrieval at www.sedar.com under the Company's profile.

McDavid Sawmill Restart

We will be restarting our McDavid, Florida sawmill, which has been closed since 2008, on a one-shift basis before the end of 2013. "We are pleased to be able to restart the McDavid sawmill," said Ted Seraphim. "We are looking forward to training staff and investing capital to improve the mill's operations."

West Fraser

We are an integrated wood products company producing lumber, wood chips, LVL, MDF, plywood, pulp and newsprint. We have operations in western Canada and the southern United States.

Forward-Looking Statements

This news release contains historical information, descriptions of current circumstances and statements about potential future developments. The latter, which are forward-looking statements and are included under the heading "Outlook" and "McDavid Sawmill Restart", are presented to provide reasonable guidance to the reader but their accuracy depends on a number of assumptions and is subject to various risks and uncertainties. Actual outcomes and results will depend on a number of factors that could affect our ability to execute our business plans, including those matters described in the 2012 annual Management's Discussion & Analysis under "Risks and Uncertainties", and may differ materially from those anticipated or projected. Accordingly, readers should exercise caution in relying upon forward-looking statements and we undertake no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by applicable securities laws.

Conference Call

Investors are invited to listen to the quarterly conference call on Thursday, July 18, 2013 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time) by dialing 1-800-952-6845 (toll- free North America). The call may also be accessed through our website at www.westfraser.com.

West Fraser Timber Co. Ltd.Condensed Consolidated Balance Sheets(in millions of Canadian dollars, except where indicated - unaudited) June 30 December 31 2013 2012---------------------------------------------------------------------------AssetsCurrent assetsCash and short-term investments $ 220 $ 102Receivables 291 251Inventories (note 4) 452 459Prepaid expenses 25 11--------------------------------------------------------------------------- 988 823Property, plant and equipment 1,020 959Timber licences 488 496Goodwill and other intangibles 325 330Other assets 10 10--------------------------------------------------------------------------- $ 2,831 $ 2,618---------------------------------------------------------------------------LiabilitiesCurrent liabilitiesPayables and accrued liabilities $ 321 $ 322Income taxes payable 30 20Reforestation and decommissioning obligations 42 43--------------------------------------------------------------------------- 393 385Long-term debt (note 5) 317 300Other liabilities (note 6) 301 313Deferred income taxes 142 128--------------------------------------------------------------------------- 1,153 1,126---------------------------------------------------------------------------Shareholders' EquityShare capital 602 602Accumulated other comprehensive earnings 7 (9)Retained earnings 1,069 899--------------------------------------------------------------------------- 1,678 1,492--------------------------------------------------------------------------- $ 2,831 $ 2,618---------------------------------------------------------------------------Number of Common shares and Class B Common shares outstanding at July 17, 2013 was 42,866,028.West Fraser Timber Co. Ltd.Condensed Consolidated Statements of Changes in Shareholders' Equity(in millions of Canadian dollars, except where indicated - unaudited) April 1 to June 30 January 1 to June 30 2013 2012 2013 2012---------------------------------------------------------------------------Share capitalBalance - beginning of period $ 602 $ 601 $ 602 $ 601Issuance of Common shares - 1 - 1---------------------------------------------------------------------------Balance - end of period $ 602 $ 602 $ 602 $ 602---------------------------------------------------------------------------Accumulated other comprehensive earningsBalance - beginning of period $ (4) $ (10) $ (9) $ (6)Translation gain on foreign operations 11 5 16 1---------------------------------------------------------------------------Balance - end of period $ 7 $ (5) $ 7 $ (5)---------------------------------------------------------------------------Retained earningsBalance - beginning of period $ 908 $ 851 $ 899 $ 888Actuarial gain (loss) on employee future benefits (net of tax) 58 (23) 6 (35)Earnings for the period 109 24 176 5Dividends (6) (6) (12) (12)---------------------------------------------------------------------------Balance - end of period $ 1,069 $ 846 $ 1,069 $ 846------------------------------------------------------------------------------------------------------------------------------------------------------Shareholders' equity $ 1,678 $ 1,443 $ 1,678 $ 1,443---------------------------------------------------------------------------West Fraser Timber Co. Ltd.Condensed Consolidated Statements of Earnings and Comprehensive Earnings(in millions of Canadian dollars, except where indicated - unaudited) April 1 to June 30 January 1 to June 30 2013 2012 2013 2012---------------------------------------------------------------------------Sales $ 900 $ 774 $ 1,763 $ 1,455---------------------------------------------------------------------------Costs and expensesCost of products sold 576 517 1,117 1,013Freight and other distribution costs 126 126 243 243Export taxes - 14 - 27Amortization 37 37 77 77Selling, general and administration 32 26 64 52Equity-based compensation (12) 9 20 21--------------------------------------------------------------------------- 759 729 1,521 1,433---------------------------------------------------------------------------Operating earnings 141 45 242 22Finance expense (note 8) (7) (7) (14) (14)Exchange loss on long-term debt (11) (6) (17) -Other income (note 9) 10 - 7 ----------------------------------------------------------------------------Earnings before tax provision 133 32 218 8Tax provision (note 10) (24) (8) (42) (3)---------------------------------------------------------------------------Earnings $ 109 $ 24 $ 176 $ 5---------------------------------------------------------------------------Earnings per share (dollars) (note 11)Basic $ 2.54 $ 0.57 $ 4.11 $ 0.13Diluted $ 2.23 $ 0.57 $ 4.11 $ 0.13---------------------------------------------------------------------------Comprehensive earningsEarnings $ 109 $ 24 $ 176 $ 5Other comprehensive earningsTranslation gain on foreign operations(1) 11 5 16 1Actuarial gain (loss) on employee future benefits (note 7)(2) 58 (23) 6 (35)---------------------------------------------------------------------------Comprehensive earnings $ 178 $ 6 $ 198 $ (29)----------------------------------------------------------------------------(1) Reclassified through earnings in the event of a reduction in net investment in foreign operations.(2) Not reclassified through earnings.West Fraser Timber Co. Ltd.Condensed Consolidated Statements of Cash Flows(in millions of Canadian dollars, except where indicated - unaudited April 1 to June 30 January 1 to June 30 2013 2012 2013 2012---------------------------------------------------------------------------Operating activitiesEarnings $ 109 $ 24 $ 176 $ 5Adjustments Amortization 37 37 77 77 Finance expense 7 7 14 14 Exchange loss on long-term debt 11 6 17 - Tax provision 24 8 42 3 Income taxes paid (10) (5) (22) (1) Reforestation and decommissioning obligations (12) (4) 6 8 Employee future benefits expense 12 10 24 20 Contributions to employee future benefit plans (30) (10) (36) (14) Other (6) - (6) (1)Changes in non-cash working capital Receivables 49 15 (28) (35) Inventories 124 84 12 4 Prepaid expenses (8) (10) (13) (13) Payables and accrued liabilities (51) (19) (5) 7---------------------------------------------------------------------------Cash flows from operating activities 256 143 258 74---------------------------------------------------------------------------Financing activitiesRepayment of operating loans - (56) - -Finance charges paid (8) (8) (9) (9)Dividends (6) (6) (12) (12)Other - (1) - ----------------------------------------------------------------------------Cash flows from financing activities (14) (71) (21) (21)---------------------------------------------------------------------------Investing activitiesAdditions to capital assets (74) (33) (123) (84)Proceeds from Green Transformation Program - 24 1 40Proceeds from disposal of capital assets - - 1 2Other (2) - (2) ----------------------------------------------------------------------------Cash flows from investing activities (76) (9) (123) (42)---------------------------------------------------------------------------Change in cash 166 63 114 11Foreign exchange effect on cash 4 - 4 -Cash - beginning of period 50 16 102 68---------------------------------------------------------------------------Cash - end of period $ 220 $ 79 $ 220 $ 79---------------------------------------------------------------------------



West Fraser Timber Co. Ltd.

Notes to Condensed Consolidated Interim Financial Statements

(figures are in millions of dollars, except where indicated - unaudited)

1. Nature of operations

West Fraser Timber Co. Ltd. ("West Fraser", "we", "us" or "our") is an integrated wood products company producing lumber, wood chips, LVL, MDF, plywood, pulp and newsprint with facilities in western Canada and the southern United States. Our executive office is located at 858 Beatty Street, Suite 501, Vancouver, British Columbia. West Fraser was formed by articles of amalgamation under the Business Corporations Act (British Columbia) and is registered in British Columbia, Canada. Our Common shares are listed for trading on the Toronto Stock Exchange under the symbol WFT.

2. Basis of presentation and statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB") and using the same accounting policies and methods of their application as the December 31, 2012 annual financial statements, except as described below. These condensed consolidated interim financial statements should be read in conjunction with our 2012 annual financial statements.

3. Changes in accounting policies

We have adopted the following new and revised standards, along with any consequential amendments, effective January 1, 2013. These changes were made in accordance with the applicable transitional provisions. For a description of the new and revised standards refer to note 4 of our 2012 annual financial statements.

IFRS 10 - Consolidated Financial Statements, IFRS 11 - Joint Arrangements, IFRS 12 - Disclosure of Interests in Other Entities

We assessed our consolidation conclusions and the classification of our joint arrangements and determined that the adoption of these IFRS's did not result in any changes to the accounting for our subsidiaries, investees and joint arrangements.

IFRS 13 - Fair Value Measurement

The adoption of IFRS 13 did not require any adjustments to the valuation techniques used to measure fair value and did not result in any measurement adjustments.

IAS 19 - Amendment, Employee Benefits

The effect of adopting the amended standard on January 1, 2013 is as follows:

--------------------------------------------------------------------------- Previous AmendedApril 1 to June 30, 2013 standard Change standard---------------------------------------------------------------------------Pension and benefit expense $ 9 $ 2 $ 11Finance expense - 3 3Tax recovery (2) (1) (3)--------------------------------------------------------------------------- $ 7 $ 4 $ 11------------------------------------------------------------------------------------------------------------------------------------------------------Actuarial gain on employee future benefits (net of tax) $ (54) $ (4) $ (58)------------------------------------------------------------------------------------------------------------------------------------------------------Basic Earnings Per Share $ 2.64 $ (0.10) $ 2.54------------------------------------------------------------------------------------------------------------------------------------------------------Diluted Earnings Per Share $ 2.33 $ (0.10) $ 2.23--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Previous AmendedApril 1 to June 30, 2012 standard Change standard---------------------------------------------------------------------------Pension and benefit expense $ 10 $ 1 $ 11Finance expense - 2 2Tax recovery (3) (1) (4)--------------------------------------------------------------------------- $ 7 $ 2 $ 9------------------------------------------------------------------------------------------------------------------------------------------------------Actuarial loss on employee future benefits (net of tax) $ 25 $ (2) $ 23------------------------------------------------------------------------------------------------------------------------------------------------------Basic and Diluted Earnings Per Share $ 0.63 $ (0.06) $ 0.57--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Previous AmendedJanuary 1 to June 30, 2013 standard Change standard---------------------------------------------------------------------------Pension and benefit expense $ 18 $ 5 $ 23Finance expense - 5 5Tax recovery (4) (2) (6)--------------------------------------------------------------------------- $ 14 $ 8 $ 22------------------------------------------------------------------------------------------------------------------------------------------------------Actuarial loss (gain) on employee future benefits (net of tax) $ 2 $ (8) $ (6)------------------------------------------------------------------------------------------------------------------------------------------------------Basic and Diluted Earnings Per Share $ 4.30 $ (0.18) $ 4.12--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Previous AmendedJanuary 1 to June 30, 2012 standard Change standard---------------------------------------------------------------------------Pension and benefit expense $ 20 $ 2 $ 22Finance expense - 4 4Tax recovery (6) (2) (8)--------------------------------------------------------------------------- $ 14 $ 4 $ 18------------------------------------------------------------------------------------------------------------------------------------------------------Actuarial loss on employee future benefits (net of tax) $ 39 $ (4) $ 35------------------------------------------------------------------------------------------------------------------------------------------------------Basic and Diluted Earnings Per Share $ 0.24 $ (0.11) $ 0.13------------------------------------------------------------------------------------------------------------------------------------------------------



There is no impact on balance sheet amounts or cash flows resulting from the amended standard.

4. Inventories

Inventories at June 30, 2013 were written down by $7 million (March 31, 2013 - $1 million; December 31, 2012 - $3 million; June 30, 2012 - $4 million) to reflect net realizable value being lower than cost.

5. Long-term debt and operating loans

Long-term debt

--------------------------------------------------------------------------- June 30, December 31, 2013 2012---------------------------------------------------------------------------US$300 million senior notes due October 2014; interest at 5.2% $ 316 $ 299Note payable due in installments to 2020; interest at 5.5% 2 2--------------------------------------------------------------------------- 318 301Less: Deferred financing costs (1) (1)--------------------------------------------------------------------------- $ 317 $ 300------------------------------------------------------------------------------------------------------------------------------------------------------



The fair value of the long-term debt is $333 million (December 31, 2012 - $313 million) based on rates available to us at the balance sheet date for long-term debt with similar terms and remaining maturities.

Operating loans

We have $530 million in revolving lines of credit which were undrawn as at June 30, 2013 (December 31, 2012 - undrawn). Deferred financing costs of $4 million are included in other assets at June 30, 2013 (December 31, 2012 - $4 million).

Our revolving lines of credit include a $500 million revolving credit facility which matures September 30, 2016, a $25 million demand line of credit dedicated to letters of credit and a $5 million demand line of credit dedicated to a jointly owned newsprint operation. Interest on the three facilities is payable at floating rates based on Prime, U.S. base, Bankers' Acceptances or LIBOR at our option. As at June 30, 2013, letters of credit in the amount of $45 million have been issued under these facilities.

The $500 million revolving credit facility, the $25 million demand line of credit and the US$300 million senior notes are unsecured. The $5 million joint operation demand line of credit is secured by that joint operation's current assets.

6. Other liabilities

--------------------------------------------------------------------------- June 30, December 31, 2013 2012---------------------------------------------------------------------------Post-retirement (note 7) $ 185 $ 201Reforestation 71 69Decommissioning 20 16Other 25 27--------------------------------------------------------------------------- $ 301 $ 313------------------------------------------------------------------------------------------------------------------------------------------------------



7. Employee future benefits

We maintain defined benefit and defined contribution pension plans covering a majority of our employees. The defined benefit plans provide pension benefits based either on length of service or on earnings and length of service. We also provide group life insurance, medical and extended health benefits to certain employee groups.

The status of the defined benefit pension plans and other benefit plans, in aggregate, is as follows:

--------------------------------------------------------------------------- June 30, December 31, 2013 2012---------------------------------------------------------------------------Projected benefit obligations $ 1,243 $ 1,219Less fair value of plan assets (1,058) (1,018)---------------------------------------------------------------------------Post-retirement liability $ 185 $ 201------------------------------------------------------------------------------------------------------------------------------------------------------



The significant actuarial assumptions used to determine the period-ending benefit obligations and the benefit plan expense are as follows:

--------------------------------------------------------------------------- June 30, March 31, December 31, 2013 2013 2012---------------------------------------------------------------------------Discount rate on net obligation 4.50% 4.00% 4.50%Future compensation rate increase 3.50% 3.50% 3.50%------------------------------------------------------------------------------------------------------------------------------------------------------



The change in the discount rate on obligations and the difference between the actual rate of return and the discount rate on plan assets generated a net actuarial gain (loss) on employee future benefits, included in other comprehensive earnings, as follows:

--------------------------------------------------------------------------- April 1 to June 30 January 1 to June 30 2013 2012 2013 2012---------------------------------------------------------------------------Actuarial gain (loss) $ 77 $ (30) $ 8 $ (46)Tax recovery (expense) (19) 7 (2) 11--------------------------------------------------------------------------- $ 58 $ (23) $ 6 $ (35)------------------------------------------------------------------------------------------------------------------------------------------------------



8. Finance expense

--------------------------------------------------------------------------- April 1 to June 30 January 1 to June 30 2013 2012 2013 2012---------------------------------------------------------------------------Interest expense $ (5) $ (5) $ (10) $ (10)Accretion on long-term liabilities (2) (2) (4) (4)--------------------------------------------------------------------------- $ (7) $ (7) $ (14) $ (14)------------------------------------------------------------------------------------------------------------------------------------------------------



9. Other income (expense)

--------------------------------------------------------------------------- April 1 to June 30 January 1 to June 30 2013 2012 2013 2012---------------------------------------------------------------------------Foreign exchange gain (loss) - net $ 5 $ 1 $ 9 $ (1)Increase in decommissioning obligations - - (6) -Other 5 (1) 4 1--------------------------------------------------------------------------- $ 10 $ - $ 7 $ -------------------------------------------------------------------------------------------------------------------------------------------------------



10. Tax provision

The tax provision differs from the amount that would have resulted from applying the British Columbia statutory income tax rates to earnings before income taxes as follows:

--------------------------------------------------------------------------- April 1 to June 30 January 1 to June 30 2013 2012 2013 2012---------------------------------------------------------------------------Income tax expense at statutory rate of 25.75% (2012 - 25%) $ (35) $ (8) $ (56) $ (2)Non-taxable amounts 2 (3) (5) (4)Rate differentials between jurisdictions and on specified activities (4) (1) (8) -Recognized tax assets 16 5 30 4Increase in statutory tax rate (2) - (2) -Other (1) (1) (1) (1)---------------------------------------------------------------------------Tax provision $ (24) $ (8) $ (42) $ (3)------------------------------------------------------------------------------------------------------------------------------------------------------



11. Earnings per share

Basic earnings per share is calculated based on earnings available to Common shareholders, as set out below, using the weighted average number of Common shares and Class B Common shares outstanding.

Diluted earnings per share is calculated based on earnings available to Common shareholders adjusted to remove the actual share option expense (recovery) charged to earnings and after deducting a notional charge for share option expense assuming the use of the equity settled method, as set out below. The diluted weighted average number of shares is calculated using the treasury stock method. When earnings available to Common shareholders for diluted earnings per share are greater than earnings available to Common shareholders for basic earnings per share, the calculation is anti-dilutive and diluted earnings per share are deemed to be the same as basic earnings per share.

--------------------------------------------------------------------------- April 1 to June 30 January 1 to June 30 2013 2012 2013 2012---------------------------------------------------------------------------EarningsBasic $ 109 $ 24 $ 176 $ 5Share option expense (recovery) (12) 8 15 15Equity settled share option adjustment - - (2) (2)---------------------------------------------------------------------------Diluted $ 97 $ 32 $ 189 $ 18------------------------------------------------------------------------------------------------------------------------------------------------------Weighted average number of shares (thousands)Basic 42,865 42,856 42,864 42,854Share options 688 341 712 377---------------------------------------------------------------------------Diluted 43,553 43,197 43,576 43,231------------------------------------------------------------------------------------------------------------------------------------------------------Earnings per share (dollars)Basic $ 2.54 $ 0.57 $ 4.11 $ 0.13Diluted $ 2.23 $ 0.57 $ 4.11 $ 0.13------------------------------------------------------------------------------------------------------------------------------------------------------



12. Segmented information

Pulp & Corporate Lumber Panels paper & other Consolidated---------------------------------------------------------------------------April 1, 2013 to June 30, 2013Sales at market prices To external customers $ 592 $ 119 $ 189 $ - $ 900 ----------------- To other segments 22 1 - ----------------------------------------------------------- $ 614 $ 120 $ 189 $ -----------------------------------------------------------EBITDA(1) $ 125 $ 10 $ 31 $ 12 $ 178Amortization (22) (4) (11) - (37)---------------------------------------------------------------------------Operating earnings 103 6 20 12 141Finance expense (3) (1) (3) - (7)Exchange loss on long-term debt - - - (11) (11)Other income 6 - 4 - 10---------------------------------------------------------------------------Earnings before tax provision $ 106 $ 5 $ 21 $ 1 $ 133---------------------------------------------------------------------------April 1, 2012 to June 30, 2012Sales at market prices To external customers $ 453 $ 112 $ 209 $ - $ 774 ----------------- To other segments 17 2 - ----------------------------------------------------------- $ 470 $ 114 $ 209 $ -----------------------------------------------------------EBITDA(1) $ 52 $ 12 $ 27 $ (9) $ 82Amortization (20) (4) (12) (1) (37)---------------------------------------------------------------------------Operating earnings 32 8 15 (10) 45Finance expense (3) (1) (3) - (7)Exchange loss on long-term debt - - - (6) (6)Other income (expense) (1) - 2 (1) ----------------------------------------------------------------------------Earnings before tax provision $ 28 $ 7 $ 14 $ (17) $ 32---------------------------------------------------------------------------(1) Non-IFRS measure: EBITDA is defined as operating earnings plus amortization. Pulp & Corporate Lumber Panels paper & other Consolidated---------------------------------------------------------------------------January 1, 2013 to June 30, 2013Sales at market prices To external customers $ 1,153 $ 234 $ 376 $ - $ 1,763 ----------------- To other segments 40 3 - ----------------------------------------------------------- $ 1,193 $ 237 $ 376 $ -----------------------------------------------------------EBITDA(1) $ 271 $ 28 $ 39 $ (19) $ 319Amortization (46) (8) (23) - (77)---------------------------------------------------------------------------Operating earnings 225 20 16 (19) 242Finance expense (7) (2) (5) - (14)Exchange loss on long-term debt - - - (17) (17)Other income (expense) 6 - 6 (5) 7---------------------------------------------------------------------------Earnings before tax provision $ 224 $ 18 $ 17 $ (41) $ 218---------------------------------------------------------------------------January 1, 2012 to June 30, 2012Sales at market prices To external customers $ 832 $ 215 $ 408 $ - $ 1,455 ----------------- To other segments 36 4 - ----------------------------------------------------------- $ 868 $ 219 $ 408 $ -----------------------------------------------------------EBITDA(1) $ 45 $ 17 $ 57 $ (20) $ 99Amortization (42) (8) (25) (2) (77)---------------------------------------------------------------------------Operating earnings 3 9 32 (22) 22Finance expense (7) (2) (5) - (14)Other income (expense) 1 - - (1) ----------------------------------------------------------------------------Earnings before tax provision $ (3) $ 7 $ 27 $ (23) $ 8----------------------------------------------------------------------------(1) Non-IFRS measure: EBITDA is defined as operating earnings plus amortization.



The geographic distribution of external sales is as follows(1):

--------------------------------------------------------------------------- April 1 to June 30 January 1 to June 30 2013 2012 2013 2012---------------------------------------------------------------------------United States $ 456 $ 375 $ 891 $ 693Canada 215 180 424 349China 130 136 269 252Other Asia 78 58 134 107Other 21 25 45 54--------------------------------------------------------------------------- $ 900 $ 774 $ 1,763 $ 1,455------------------------------------------------------------------------------------------------------------------------------------------------------(1) Sales distribution is based on the location of product delivery by West Fraser





Contacts:
West Fraser Timber Co. Ltd.
Larry Hughes
Vice-President, Finance and Chief Financial Officer
(604) 895-2700

West Fraser Timber Co. Ltd.
Rodger Hutchinson
Vice-President, Corporate Controller
(604) 895-2700
(604) 681-6061 (FAX)
www.westfraser.com



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