Canfor Pulp Products Inc. (CFX.UN) 2008年年度报告「TSX」.pdf

1、Canfor PulP InCome fund annual rePort 20082MessagetoUnitholders4Operations4OwnershipStructure5ManagementsDiscussionandAnalysis7CanforPulpIncomeFund9RisksandUncertaintiesRelatedtotheStructureoftheFund11CanforPulpLimitedPartnership13OperatingResultsbyBusinessSegment18SummaryofFinancialPosition18Liquid

2、ityandFinancialRequirements19RelatedPartyTransactions22RisksandUncertaintiesRelatedtotheBusinessandtheIndustry25CriticalAccountingEstimates28CanforPulpLimitedPartnershipSupplementaryFinancialInformation29DistributableCashandCashDistributions30ConsolidatedFinancialStatements60TrusteesandDirectors60Of

3、ficersandManagement61CompanyInformationTABLE OF CONTENTSCAnFORPULPLIMITEDPARTnERShIPAnnUALREPORT20081CAnFORPULPInCOMEFUnDAnnUALREPORT20082ToOurUnitholdersPaulRichardsPresident and CEO,Canfor Pulp Holding Inc.the general partner of Canfor Pulp Limited PartnershipAs we look back on 2008,our business m

4、irrored what was happening in the broader financial markets and economies around the world.For the first three quarters,demand and pricing for our products were both strong.However,with the onset of the global financial market turmoil during the last quarter,demand for our customers products,particu

5、larly the printing and writing paper grades,declined precipitously,resulting in reduced pulp sales,inventory growth,and a significant decline in pulp prices.US market pulp list prices were stable and averaged US$880 per tonne for the first three quarters,but declined during the fourth quarter to end

6、 the year at US$720 per tonne.This decrease in demand and price was partially mitigated by a weaker Canadian dollar.However,the fundamentals of the pulp markets remain weak as we enter 2009.Throughout 2008,we continued to make disciplined decisions in investing in our assets.When necessary,we took e