Canfor Pulp Products Inc. (CFX.UN) 2019年年度报告「TSX」.pdf

1、2019CANFOR PULP PRODUCTS INC.ANNUAL REPORT IN THIS REPORT0231CONSOLIDATED FINANCIAL STATEMENTS 0304 05 09 10 13 14 14 16 16 17 17 18 19 22 23 24 30 30 2019 Managements Discussion and AnalysisCompany OverviewOverview of 2019Overview of Consolidated Results-2019 Compared to 2018 Operating Results by B

2、usiness Segment-2019 Compared to 2018 Summary of Financial PositionChanges in Financial PositionLiquidity and Financial RequirementsTransactions with Related PartiesLicella Pulp Joint VentureCo-Marketing Arrangement with UPM-KymmeneSelected Quarterly Financial InformationThree-Year Comparative Revie

3、wFourth Quarter ResultsOutlookCritical Accounting EstimatesRisks and UncertaintiesOutstanding Share DataDisclosure Controls and Internal Controls Over Financial Reporting60MESSAGE TO SHAREHOLDERS32 Managements Responsibility33 Independent Auditors Report37 Consolidated Balance Sheets38 Consolidated

4、Statements of Income(Loss)39 Consolidated Statements of Other Comprehensive Income39 Consolidated Statements of Changes in Equity40 Consolidated Statements of Cash Flows41 Notes to the Consolidated Financial Statements61 Directors and Officers62 Corporate and Shareholder InformationADDITIONAL INFORM

5、ATION While 2019 was a challenging year for Canfor Pulp Products Inc.(Canfor Pulp),we continue to be encouraged by the growing recognition of the important role that sustainable pulp and paper products have to play as part of the solution to the changing climate.Following record high pricing in 2018

6、,global pulp prices were weak throughout 2019,largely due to high global pulp inventory levels,combined with weaker than anticipated global demand,particularly from Europe where demand from printing and writing fell sharply.These weak market conditions were the most impactful in China,which is our l