Canfor Pulp Products Inc. (CFX.UN) 2017年年度报告「TSX」.pdf

1、2017CANFOR PULP PRODUCTS INC.ANNUAL REPORT IN THIS REPORT0236CONSOLIDATED FINANCIAL STATEMENTS03 2017 Managements Discussion and Analysis04 Company Overview05 Overview of 201708 Overview of Consolidated Results-2017 Compared to 201610 Operating Results by Business Segment-2017 Compared to 201613 Sum

2、mary of Financial Position14 Changes in Financial Position14 Liquidity and Financial Requirements17 Transactions with Related Parties17 Licella Pulp Joint Venture17 Collective Agreements With Labour Unions18 Selected Quarterly Financial Information19 Three-Year Comparative Review20 Fourth Quarter Re

3、sults24 Specific Items Affecting Comparability25 Outlook25 Critical Accounting Estimates27 Future Changes in Accounting Policies27 Risks and Uncertainties33 Outstanding Share Data34 Disclosure Controls and Internal Controls Over Financial Reporting62MESSAGE TO SHAREHOLDERS37 Managements Responsibili

4、ty38 Independent Auditors Report39 Consolidated Balance Sheets40 Consolidated Statements of Income41 Consolidated Statements of Other Comprehensive Income(Loss)41 Consolidated Statements of Changes in Equity42 Consolidated Statements of Cash Flows43 Notes to the Consolidated Financial Statements63 D

5、irectors and Officers64 Corporate and Shareholder InformationADDITIONAL INFORMATION Thanks to the dedication and hard work of our incredibly talented employees,Canfor Pulp Products Inc.(Canfor Pulp)had an excellent year in 2017 our operating income was the second-highest in our history,we set a new

6、record high for sales revenue and our return on invested capital was 23%.Global pulp market conditions were better than we had planned for,particularly in the back half of 2017,and we expect the growing global softwood pulp demand will keep markets solid through much of 2018.Favourable Bleached Chem