Canfor Pulp Products Inc. (CFX.UN) 2009年年度报告「TSX」.pdf

1、ReinfoRced.Canfor Pulp Income Fund Annual Report 20092MessagetoUnitholders4operationsandownershipStructure5ManagementsdiscussionandAnalysis7canforPulpincomefund9RisksandUncertaintiesRelatedtotheStructureofthefund12canforPulpLimitedPartnership14operatingResultsbyBusinessSegment17SummaryoffinancialPos

2、ition18financialRequirementsandLiquidity20RelatedPartyTransactions22RisksandUncertaintiesRelatedtotheBusinessandtheindustry25criticalAccountingestimates28canforPulpLimitedPartnershipSupplementaryfinancialinformation29distributablecashandcashdistributions30consolidatedfinancialStatements60Trusteesand

3、directors,officersandManagementTeam61companyinformationTABLE OF CONTENTSFOR DECADES,CANFOR PULPS PREMIUM NBSK PULP HAS DEMONSTRATED ITS SUPERIOR REINFORCING CAPABILITIES.THROUGH THE MARKET DOWNTURN AND FINANCIAL UNCERTAINTY OF 2009,CANFOR PULP RELIED ON ITS PEOPLE TO SUCCESSFULLY REINFORCE THE QUALI

4、TY OF OUR COMPANY.1cAnfoRPULPLiMiTedPARTneRShiPAnnUALRePoRT2009cAnfoRPULPincoMefUndAnnUALRePoRT20092ToourUnitholdersPaulRichardsPresident and Chief Executive Officer,Canfor Pulp Holding Inc.the general partner of Canfor Pulp Limited Partnership2009 was a year of contrasts for the pulp markets and th

5、e broader economy.Canfor Pulp began the year with a continuation of market curtailments that had commenced in December of 2008.The precipitous decline in pulp demand during the fourth quarter of 2008 drove global pulp inventories to very high levels and resulted in depressed pulp prices in the first

6、 quarter of 2009.In response to these market conditions,pulp production curtailments were announced throughout the industry,and by the end of the first quarter almost 50%of the capacity of the Canadian pulp industry was curtailed for periods of eight weeks to indefinitely.With curtailed supply,as pu