Canfor Pulp Products Inc. (CFX.UN) 2011年年度报告「TSX」.pdf

1、Canfor Pulp Products Inc.Annual Report 2011 2 Message to Our Shareholders 3 Financial Highlights 4 Operations 6 Managements Discussion and Analysis 8 Canfor Pulp Products Inc.11 Risks and Uncertainties Related to the Structure of Canfor Pulp Products Inc.15 Canfor Pulp Limited Partnership 15 Ownersh

2、ip Structure 16 Selected Annual Information 17 Distributable Cash and Cash Distributions 18 Operating Results by Business Segment 22 Summary of Financial Position 23 Financial Requirements and Liquidity 25 Related Party Transactions 30 Risks and Uncertainties Related to the Business and Industry 34

3、Critical Accounting Estimates 38 Consolidated Financial Statements 90 Directors,Officers,and Management Team 91 Company InformationCONTENTSCANFOR PULP PRODUCTS INC|ANNUAL REPORT 2011 1Shared ValueCreating a long term value proposition for all stakeholders is our vision of shared value.Shared value f

4、or our organization encompasses:Operating under the framework of a sustainableenterprisewithoutdepletionof the environment and the natural resources withwhichwehavebeenentrusted;Providing our customers with a secure supply of consistent,premium quality products;and Supportingthehealthofthecommunitie

5、s inwhichweoperateasagoodneighbour and employer.Byapplyingtheseprinciples,wecanachieve our goal of creating long term sustainable economic value for our shareholders.For further information,please see our 2011 Sustainability Report.2 CANFOR PULP PRODUCTS INC|ANNUAL REPORT 2011TO OUR SHAREHOLDERSTO O

6、UR SHAREHOLDERSIn 2011,Canfor Pulp marked its fifth successful year of operation since the spin-out of the pulp and paper business from Canfor Corporation in July,2006.OnJanuary1,2011,weconvertedtheownershipstructurefromatrustandincomefundtoapubliccorporationnamed Canfor Pulp Products Inc.The busine