Canfor Pulp Products Inc. (CFX.UN) 2018年年度报告「TSX」.pdf

1、2018CANFOR PULP PRODUCTS INC.ANNUAL REPORTIN THIS REPORT0231CONSOLIDATED FINANCIAL STATEMENTS 03 2018 Managements Discussion and Analysis04 Company Overview05 Overview of 201808 Overview of Consolidated Results-2018 Compared to 201709 Operating Results by Business Segment-2018 Compared to 201712 Sum

2、mary of Financial Position13 Changes in Financial Position13 Liquidity and Financial Requirements15 Transactions with Related Parties16 Licella Pulp Joint Venture16 Collective Agreements With Labour Unions16 Selected Quarterly Financial Information17 Three-Year Comparative Review18 Fourth Quarter Re

3、sults21 Specific Items Affecting Comparability22 Outlook22 Critical Accounting Estimates24 Future Changes in Accounting Policies24 Risks and Uncertainties30 Outstanding Share Data30 Disclosure Controls and Internal Controls Over Financial Reporting62MESSAGE TO SHAREHOLDERS32 Managements Responsibili

4、ty33 Independent Auditors Report37 Consolidated Balance Sheets38 Consolidated Statements of Income39 Consolidated Statements of Other Comprehensive Income39 Consolidated Statements of Changes in Equity40 Consolidated Statements of Cash Flows41 Notes to the Consolidated Financial Statements63 Directo

5、rs and Officers64 Corporate and Shareholder InformationADDITIONAL INFORMATION Canfor Pulp Products Inc.(Canfor Pulp)had another excellent year in 2018 resulting in record operating income and return on invested capital driven by record-high pricing.NBSK pulp pricing was extremely strong in 2018 as p

6、rices traded at record highs before correcting sharply towards the end of the year.Prices were good in all regions primarily driven by solid customer demand for paper products.Looking ahead to 2019,we expect pricing to gradually improve reflecting increasing demand and limited new supply.Asia will c