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190-620 Notes Domino 6/6.5 System Aministration Operating Fundamentals

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190-620 exam Dumps Source : Notes Domino 6/6.5 System Aministration Operating Fundamentals

Test Code : 190-620
Test denomination : Notes Domino 6/6.5 System Aministration Operating Fundamentals
Vendor denomination : Lotus
: 170 actual Questions

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Lotus Notes Domino 6/6.5 System

New consumer Wins aid IBM Lotus Notes and Domino capitalize Momentum in Messaging and Collaboration Market | killexams.com actual Questions and Pass4sure dumps

source: IBM

may 18, 2005 14:36 ET

choice of structures, protection and tailored options for the small and Medium company Market assist force Success of Lotus Notes and Domino Platform

SOMERS, ny -- (MARKET WIRE) -- may 18, 2005 -- building on a latest IBM Lotus Notes and Domino consumer ground of over 118 million users, IBM has received momentum in the messaging and collaboration market with customer wins in loads of industries and throughout flawless geographies, including wins at Aleris overseas, Miller Thomson LLP and the Jacksonville Airport Authority in Jacksonville, Florida.

guide for open standards, a elevated degree of safety, and lower expenses of ownership were key factors within the endured success of the Lotus and Domino platform, which is evidenced by passage of double-digit growth in the first quarter of this yr for IBM's messaging and collaboration items.

"Messaging and collaboration utility has moved into the 'mission critical' class for many corporations and IBM's Lotus Notes and Domino products can uniquely tackle the problem of featuring a secure, in your charge orbit and versatile collaboration atmosphere," noted Ambuj Goyal conventional supervisor of office, Portal and Collaboration utility, IBM. "The double-digit boom they experienced within the fourth quarter of 2004 persevered into 1Q 2005 with eleven% enlarge for Lotus software and 17% growth for Lotus messaging and collaboration items, and they suppose their lengthy-time age roadmap for the platform will proceed to entice current clients searching for completive expertise via collaboration."

businesses leveraging Lotus Notes and Domino for their messaging wants orbit from one of the greatest firms on this planet to shoppers from the small- to medium-sized company (SMB) market. right here signify a pattern of the lots of shoppers from a big altenative of industries which are leveraging the potent capabilities of the Notes and Domino know-how to handle complicated collaboration issues:

-- Aleris foreign, Inc. Ohio-based Aleris international resulted from the merger of Commonwealth Industries, Inc. and IMCO Recycling Inc. This strategic mixture created a vertically integrated aluminum recycler and customary-alloy sheet company. The capabilities of Lotus Notes and Domino assist streamline communication and collaboration amongst 3,200 personnel. -- Miller Thomson LLP. Miller Thomson LLP is one of Canada's greatest full- service national legislations companies, with more than 500 gurus working from Toronto, Vancouver, Whitehorse, Calgary, Edmonton, Waterloo-Wellington, Markham and Montréal. The enterprise is leveraging IBM Lotus Notes in a Notes- primarily based talents sharing system to prepare the enterprise's facts, so one can support enhance client service while saving time and cash. -- Jacksonville Airport Authority (Florida). Jacksonville Airport Authority owns and manages the Jacksonville Airport gadget, which is a different airport materiel that serves the business, enterprise and leisure aviation needs of the city of Jacksonville, Northeast Florida and Southeast Georgia (the group). IBM's Lotus Notes is used to tackle the extensive collaboration and messaging wants of the Jacksonville Airport techniques, which includes four sever airports unfold across Jacksonville and surrounding communities. About IBM

IBM is the world's greatest advice expertise enterprise, with 80 years of management in assisting companies innovate. IBM application offers a wide array of middleware and operating programs for every kindly of computing platforms, enabling shoppers to prefer replete scholarship of the on require era. The quickest manner to accept more counsel about IBM software is throughout the IBM software domestic web page at http://www.application.ibm.com.

IBM, Lotus, Notes and Domino are logos of IBM agency within the united states, other nations, or both. Linux is a trademark of Linus Torvalds within the united states, different nations, or each. flawless other trade product or provider names may breathe logos or provider marks of others.


Lotus and Microsoft to combine windows Media technologies Into free up 5 of Lotus Notes and Domino | killexams.com actual Questions and Pass4sure dumps

CAMBRIDGE, Mass., and REDMOND, Wash., Sept. 15, 1999 — Lotus building Corp. and Microsoft Corp. nowadays announced their intent to integrate Microsoft® windows Media TM applied sciences into Lotus’ Notes release 5 and Domino release 5 collaboration application items via IBM’s HotMedia connect expertise. This strategic distribution, construction and licensing settlement will convey the merits of Microsoft streaming multimedia technology to doubtlessly tens of tens of millions of Notes and Domino R5 clients international as well as tighten the integration between Lotus and Microsoft applied sciences.

“Our consumers require the very best integration between Lotus and Microsoft products,”referred to Jeanette Horan, Lotus’ vice president of communications product development.“Lotus Notes and Domino R5 already seamlessly expend key Microsoft applied sciences such as windows® , IIS and internet Explorer. the integration of windows Media technologies will expand the streaming media alternatives attainable to clients of Notes and Domino R5, whereas adding to the functionality and richness of Lotus’ industry-leading collaboration environment.”

“This compress builds upon both the best and integration their shared clients possess approach to expect,”noted Anthony Bay, accepted supervisor, Streaming Media Division at Microsoft.“nowadays’s announcement demonstrates the require for and adoption of the home windows Media applied sciences platform for company purposes.”

as a result of the settlement, Lotus will deliver a magnificent multimedia platform that makes it viable for Lotus enterprise companions and builders, Microsoft developers, price-introduced resellers and purchasers to without vicissitude construct and deploy wealthy multimedia purposes for company workgroup verbal exchange, practising and media streaming on the internet. agencies will even breathe able to comprise home windows Media content material into files to breathe used by means of net browsers and Lotus Notes R5 customers for less difficult, more flexible media access and administration. This platform will expend core facets in Notes and Domino R5 comparable to industry-main security and replication for graphical solutions that are greater at ease, less complicated to control and share, and complement a company’s enjoyable network system.

at the climb Lotus plans to ship a edition of Microsoft home windows Media participant with an upcoming version of Lotus Notes and Domino unlock 5. Lotus and Microsoft intend to combine upcoming models of home windows Media technologies with a future update edition of Notes and Domino R5 by passage of HotMedia connect for Domino expertise. extra availability and pricing details may breathe introduced subsequent yr.

IBM’s HotMedia connect for Domino is a different expertise that serves because the middleware for IBM platforms and products to seamlessly combine streaming audio and video products reminiscent of windows Media technologies. HotMedia connect for Domino provides interactions and tart links and assembles the complete package into one file that will too breathe comfortably brought to a web web page or Domino software and delivered over these days’s networks. It allows Notes R5 and Domino R5 to back streaming technologies whereas allowing clients to view, listen, shop, share and maneuver media clips from their Domino R5 databases or files. The HotMedia combine for Domino application will expose home windows Media technologies capabilities through interfaces and design paradigms celebrated to Notes and Domino R5 clients and developers, making it simple to construct media functions in a Notes and Domino R5 environment.

Lotus Notes and Domino R5 presently present tense integration with Microsoft applied sciences corresponding to information superhighway Explorer browser software, internet information features (IIS), the FrontPage® web web site creation and management device, the visual fundamental® evolution system and the home windows operating device for shoppers who elect to utilize Microsoft items with Lotus’ mighty messaging and software building platform.

About Lotus development

Lotus building Corp., established in 1982, is a subsidiary of IBM Corp. Lotus units the typical for definitely imaginative application items and functions that replicate the enterprise’s exciting knowing of the brand current methods wherein individuals and agencies ought to drudgery collectively to achieve success. Lotus is redefining the understanding of conducting company via useful abilities administration, e-enterprise and different groundbreaking methods of connecting the world’s ideas, thinkers, buyers, dealers and communities via the information superhighway. Lotus markets its items in more than eighty countries worldwide via direct and huge trade associate channels. The trade too offers numerous skilled consulting, aid and education functions during the Lotus professional functions organization.

About windows Media applied sciences

windows Media applied sciences is a leading digital media platform, proposing buyers, content material providers, respond suppliers, utility builders and firms with unmatched audio and video nice. home windows Media technologies edition four, which contains windows Media player, home windows Media capabilities, windows Media materiel and home windows Media Audio SDK, is obtainable for free download at http://www.microsoft.com/windows/windowsmedia/ (connect-time prices may additionally follow). Over forty million copies – more than one every second – of the free home windows Media participant possess been downloaded to date.

WindowsMedia.com, a share of the MSN TM network of information superhighway capabilities, is the fastest-transforming into most valuable audio and video engage on the web. WindowsMedia.com gives access to localized audio and video content users global, including over 600 radio stations and principal song and video activities from greater than 1,000 content providers. greater counsel about home windows Media technologies is accessible at http://windowsmedia.com/ .

About Microsoft Corp.

situated in 1975, Microsoft (Nasdaq“MSFT”) is the international leader in application for personal computer systems. The enterprise presents a wide orbit of products and services for trade and personal use, every designed with the mission of making it simpler and extra gripping for people to prefer scholarship of the total vigour of non-public computing each day.

Microsoft, windows Media, home windows, FrontPage, visible fundamental and MSN are both registered logos or trademarks of Microsoft Corp. in the united states and/or other international locations.

Lotus and Lotus Notes are registered trademarks and Domino and Notes are emblems of Lotus building Corp.

foreign trade Machines (IBM) is a registered trademark and HotMedia connect and HotMedia connect for Domino are emblems of IBM Corp.

different product and enterprise names herein may breathe trademarks of their respective house owners.

notice to editors: in case you possess an interest in viewing more information on Microsoft, please consult with the Microsoft net page at http://www.microsoft.com/presspass/ on Microsoft’s company advice pages.


AXS-One Simplifies Archiving throughout entire Platform With current Search, Configuration and usability Capabilities | killexams.com actual Questions and Pass4sure dumps

RUTHERFORD, N.J.--(company WIRE)--AXS-One, a leading company of enterprise counsel archiving options, nowadays announced key enhancements to the AXS-One imperative Archive, enabling consumers to simplify the entire archiving manner from installing and administration to usability. current enhancements involve astronomical performance advancements for ingestion and search, more desirable usability for electronic discovery custodian-based mostly looking, and Lotus Notes/Domino configuration and management for discrete electronic mail servers.

The AXS-One significant Archive is a finished and scalable archive for compliance, digital discovery, and storage cost stamp downs. via a solitary interface, flawless electronic facts including e mail, instant messages, laptop files, file techniques, SAP statistics, Lotus Notes NSFs, SharePoint and gadget reviews will too breathe forensically archived, searched and produced. This solitary respond makes it viable for agencies to easily control the integrity, protection and retention of flawless electronic data in line with internal guidelines and rules.

Key features of the AXS-One significant Archive include:

  • Search. performance and usefulness enhancements allow custodian-primarily based browsing and packaging as well as improvements for Notes Domino mail to PST conversion. Searches can too breathe quite simply created by custodian, dates, and keywords, and simply packaged through flawless the custodians concerned in a case. performance improvements for browsing and archiving latitude from 50 to 60 percent.
  • facts assortment and Supportability. back for Microsoft exchange 365 and superior processing of trade messages, together with archiving using alternate net features, decryption and direct retrieval of attachments from shortcut hyperlinks. current enhancements to the core server in addition to error dealing with and logging, and more suitable documentation and practising to ensure lengthy-time age advocate and value by passage of purchasers. customer facet archive aid allows for clients to cache the archive locally with a view to search and retrieve messages when now not related to an interior community.
  • IBM Lotus Notes and Domino. improved out-of-the-container configuration to assist purchasers with installations each big and small. Centralized configuration administration consolidates the number of places an administrator necessity to entry to configure and build alterations, and eliminates the requirement to configure flawless e mail servers the same. a current managed ingestion capacity for Lotus Notes NSF archiving enables clients to impulsively process present NSF files into the archive.
  • Simplification. Streamlined workflows and management from installation to configuration to administration. This contains executing upgrades, patches, person administration, and conclusion user usability.
  • “because the quantity and sort of records proceed to enhance exponentially and IT organizations seem to breathe to manage storage expenses and handle regulatory compliance, eDiscovery and counsel governance, the necessity for unified and simplified archiving of enterprise information becomes essential,” talked about stamp Bygraves, Senior vice president and commonplace manager at AXS-One. “This current release of the AXS-One valuable Archive reduces the complexity of archiving and delivers on their vow to valued clientele for brand spanking current usual configurations, simpler help installing workflows, and wealthy efficiency for searches across the archive.”

    About AXS-One

    AXS-One is a global leader in commercial enterprise advice archiving solutions. The AXS-One valuable Archive is an built-in trade information archive designed to trap, index, archive, search, oversee and control the retention and character of electronically kept tips for storage efficiency, compliance and eDiscovery. The enterprise is primarily based in Rutherford, current Jersey. For extra guidance, e-mail info@axsone.com or dispute with www.axsone.com.


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    IBM Certified Associate System Administrator | killexams.com actual questions and Pass4sure dumps

    This vendor-specific Certification is Offered By:IBM CorporationArmonk, NY USAPhone: 914-499-1900Email: This email address is being protected from spambots. You necessity JavaScript enabled to view it.

    Skill Level: Foundation                          Status: Active

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    Deere & Company's (DE) Management on Q3 2017 Results - Earnings convoke Transcript | killexams.com actual questions and Pass4sure dumps

    No result found, try current keyword!The quarter too benefited from a gain on the sale of Deere’s remaining interest in SiteOne Landscape Supply, Inc., which contributed just below 2 points of operating margin. For more details regardin...

    Canfor Reports Results for Second Quarter of 2018 | killexams.com actual questions and Pass4sure dumps

    VANCOUVER , July 25, 2018 /CNW/ - Canfor Corporation (CFP.TO) today reported second quarter 2018 results:

    The following table summarizes selected monetary information for the Company for the comparative periods:

    The Company reported operating income of $282.1 million for the second quarter of 2018, up $78.3 million from reported operating income of $203.8 million for the first quarter of 2018, with the enlarge reflecting significantly higher lumber segment operating earnings and record-high pulp and paper segment operating earnings.  Reported results for the second quarter of 2018 included a net duty expense of $51.7 million , at a current efficacious countervailing duty ("CVD") and anti-dumping duty ("ADD") rate of 14.94%, compared to $34.9 million in the first quarter of 2018 and $35.6 million in the second quarter of 2017.  After adjusting for duties, operating income was $333.8 million for the second quarter of 2018, up $95.1 million from similarly adjusted operating income in the first quarter of 2018.

    Adjusted lumber segment earnings largely reflected record Western Spruce/Pine /Fir ("Western SPF") and Southern Yellow Pine ("SYP") benchmark lumber prices, a 2 cent , or 2% weaker Canadian dollar and increased shipment and production volumes following the significant weather-related transportation and operational challenges experienced in the first quarter of 2018.  These factors more than outweighed the repercussion of moderately higher unit log costs in Western Canada as a result of increased market-based stumpage and upward pressure on purchased wood costs, as well as higher duties linked to improved shipments and sales realizations in the current quarter.  Pulp and paper segment earnings largely reflected favourable Northern Bleached Softwood Kraft ("NBSK") pulp unit sales realizations, increased shipments following the aforementioned transportation challenges, and to a lesser extent improved NBSK pulp mill productivity, which more than offset the repercussion of scheduled maintenance outages and market-related fibre cost increases in the quarter.

    North American lumber require was solid across flawless segments of the market in the second quarter of 2018. US housing starts averaged 1,262,000 units on a seasonally adjusted basis, down 4% from the previous quarter and up 8% from the second quarter of 2017. Single-family starts, which consume a higher symmetry of lumber, were up 1% from the previous quarter, while multi-family starts were down 16% compared to the first quarter of 2018. Canadian housing construction activity remained solid in the current quarter, at an unbiased of 219,000 units on a seasonally adjusted basis. Offshore lumber require from China , Japan and other regions was stable through the second quarter, particularly for the Company's increasing percentage of higher-value lumber products.

    The unbiased benchmark North American Random Lengths Western SPF 2x4 #2&Btr charge was US$598 per Mfbm, up US$85 per Mfbm, or 17%, compared to the first quarter of 2018, with more modest charge increases seen across wider-width dimensions. The unbiased benchmark North American Random Lengths SYP East 2x4 #2 charge was US$589 per Mfbm, up US$23 per Mfbm, or 4%, compared to the first quarter of 2018, with more pronounced charge increases in 2x6 and 2x10 #2 dimensions, in share reflecting seasonally higher demand. Solid require coupled with supply constraints contributed to a sharp enlarge in benchmark lumber prices in April and May, before prices came off their record-high levels through June as transportation availability slowly improved. Offshore lumber realizations saw more modest increases when compared to North America , due in share to the nature of pricing, much of which is negotiated monthly or quarterly in advance.

    Total lumber production, at 1.31 billion board feet, was moderately higher than the prior quarter reflecting productivity gains in Western Canada following the extreme winter weather experienced in the first quarter of 2018, as well as the capitalize of recent capital expenditures and fewer statutory holidays in the current quarter.  Total lumber shipments, at 1.35 billion board feet, were up 13% from the previous quarter aided by solid require and the drawdown of finished inventory as transportation networks slowly improved.  Unit manufacturing costs in the second quarter of 2018 were slightly higher than the previous quarter as the per unit repercussion of gains in productivity and the capitalize of stable log costs in the US South largely offset market-based stumpage increases and higher purchased wood costs in Western Canada .

    Global softwood pulp markets remained strong through the second quarter of 2018, with near-record elevated US-dollar NBSK pulp list prices to China reflecting tighter supply during the traditional spring maintenance age as well as wholesome global demand.  unbiased NBSK pulp unit sales realizations were moderately higher than the previous quarter reflecting the weaker Canadian dollar combined with rising US-dollar NBSK pulp list pricing in other regions, particularly North America.  unbiased Bleached Chemi-Thermo Mechanical Pulp ("BCTMP") unit sales realizations showed a moderate lessen quarter-over-quarter, with lower US-dollar pricing more than offsetting the weaker Canadian dollar.

    Pulp shipments were up 6% from the previous quarter, reflecting strong market require and an unwinding of inventory resulting from the transportation challenges in the previous quarter. Pulp production was down 5% from the previous quarter following scheduled maintenance outages at CPPI's Prince George NBSK pulp mill, as well as at its Taylor BCTMP mill, which reduced NBSK pulp production by approximately 4,000 tonnes and BCTMP production by approximately 17,000 tonnes, offset in share by improved productivity at CPPI's NBSK pulp mills. The scheduled maintenance outage at the Prince George pulp mill was completed ahead of schedule. The Taylor BCTMP mill's reduced production included extended downtime in connection with the commissioning of its previously announced energy project, which is now achieving anticipated operating rates. Pulp unit manufacturing costs were moderately higher than the previous quarter, with seasonally lower energy prices and usage partly offsetting market-driven increases in fibre costs and higher unit costs associated with the aforementioned scheduled outages.

    Commenting on the Company's second quarter results, Canfor's President and Chief Executive Officer, Don Kayne , said, "Our lumber and pulp businesses continued to generate strong monetary results reflecting both the might of the lumber and pulp markets and a recur to more generic operating conditions in the second quarter. Our solid operational performance enabled us to capitalize on these favourable market fundamentals, and set current record-high operating earnings."

    Looking ahead, the US housing market is forecast to continue its ongoing gradual recovery through the balance of 2018.  North American lumber prices are projected to remain solid, and elevated by historical standards, in the third quarter of 2018 reflecting solid seasonal demand, while transportation networks are anticipated to continue their behind recur toward generic service levels through the quarter.  For the Company's key offshore lumber markets, require is anticipated to remain solid through the third quarter of 2018, particularly in Japan .

    Notwithstanding some seasonal weakness in China during the traditionally slower summer months, global softwood kraft pulp markets are projected to breathe balanced through the third quarter of 2018. For the months of July and August 2018 , CPPI announced NBSK pulp list charge increases in North America of US$40 per tonne and US$30 per tonne, respectively. Results in the third quarter of 2018 will involve a scheduled maintenance outage at Northwood, CPPI's largest NBSK pulp mill, with a projected 28,000 tonnes of reduced NBSK pulp production, combined with higher associated maintenance costs and lower projected shipment volume. Bleached kraft paper require is anticipated to remain stable through the third quarter of 2018.

    Additional Information and Conference Call 

    A conference convoke to dispute the second quarter's monetary and operating results will breathe held on Thursday, July 26, 2018 at 8:00 AM Pacific time . To participate in the call, please dial Toll-Free 1-888-390-0546.  For instant replay access until August 9, 2018 , please dial Toll-Free 1-888-390-0541 and enter participant pass code 063665#.  The conference convoke will breathe webcast live and will breathe available at www.canfor.com. This advice release, the attached monetary statements and a presentation used during the conference convoke can breathe accessed via the Company's website at http://www.canfor.com/investor-relations/webcasts.

    Forward Looking Statements

    Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may antecedent actual results to breathe materially different from any future results, performance or achievements expressed or implied by such statements.  Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements.  These statements are based on management's current expectations and beliefs and actual events or results may disagree materially.  There are many factors that could antecedent such actual events or results expressed or implied by such forward-looking statements to disagree materially from any future results expressed or implied by such statements.  Forward-looking statements are based on current expectations and the Company assumes no responsibility to update such information to reflect later events or developments, except as required by law.

    Canfor is a leading integrated forest products company based in Vancouver, British Columbia ("BC") with interests in BC, Alberta , North and South Carolina , Alabama , Georgia , Mississippi and Arkansas.  Canfor produces primarily softwood lumber and too owns a 54.8% interest in Canfor Pulp Products Inc., which is one of the largest global producers of Premium Reinforcing Northern Bleached Softwood Kraft Pulp and a leading producer of elevated performance kraft paper.  Canfor shares are traded on The Toronto Stock Exchange under the attribute CFP.                

    Canfor CorporationSecond Quarter 2018Management's Discussion and Analysis

    This interim Management's Discussion and Analysis ("MD&A") provides a review of Canfor Corporation's ("Canfor" or "the Company") monetary performance for the quarter ended June 30, 2018 relative to the quarters ended March 31, 2018 and June 30, 2017 , and the monetary position of the Company at June 30 , 2018.  It should breathe read in conjunction with Canfor's unaudited interim consolidated monetary statements and accompanying notes for the quarters ended June 30, 2018 and 2017, as well as the 2017 annual MD&A and the 2017 audited consolidated monetary statements and notes thereto, which are included in Canfor's Annual Report for the year ended December 31, 2017 (available at www.canfor.com). The monetary information in this interim MD&A has been prepared in accordance with International monetary Reporting Standards ("IFRS"), which is the required reporting framework for Canadian publicly accountable enterprises.

    Throughout this discussion, reference is made to Operating Income before Amortization and Adjusted Operating Income before Amortization which Canfor considers to breathe a apropos indicator for measuring trends in the performance of each of its operating segments and the Company's capacity to generate funds to meet its debt repayment and capital expenditure requirements.  Reference is too made to Adjusted Shareholder Net Income (calculated as Shareholder Net income less specific items affecting comparability with prior periods – for the replete calculation, perceive the reconciliation included in the section "Analysis of Specific Material Items Affecting Comparability of Net Income") and Adjusted Shareholder Net Income per share (calculated as Adjusted Shareholder Net Income divided by the weighted unbiased number of shares outstanding during the period).  Operating Income before Amortization, Adjusted Shareholder Net Income and Adjusted Shareholder Net Income per share are not generally accepted earnings measures and should not breathe considered as an alternative to net income or cash flows as determined in accordance with IFRS.  As there is no standardized manner of calculating these measures, Canfor's Operating Income before Amortization, Adjusted Shareholder Net Income and Adjusted Shareholder Net Income per share may not breathe directly comparable with similarly titled measures used by other companies.  Reconciliations of Operating Income before Amortization to Operating Income and Adjusted Shareholder Net Income to Net Income reported in accordance with IFRS are included in this MD&A. Throughout this discussion, reference is made to the current quarter, which refers to the results for the second quarter of 2018.  

    Factors that could repercussion future operations are too discussed.  These factors may breathe influenced by both known and unknown risks and uncertainties that could antecedent the actual results to breathe materially different from those stated in this discussion.  Factors that could possess a material repercussion on any future oriented statements made herein include, but are not limited to: generic economic, market and trade conditions; product selling prices; raw material and operating costs; currency exchange rates; interest rates; changes in law and public policy; the outcome of labour and trade disputes; and opportunities available to or pursued by Canfor.

    Certain comparative amounts for the prior age possess been reclassified to conform to the current year's presentation.

    All monetary references are in millions of Canadian dollars unless otherwise noted. The information in this report is as at July 25 , 2018. 

    Forward Looking Statements

    Certain statements in this MD&A constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may antecedent actual results to breathe materially different from any future results, performance or achievements expressed or implied by such statements.  Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements.  These statements are based on management's current expectations and beliefs and actual events or results may disagree materially.  There are many factors that could antecedent such actual events or results expressed or implied by such forward-looking statements to disagree materially from any future results expressed or implied by such statements.  Forward-looking statements are based on current expectations and the Company assumes no responsibility to update such information to reflect later events or developments, except as required by law.

    SECOND QUARTER 2018 OVERVIEW

    Selected monetary Information and Statistics

    (millions of Canadian dollars, except per share amounts)

    Q2

    2018

    Q1

    2018

      YTD

    2018

             Q2

    2017

             YTD

    2017

    Operating income (loss) by segment:

    Lumber

    $

    203.4

    $

    125.9

    $

    329.3

    $

    110.4

    $

    194.1

    Pulp and Paper

    $

    85.4

    $

    85.1

    $

    170.5

    $

    31.5

    $

    66.7

    Unallocated and Other1

    $

    (6.7)

    $

    (7.2)

    $

    (13.9)

    $

    (10.9)

    $

    (23.0)

    Total operating income

    $

    282.1

    $

    203.8

    $

    485.9

    $

    131.0

    $

    237.8

    Add: Amortization2

    $

    67.6

    $

    64.8

    $

    132.4

    $

    62.1

    $

    124.4

    Total operating income before amortization

    $

    349.7

    $

    268.6

    $

    618.3

    $

    193.1

    $

    362.2

    Add (deduct):

    Working capital movements

    $

    61.9

    $

    (152.1)

    $

    (90.2)

    $

    92.3

    $

    (12.9)

    Defined capitalize procedure contributions, net

    $

    (7.3)

    $

    (7.3)

    $

    (14.6)

    $

    (6.6)

    $

    (12.6)

    Income taxes paid, net

    $

    (24.3)

    $

    (46.8)

    $

    (71.1)

    $

    (19.3)

    $

    (18.1)

    Adjustment to accrued duties3

    $

    (10.1)

    $

    (12.9)

    $

    (23.0)

    $

    -

    $

    -

    Gain on sale of Anthony EACOM Inc.

    $

    -

    $

    -

    $

    -

    $

    -

    $

    (4.0)

    Other operating cash flows, net4

    $

    -

    $

    22.7

    $

    22.7

    $

    (5.9)

    $

    11.8

    Cash from operating activities

    $

    369.9

    $

    72.2

    $

    442.1

    $

    253.6

    $

    326.4

    Add (deduct):

    Capital additions, net

    $

    (87.6)

    $

    (56.4)

    $

    (144.0)

    $

    (61.7)

    $

    (100.6)

    Finance expenses paid

    $

    (7.3)

    $

    (3.7)

    $

    (11.0)

    $

    (6.4)

    $

    (9.6)

    Distributions paid to non-controlling interests

    $

    (2.0)

    $

    (1.8)

    $

    (3.8)

    $

    (2.2)

    $

    (6.0)

    Repayment of long-term debt

    $

    (0.1)

    $

    (0.1)

    $

    (0.2)

    $

    (0.1)

    $

    (0.1)

    Share purchases

    $

    -

    $

    (4.2)

    $

    (4.2)

    $

    -

    $

    -

    Proceeds received from sale of Anthony EACOM Inc.

    $

    -

    $

    -

    $

    -

    $

    1.2

    $

    6.6

    Proceeds received from sale of Lakeland Winton

    $

    -

    $

    -

    $

    -

    $

    15.0

    $

    15.0

    Acquisitions

    $

    -

    $

    -

    $

    -

    $

    (14.4)

    $

    (56.2)

    Proceeds from long-term debt

    $

    -

    $

    -

    $

    -

    $

    -

    $

    1.7

    Foreign exchange gain (loss) on cash and cash equivalents

    $

    1.9

    $

    1.4

    $

    3.3

    $

    (2.0)

    $

    (2.1)

    Other, net4

    $

    1.9

    $

    0.5

    $

    2.4

    $

    (4.3)

    $

    (0.8)

    Change in cash / operating loans

    $

    276.7

    $

    7.9

    $

    284.6

    $

    178.7

    $

    174.3

    ROIC – Consolidated period-to-date5

    9.5%

    6.6%

    16.2%

    4.8%

    8.8%

    Average exchange rate (US$ per C$1.00)6

    $

    0.774

    $

    0.791

    $

    0.782

    $

    0.744

    $

    0.750

    1

    Higher Unallocated and Other in 2017 largely attributable to higher legal costs related to the expiry of the Softwood Lumber Agreement.

    2

    Amortization includes amortization of sure capitalized major maintenance costs.

    3

    Adjusted to true-up anti-dumping duty deposits expensed for accounting purposes to current accrual rates.

    4

    Further information on cash flows may breathe organize in the Company's unaudited interim consolidated monetary statements.

    5

    Consolidated recur on Invested Capital ("ROIC") is equal to operating income/loss plus realized gains/losses on derivatives, equity income/loss from joint venture and other income/expense, flawless net of minority interest, divided by the unbiased invested capital during the period. Invested capital is equal to capital assets, plus long-term investments and net non-cash working capital, flawless excluding minority interest components.

    6

    Source – Bank of Canada (monthly unbiased rate for the period).

     

    Analysis of Specific Material Items Affecting Comparability of Shareholder Net Income

    After-tax impact, net of non-controlling interests

    ( millions of Canadian dollars, except per share amounts)

    Q2

    2018

       Q1

    2018

    YTD

    2018

    Q2

    2017

    YTD

    2017

    Shareholder net income, as reported

    $

    169.8

    $

    112.2

    $

    282.0

    $

    81.3

    $

    147.4

    Foreign exchange (gain) loss on long-term debt and duties receivable

    $

    1.0

    $

    1.9

    $

    2.9

    $

    (2.9)

    $

    (3.9)

    Countervailing and anti-dumping duty deposit expense, net

    $

    37.7

    $

    25.5

    $

    63.2

    $

    25.8

    $

    25.8

    (Gain) loss on derivative monetary instruments

    $

    5.6

    $

    5.8

    $

    11.4

    $

    -

    $

    (2.4)

    Gain on sale of Anthony EACOM Inc.

    $

    -

    $

    -

    $

    -

    $

    -

    $

    (3.4)

    Net repercussion of above items

    $

    44.3

    $

    33.2

    $

    77.5

    $

    22.9

    $

    16.1

    Adjusted shareholder net income

    $

    214.1

    $

    145.4

    $

    359.5

    $

    104.2

    $

    163.5

    Shareholder net income per share (EPS), as reported

    $

    1.32

    $

    0.87

    $

    2.19

    $

    0.61

    $

    1.11

    Net repercussion of above items per share

    $

    0.34

    $

    0.26

    $

    0.60

    $

    0.17

    $

    0.12

    Adjusted shareholder net income per share

    $

    1.66

    $

    1.13

    $

    2.79

    $

    0.78

    $

    1.23

     

    The Company reported operating income of $282.1 million for the second quarter of 2018, up $78.3 million from reported operating income of $203.8 million for the first quarter of 2018, with the enlarge reflecting significantly higher lumber segment operating earnings and record-high pulp and paper segment operating earnings.  Reported results in the second quarter of 2018 involve a net duty expense of $51.7 million , at a combined efficacious countervailing duty ("CVD") and anti-dumping duty ("ADD") rate of 14.94%, compared to $34.9 million in the first quarter of 2018 and $35.6 million in the second quarter of 2017.  After adjusting for duties, operating income was $333.8 million for the second quarter of 2018, up $95.1 million from similarly adjusted operating income in the first quarter of 2018.

    Adjusted lumber segment earnings largely reflected record Western Spruce/Pine /Fir ("Western SPF") and Southern Yellow Pine ("SYP") benchmark lumber prices, a 2 cent , or 2% weaker Canadian dollar and increased shipment and production volumes following the significant weather-related transportation and operational challenges experienced in the first quarter of 2018.  These factors more than outweighed the repercussion of moderately higher unit log costs in Western Canada as a result of increased market-based stumpage and upward pressure on purchased wood costs, as well as higher duties linked to improved shipments and sales realizations in the current quarter.  Pulp and paper segment earnings largely reflected favourable Northern Bleached Softwood Kraft ("NBSK") pulp unit sales realizations, increased shipments following the aforementioned transportation challenges, and to a lesser extent improved NBSK pulp mill productivity, which more than offset the repercussion of scheduled maintenance outages and market-related fibre cost increases in the quarter.

    The current quarter's reported operating income was up $151.1 million from $131.0 million reported for the second quarter of 2017, reflecting a $93.0 million enlarge in lumber segment earnings and a $53.9 million enlarge in earnings for the pulp and paper segment.  The enlarge in lumber segment earnings primarily reflected higher Western SPF and SYP lumber unit sales realizations, driven by historically elevated prices, offset in share by market-driven increases in purchased wood costs and stumpage, increased logging and hauling costs in Western Canada , and a 3 cent , or 4%, stronger Canadian dollar.  Pulp and paper segment results reflected substantially higher unbiased NBSK pulp and Bleached Chemi-Thermo Mechanical Pulp ("BCTMP") US-dollar pricing combined with increased shipments and pulp production. These factors significantly outweighed the stronger Canadian dollar and higher market-based fibre costs.

    OPERATING RESULTS BY trade SEGMENT Lumber Selected monetary Information and Statistics – Lumber

     

    (millions of Canadian dollars, unless otherwise noted)

    Q2

    2018

    Q1

    2018

    YTD

    2018

    Q2

    2017

    YTD 2017

    Sales

    $

    1,063.2

    $

    873.9

    $

    1,937.1

    $

    878.7

    $

    1,674.8

    Operating income before amortization

    $

    251.3

    $

    171.5

    $

    422.8

    $

    154.0

    $

    281.2

    Operating income

    $

    203.4

    $

    125.9

    $

    329.3

    $

    110.4

    $

    194.1

    Countervailing and anti-dumping duty deposits7

    $

    51.7

    $

    34.9

    $

    86.6

    $

    35.6

    $

    35.6

    Adjusted operating income

    $

    255.1

    $

    160.8

    $

    415.9

    $

    146.0

    $

    229.7

    Average SPF 2x4 #2&Btr lumber charge in US$8

    $

    598

    $

    513

    $

    556

    $

    388

    $

    368

    Average SPF charge in Cdn$

    $

    773

    $

    649

    $

    711

    $

    521

    $

    491

    Average SYP 2x4 #2 lumber charge in US$9

    $

    589

    $

    566

    $

    578

    $

    476

    $

    479

    U.S. housing starts (thousand units SAAR)10

    1,262

    1,317

    1,290

    1,171

    1,208

    Production – SPF lumber (MMfbm)11

    947.7

    888.7

    1,836.4

    951.5

    1,887.9

    Production – SYP lumber (MMfbm)11

    367.2

    351.4

    718.6

    358.8

    721.7

    Shipments – SPF lumber (MMfbm)12

    970.3

    851.2

    1,821.5

    965.0

    1,855.5

    Shipments – SYP lumber (MMfbm)12

    380.4

    344.6

    725.0

    355.5

    702.4

    7

    Adjusted for countervailing and anti-dumping duty deposits expensed for accounting purposes in the first and second quarters of 2018 and second quarter of 2017 to true-up the preparatory anti-dumping duty deposits expensed for accounting purposes to current accrual rates.

    8

    Western Spruce/Pine/Fir, per thousand board feet (Source – Random Lengths Publications, Inc.).

    9

    Southern Yellow Pine, Eastside, per thousand board feet (Source – Random Lengths Publications, Inc.).

    10

    Source – US Census Bureau, seasonally adjusted annual rate ("SAAR"). 

    11

    Excluding production of trim blocks. 

    12

    Canfor-produced lumber, including lumber purchased for remanufacture and engineered wood, excluding trim blocks, wholesale shipments and lumber sold on behalf of third parties.

     

    Markets

    North American lumber require was solid across flawless segments of the market in the second quarter of 2018.  US housing starts averaged 1,262,000 units on a seasonally adjusted basis, down 4% from the previous quarter and up 8% from the second quarter of 2017. Single-family starts, which consume a higher symmetry of lumber, were up 1% from the previous quarter, while multi-family starts were down 16% compared to the first quarter of 2018.  Canadian housing construction activity remained near historical highs in the second quarter of 2018, at an unbiased of 219,000 units on a seasonally adjusted basis, down slightly from the previous quarter. Offshore lumber shipments were up 19% from the previous quarter, reflecting slowly improving transportation networks combined with solid require in key offshore lumber markets, primarily China and Japan .

    Sales

    Sales for the lumber segment for the second quarter of 2018 were $1.06 billion , compared to $873.9 million in the previous quarter and $878.7 million for the second quarter of 2017.  The 22% enlarge in sales revenue compared to the prior quarter and 21% enlarge compared to the second quarter of 2017 principally reflected significantly higher Western SPF and SYP lumber unit sales realizations.

    Total lumber shipments in the second quarter of 2018 were 1.35 billion board feet, 13% higher than the previous quarter reflecting both solid require and the release of inventory as transportation networks slowly returned to more generic service levels following the stern winter weather in the first quarter of 2018.  Total lumber shipments were up slightly compared to the second quarter of 2017, in share reflecting increased production available for sale in the US South following recent capital upgrades and, to a lesser extent, the capitalize of increased shipments following the transportation constraints experienced in the first quarter of 2018. 

    Western SPF lumber unit sales realizations were well up compared to the first quarter of 2018 reflecting higher unbiased benchmark lumber prices and the 2% weaker Canadian dollar. The unbiased benchmark North American Random Lengths Western SPF 2x4 #2&Btr charge was US$598 per Mfbm, up US$85 per Mfbm, or 17%, compared to the first quarter of 2018, with more modest charge increases seen across wider-width dimensions.  The unbiased benchmark North American Random Lengths SYP East 2x4 #2 charge was US$589 per Mfbm, up US$23 per Mfbm, or 4%, compared to the first quarter of 2018, with more pronounced charge increases in 2x6 and 2x10 #2 dimensions, in share reflecting seasonally higher demand.  Solid require coupled with supply constraints contributed to a sharp enlarge in benchmark lumber prices in April and May, before coming off their record-high levels through June as transportation availability slowly improved.  Offshore lumber realizations saw more modest increases when compared to North America , due in share to the nature of pricing, much of which is negotiated monthly or quarterly in advance.

    Compared to the second quarter of 2017, lumber unit sales realizations were up significantly as higher US-dollar Western SPF and SYP benchmark lumber prices outweighed the repercussion of the 4% stronger Canadian dollar and increased duties in the current quarter. The unbiased North American Random Lengths Western SPF 2x4 #2&Btr charge was up US$210 per Mfbm, or 54%, while the SYP East 2x4 #2 charge was up US$113 per Mfbm, or 24%, with similar charge increases for 2x6 dimensions.  More modest charge increases were seen in wider-width SYP dimensions. 

    Total residual fibre revenue in the current quarter was moderately higher than the prior quarter and significantly higher than the second quarter of 2017, largely reflecting increased market-based pricing and, to a lesser degree, improved chip quality.  Current quarter log sales reflected lower harvesting activity during the spring break-up age in Western Canada .

    Operations

    Total lumber production, at 1.31 billion board feet, was 6% higher than the prior quarter, for the most share reflecting productivity gains in Western Canada following the extreme weather experienced in the first quarter of 2018, and, in part, the capitalize of recent capital expenditures in the US South and fewer statutory holidays in the current quarter.  Total lumber production was up slightly from the second quarter in 2017 reflecting increased production in the US South.

    Unit manufacturing costs in the second quarter of 2018 were slightly higher than the previous quarter as the per unit repercussion of gains in productivity and the capitalize of stable log costs in the US South mostly offset market-based stumpage increases and higher purchased wood costs in Western Canada .  Compared to the second quarter of 2017, unit manufacturing costs were moderately higher, largely reflecting market-driven increases in purchased wood costs and stumpage, as well as increased logging and hauling costs in Western Canada .

    Pulp and Paper

    Selected monetary Information and Statistics – Pulp and Paper13

             Q2

    2018

             Q1

    2018

    YTD

    2018

           Q2

    2017

    YTD

    2017

    (millions of Canadian dollars, unless otherwise noted)

    Sales

    $

    396.3

    $

    359.6

    $

    755.9

    $

    280.9

    $

    590.0

    Operating income before amortization14

    $

    105.1

    $

    104.3

    $

    209.4

    $

    50.0

    $

    104.0

    Operating income

    $

    85.4

    $

    85.1

    $

    170.5

    $

    31.5

    $

    66.7

    Average NBSK pulp charge delivered to China – US$15

    $

    910

    $

    910

    $

    910

    $

    670

    $

    658

    Average NBSK pulp charge delivered to China –  Cdn$15

    $

    1,176

    $

    1,150

    $

    1,164

    $

    901

    $

    877

    Production – pulp (000 mt)

    296.5

    311.7

    608.2

    275.2

    592.3

    Production – paper (000 mt)

    30.6

    34.3

    64.9

    33.6

    68.2

    Shipments – pulp (000 mt)

    328.6

    310.0

    638.6

    276.3

    613.4

    Shipments – paper (000 mt)

    32.6

    32.0

    64.6

    35.5

    69.2

    13

    Includes 100% of Canfor Pulp Products Inc., which is consolidated in Canfor's operating results. Pulp production and shipment volumes presented are for both NBSK pulp and BCTMP.

    14

    Amortization includes amortization of sure capitalized major maintenance costs.

    15

    Per tonne, NBSK pulp list charge delivered to China (Resource Information Systems, Inc.).

     

    Markets

    Global softwood pulp market conditions remained favourable through the second quarter of 2018, with near-record elevated US-dollar NBSK pulp list prices reflecting both the traditional spring maintenance age and wholesome global demand. Softwood pulp inventories at the wait of June 2018 were in the balanced orbit at 28 days of supply, a lessen of three days from March 2018 16, in share reflecting improved transportation networks in Western Canada , combined with industry maintenance downtime in the second quarter. Market conditions are generally considered balanced when inventories are in the 27-30 days of supply range. Global kraft paper markets showed continued might through the second quarter of 2018, supported by solid require from North American and Asian markets.

    Global shipments of bleached softwood pulp for the first six months of 2018 were in line with the first six months of 2017.

     

    16

    World 20 data is based on twenty producing countries representing 80% of world chemical market pulp capacity and is based on information compiled and prepared by the Pulp and Paper Products Council ("PPPC").

    17

    As reported by PPPC statistics.

     

    Sales

    Total pulp shipments for the second quarter of 2018 were 328,600 tonnes, up 18,600 tonnes, or 6%, from the previous quarter and up 52,300 tonnes, or 19%, from the second quarter of 2017. Pulp shipments in the current quarter benefitted from sustained strong market require through the quarter combined with an unwinding of inventory resulting from the transportation challenges in the previous quarter. Compared to the second quarter of 2017, the 19% enlarge in pulp shipments reflected an 8% enlarge in pulp production quarter-over-quarter coupled with solid market require and the aforementioned unwinding of transportation constraints in the current quarter.

    The unbiased China US-dollar NBSK pulp list charge of US$910 per tonne, as published by RISI, was in line with the previous quarter. Average NBSK pulp unit sales realizations were moderately higher than the previous quarter reflecting the weaker Canadian dollar combined with rising US-dollar NBSK pulp list pricing in other regions, particularly North America , and to a lesser extent, the timing of shipments in the previous quarter (versus orders). Average BCTMP unit sales realizations showed a moderate lessen quarter-over-quarter, as a surge in require and pricing towards the wait of 2017 was largely realized in the first quarter of 2018. Although BCTMP require remained steady, lower US-dollar pricing more than offset the weaker Canadian dollar.  

    Compared to the second quarter of 2017, the unbiased China US-dollar NBSK pulp list charge was up US$240 per tonne, or 36%, while US-dollar list prices on shipments to North America showed more modest gains over the identical period.  These higher global US-dollar prices resulted in substantially higher unbiased NBSK pulp unit sales realizations, net of the 4% stronger Canadian dollar.  unbiased BCTMP unit sales realizations too increased significantly when compared to the second quarter of 2017, primarily reflecting the improvement in BCTMP market require which more than offset the stronger Canadian dollar in the second quarter of 2018.

    Energy revenues were lower than the first quarter of 2018, primarily reflecting seasonally lower power prices combined with a lessen in power generation related to the aforementioned scheduled maintenance outages in the current period.  Energy revenues were modestly higher than the second quarter of 2017, driven by less maintenance outages combined with higher power prices in the current quarter.

    Paper shipments in the second quarter of 2018 were 32,600 tonnes, in line with the first quarter of 2018 as the capitalize of improving transportation networks throughout the quarter was offset by lower production following a scheduled maintenance outage in the current quarter.  Paper shipments were down 2,900 tonnes from the second quarter of 2017, largely a result of the scheduled maintenance outage at CPPI's Prince George paper machine in the current quarter.

    Paper unit sales realizations in the second quarter of 2018 saw a modest enlarge compared to the previous quarter, reflecting higher market-driven US-dollar pricing and the weaker Canadian dollar.  Compared to the second quarter of 2017, improved paper unit sales realizations, reflecting favourable US-dollar pricing, more than offset the 4% stronger Canadian dollar.

    Operations

    Pulp production in the second quarter of 2018 was 296,500 tonnes, down 15,200 tonnes, or 5% from the first quarter of 2018.  During the second quarter of 2018, CPPI completed its scheduled maintenance outage ahead of target at its Prince George NBSK pulp mill, which reduced NBSK pulp production by approximately 4,000 tonnes.  CPPI too completed a scheduled maintenance outage at its Taylor BCTMP mill, including the completion of the previously announced energy project.  Extended downtime associated with the commissioning and start-up of the Taylor mill resulted in reduced BCTMP production of approximately 17,000 tonnes.  This was offset in share by improved operating rates at CPPI's NBSK pulp mills following the challenging weather conditions in the first quarter of 2018.

    Pulp production in the current quarter showed a modest enlarge compared to the second quarter of 2017 after taking account of scheduled maintenance outages at CPPI's Northwood NBSK pulp mill and Taylor BCTMP mill in the comparative quarter (which reduced pulp production by approximately 40,000 tonnes). 

    Pulp unit manufacturing costs saw a moderate enlarge compared to the previous quarter of 2018 as increased fibre costs, and costs associated with the aforementioned scheduled maintenance outages more than offset seasonally lower energy prices and usage in the current quarter.  The higher fibre costs reflected increased market prices for delivered sawmill residual chips (linked to Canadian dollar NBSK pulp sales realizations) combined with a seasonal improvement in chip quality, offset by a lower symmetry of higher-cost entire log chips.  Compared to the second quarter of 2017, higher pulp unit manufacturing costs were mostly attributable to market-related increases to fibre costs offset in share by improved productivity quarter-over-quarter.

    Paper production for the second quarter of 2018 was 30,600 tonnes, down 11% compared to the previous quarter and 9% compared to the second quarter of 2017, principally reflecting the scheduled maintenance outage completed in the current quarter which reduced paper production by approximately 4,000 tonnes.  The outage contributed to higher paper unit manufacturing costs compared to both comparative quarters, which too reflected increased slush pulp costs associated with higher unbiased NBSK pulp sales realizations in the current quarter.

    Unallocated and Other Items

    Selected monetary Information

    Q2

    2018

    Q1

    2018

    YTD

    2018

    Q2

    2017

    YTD

    2017

    (millions of Canadian dollars)

    Operating loss of Panels operations18

    $

    (0.3)

    $

    (0.6)

    $

    (0.9)

    $

    (0.5)

    $

    (1.2)

    Corporate costs

    $

    (6.4)

    $

    (6.6)

    $

    (13.0)

    $

    (10.4)

    $

    (21.8)

    Finance expense, net

    $

    (6.2)

    $

    (6.7)

    $

    (12.9)

    $

    (7.8)

    $

    (15.8)

    Foreign exchange gain (loss) on long-term debtand duties receivable

    $

    (1.2)

    $

    (2.2)

    $

    (3.4)

    $

    3.4

    $

    4.5

    Gain (loss) on derivative monetary instruments 

    $

    (7.6)

    $

    (8.0)

    $

    (15.6)

    $

    -

    $

    3.2

    Other income (expense), net

    $

    3.3

    $

    5.3

    $

    8.6

    $

    (3.2)

    $

    (1.0)

    18

    The Panels operations involve the Company's PolarBoard oriented strand board ("OSB") plant, which is currently indefinitely idled and its Tackama plywood plant, which has been permanently closed.

     

    Corporate costs were $6.4 million for the second quarter of 2018, in line with the previous quarter and down $4.0 million from the second quarter of 2017 largely as a result of lower costs associated with the softwood lumber dispute.

    Net finance expense of $6.2 million for the second quarter of 2018 was down slightly from the previous quarter in share reflecting increased interest income resulting from the Company's improved cash balance.  Compared to the second quarter of 2017, net finance expense was down moderately reflecting lower interest expense associated with the Company's employee future capitalize plans and the early repayment of CPPI's $50.0 million long-term debt towards the wait of 2017 combined with the enlarge in interest income in the current quarter. In the second quarter of 2018, the Company recognized a exotic exchange loss on its US-dollar term debt held by Canadian entities and a gain on US-denominated duties receivable due to the weaker Canadian dollar at the wait of the quarter (see further discussion on the term debt financing in the "Liquidity and monetary Requirements" section).

    The Company uses a variety of derivative monetary instruments at times as partial economic hedges against unfavourable changes in exotic exchange rates, energy costs, lumber prices, and interest rates.  In the second quarter of 2018, the Company recorded a net loss of $7.6 million related to its derivatives instruments, largely reflecting realized losses on lumber future contracts as a result of sharp increases in lumber prices.

    Other income, net, of $3.3 million in the second quarter of 2018 principally related to favourable exotic exchange movements on US-dollar denominated working capital balances.

    Other Comprehensive Income (Loss)

    The following table summarizes Canfor's Other Comprehensive Income (Loss) for the comparable periods:

    Q2

    2018

    Q1

    2018

    YTD

    2018

    Q2

    2017

    YTD

    2017

    (millions of Canadian dollars)

    Defined capitalize actuarial gains, net of tax

    $

    1.5

    $

    9.6

    $

    11.1

    $

    (26.0)

    $

    (23.6)

    Foreign exchange translation differences forforeign operations, net of tax

    $

    12.5

    $

    15.1

    $

    27.6

    $

    (13.3)

    $

    (16.5)

    Other comprehensive income (loss), net of tax

    $

    14.0

    $

    24.7

    $

    38.7

    $

    (39.3)

    $

    (40.1)

     

    In the second quarter of 2018, the Company recorded an after-tax gain of $1.5 million in relation to changes in the valuation of the Company's employee future capitalize plans, primarily reflecting a recur on procedure assets greater than the discount rate.  This compared to an after-tax gain of $9.6 million recorded in the first quarter of 2018 and an after-tax loss of $26.0 million recorded in the second quarter of 2017, largely reflecting changes in the discount rates used to value the employee future capitalize plans and the recur generated on procedure assets.

    In the second quarter of 2017, the Company purchased $90.5 million of annuities through its defined capitalize plans to mitigate its exposure to the future volatility fluctuations in the related pension obligations.  At the time of purchase of these annuities, transaction costs of $4.6 million were recognized in Other Comprehensive Income principally reflecting the inequity in the annuity rate as compared to the discount rate used to value the pension obligations on a going concern basis.

    In addition, the Company recorded a gain of $12.5 million in the second quarter of 2018 related to exotic exchange differences for exotic operations, resulting from the weakening of the Canadian dollar relative to the US dollar at the wait of the quarter. This compared to a gain of $15.1 million in the previous quarter and a loss of $13.3 million in the second quarter of 2017.

    SUMMARY OF monetary POSITION

    The following table summarizes Canfor's cash rush and selected ratios for and as at the wait of the following periods:

    Q2 

    2018 

    Q1 

    2018 

    YTD  

    2018  

    Q2  

    2017  

     YTD   

    2017  

    (millions of Canadian dollars, except for ratios)

    Increase in cash and cash equivalents19

    $

    274.8

    $

    6.5

    $

    281.3

    $

    140.7

    $

    148.4

    Operating activities

    $

    369.9

    $

    72.2

    $

    442.1

    $

    253.6

    $

    326.4

    Financing activities

    $

    (9.4)

    $

    (9.9)

    $

    (19.3)

    $

    (56.1)

    $

    (52.2)

    Investing activities 

    $

    (85.7)

    $

    (55.8)

    $

    (141.5)

    $

    (56.8)

    $

    (125.8)

    Ratio of current assets to current liabilities

    2.6:1 

    2.4:1 

    Net debt (cash) to capitalization20

    (7.9)%

    6.9%

    19

    Increase in cash and cash equivalents shown before exotic exchange translation on cash and cash equivalents.

    20

    Net debt (cash) to capitalization is equal to net debt (cash) divided by net capitalization. Net debt (cash) is equal to interest-bearing debt less cash and cash equivalents on hand.  Net capitalization is equal to net debt (cash) plus total equity.

     

    The changes in the components of these cash flows are discussed in the following sections:

    Operating Activities

    Cash generated from operating activities was $369.9 million in the second quarter of 2018, compared to $72.2 million in the previous quarter and $253.6 million in the second quarter of 2017.  The enlarge in operating cash flows from the previous quarter largely reflected favourable non-cash working capital balances resulting from a seasonal drawdown of log inventories during the spring break-up age in Western Canada , as well as a reduction in lumber and pulp inventories during the quarter as rail service levels improved. Operating cash flows in the second quarter of 2018 too reflected higher cash earnings and, to a lesser extent, lower income taxes paid.  Compared to the second quarter of 2017, the enlarge in operating cash flows was primarily attributable to higher cash earnings, offset in share by higher non-cash working capital balances and increased income taxes paid in the current quarter.

    Financing Activities

    Cash used in financing activities was $9.4 million in the current quarter, which was broadly in line with the previous quarter. Compared to the second quarter of 2017, cash used in financing activities was down $46.7 million , primarily reflecting the clearing of the drawn balance on the Company's Canadian operating loan facility in second quarter of 2017. During the current quarter, the Company made cash distributions of $2.0 million to non-controlling shareholders, broadly in line with both comparative quarters. The Company had no balance outstanding on its operating loan facility at the wait of the second quarter of 2018, similar to the prior quarter and the second quarter of 2017.

    Investing Activities

    Cash used for investing activities was $85.7 million for the current quarter, compared to $55.8 million for the previous quarter and $56.8 million for the identical quarter of 2017.  Capital additions were $87.6 million , up $31.2 million from the previous quarter and up $25.9 million from the second quarter of 2017.  Current quarter capital expenditures included costs related to upgrades at the Company's sawmills in the US South, as well as various smaller high-returning capital projects aimed at increasing drying capacity and productivity in Western Canada.  In the pulp and paper segment, capital expenditures primarily related to the previously announced energy project at CPPI's Northwood and Taylor pulp mills as well as a current ERP software system project, combined with maintenance-of-business capital associated with the aforementioned major scheduled maintenance outages during the quarter.

    Liquidity and monetary Requirements

    At June 30, 2018 , the Company on a consolidated basis had cash of $572.8 million , no amounts drawn on its operating loans, and $66.9 million reserved for several standby letters of credit.  At age end, the Company had total available undrawn operating loans of $453.1 million .

    At June 30, 2018 , excluding CPPI, the Company had undrawn $350.0 million bank operating loan facilities, and $56.1 million reserved for several standby letters of credit, the majority of which related to unregistered pension plans.  Interest is payable on the operating loans at floating rates based on the lenders' Canadian prime rate, bankers acceptances, US-dollar ground rate or US-dollar LIBOR rate, plus a margin that varies with the Company's debt to total capitalization ratio.

    At June 30, 2018 , CPPI had an undrawn $110.0 million bank operating loan facility and $10.8 million in letters of credit outstanding under the operating loan facility. On April 6, 2018 , the maturity date of CPPI's principal operating loan facility was extended from January 31, 2020 to April 6, 2022 .

    The Company and CPPI remained in compliance with the covenants relating to their operating loans and long-term debt during the quarter, and anticipate to remain so for the foreseeable future.

    The Company's consolidated net debt (cash) to total capitalization at the wait the second quarter of 2018 was (7.9)%.  For Canfor, excluding CPPI, net debt to capitalization at the wait of the second quarter of 2018 was 0.7%.

    On March 5, 2018 , the Company renewed its generic course issuer bid whereby it can purchase for cancellation up to 6,439,764 common shares or approximately 5% of its issued and outstanding common shares as of March 1, 2018 .  The renewed generic course issuer bid is set to expire on March 6, 2019 .  Canfor did not purchase any common shares in the second quarter of 2018. In the first quarter of 2018, Canfor purchased 19,500 common shares for $0.5 million (average charge of $25.64 per common share), and paid an additional $3.7 million related to shares purchased late in the 2017 year.  Canfor and CPPI may purchase more shares through the balance of 2018 topic to the terms of their generic course issuer bids.  

    As at June 30, 2018 and July 25, 2018 , Canfor's ownership interest in CPPI remained unchanged from the wait of the prior quarter at 54.8%.

    OUTLOOK

    Lumber

    Looking ahead, the US housing market is forecast to continue its ongoing gradual recovery through the balance of 2018.  North American lumber prices are projected to remain solid, and elevated by historical standards, in the third quarter of 2018 reflecting solid seasonal demand, while transportation networks are anticipated to continue their behind recur toward generic service levels through the quarter.

    For the Company's key offshore lumber markets, require is anticipated to remain solid through the third quarter of 2018, particularly in Japan .

    Pulp and Paper

    Notwithstanding some seasonal weakness in China during the traditionally slower summer months, global softwood kraft pulp markets are projected to breathe balanced through the third quarter of 2018.  For the months of July and August 2018 , CPPI announced NBSK pulp list charge increases in North America of US$40 per tonne and US$30 per tonne, respectively. Results in the third quarter of 2018 will reflect a scheduled maintenance outage at Northwood, CPPI's largest NBSK pulp mill, with a projected 28,000 tonnes of reduced NBSK pulp production, combined with higher associated maintenance costs and lower projected shipment volume.

    Bleached kraft paper require is anticipated to remain stable through the third quarter of 2018.

    OUTSTANDING SHARES

    At July 25, 2018 , there were 128,625,480 common shares of the Company outstanding. 

    CRITICAL ACCOUNTING ESTIMATES

    The preparation of monetary statements in conformity with International monetary Reporting Standards requires management to build estimates and assumptions that move the amounts recorded in the monetary statements. On an ongoing basis, management reviews its estimates, including those related to useful lives for amortization, impairment of long-lived assets, sure accounts receivable, pension and other employee future capitalize plans, asset retirement and deferred reforestation obligations, and the determination of ADD expensed and recorded as recoverable based upon currently available information. While it is reasonably viable that circumstances may arise which antecedent actual results to disagree from these estimates, management does not believe it is likely that any such differences will materially move the Company's monetary condition, other than the possibility of material effects to the income statement from the Company's estimated ADD duty receivable as discussed in Note 14 in the interim monetary statements. 

    ADOPTION OF current ACCOUNTING STANDARDS

    Effective January 1, 2018 , the Company has adopted IFRS 15 Revenue from Contracts with Customers. IFRS 15 supersedes IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The touchstone establishes a framework based on transfer of control for determining how much and when revenue is recognized, and includes expanded disclosure requirements. The adoption of IFRS 15 has had no significant repercussion on the Company's interim monetary statements.

    Effective January 1, 2018 , the Company has adopted IFRS 9 monetary Instruments.  IFRS 9 supersedes IAS 39 monetary Instruments: Recognition and Measurement.  The touchstone includes requirements for recognition, measurement, impairment and derecognition of monetary assets and liabilities, as well as generic hedge accounting.  The adoption of IFRS 9 has had no significant repercussion on the Company's interim monetary statements.

    ACCOUNTING STANDARDS ISSUED AND NOT APPLIED

    In January 2016 , the International Accounting Standards Board issued IFRS 16 Leases, which will supersede IAS 17 Leases and related interpretations. The required adoption date for IFRS 16 is January 1, 2019 .  IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to expend the underlying asset and a lease liability representing its responsibility to build lease payments. In addition, the nature of expenses related to those leases will change as IFRS 16 replaces straight-line operating lease expense with a depreciation expense for right-of-use assets and interest expense on lease liabilities.

    It is expected that IFRS 16 will possess an repercussion on the Company's monetary statements with recognition of current assets and liabilities for its operating leases.  The Company is noiseless in the process of assessing the quantitative repercussion on its monetary statements of this current standard.  The Company's future minimum lease payments, on an undiscounted basis, under non-cancellable operating leases at December 31, 2017 were $42 .5 million.

    INTERNAL CONTROLS OVER monetary REPORTING

    During the quarter ended June 30, 2018 , there were no changes in the Company's internal controls over monetary reporting that materially affected, or would breathe reasonably likely to materially affect, such controls.

    RISKS AND UNCERTAINTIES

    A comprehensive discussion of risks and uncertainties is included in the Company's 2017 annual statutory reports which are available on www.canfor.com or www.sedar.com.

    In addition to exposure to changes in product prices and exotic exchange, the Company's monetary results are impacted by seasonal factors such as weather and building activity.  Adverse weather conditions, as well as forest fires, can antecedent logging curtailments, which can move the supply of raw materials to sawmills and pulp mills.  Market require too varies seasonally to some degree.  For example, building activity and repair and renovation work, which affects require for lumber products, is generally stronger in the spring and descend months.  Shipment volumes are affected by these factors as well as by global supply and require conditions.  Net income is too impacted by fluctuations in Canadian dollar exchange rates, the revaluation to the age wait rate of US-dollar denominated working capital balances, US-dollar denominated debt and revaluation of outstanding derivative monetary instruments.

    SELECTED QUARTERLY monetary INFORMATION

        Q2 2018

    Q1 2018

    Q4 2017

    Q3 2017

    Q2 2017

    Q1 2017

    Q4 2016

    Q3 2016

    Sales and income

    (millions of Canadian dollars)

    Sales

    $

    1,459.5

    $

    1,233.5

    $

    1,182.2

    $

    1,165.2

    $

    1,159.6

    $

    1,105.2

    $

    1,043.5

    $

    1,101.2

    Operating income

    $

    282.1

    $

    203.8

    $

    214.2

    $

    105.4

    $

    131.0

    $

    106.8

    $

    74.0

    $

    97.4

    Net income

    $

    198.6

    $

    141.5

    $

    152.6

    $

    72.6

    $

    90.9

    $

    77.5

    $

    44.2

    $

    66.4

    Shareholder net income

    $

    169.8

    $

    112.2

    $

    131.8

    $

    66.2

    $

    81.3

    $

    66.1

    $

    38.0

    $

    50.9

    Per common share (Canadian dollars)

    Shareholder net income – basic and diluted

    $

    1.32

    $

    0.87

    $

    1.02

    $

    0.51

    $

    0.61

    $

    0.50

    $

    0.29

    $

    0.38

    Book value21

    $

    15.95

    $

    14.52

    $

    13.46

    $

    12.32

    $

    12.14

    $

    11.81

    $

    11.17

    $

    10.70

    Common share Repurchases

    Share volume repurchased (000 shares)

    -

    20

    633

    3,526

    -

    -

    -

    -

    Shares repurchased (millions of Canadian dollars)

    $

    -

    $

    0.5

    $

    15.7

    $

    75.0

    $

    -

    $

    -

    $

    -

    $

    -

    Statistics

    Lumber shipments (MMfbm) 22

    1,351

    1,196

    1,205

    1,334

    1,333

    1,237

    1,278

    1,343

    Pulp shipments (000 mt)

    329

    310

    300

    303

    276

    337

    275

    320

    Average exchange rate – US$/Cdn$

    $

    0.774

    $

    0.791

    $

    0.786

    $

    0.798

    $

    0.744

    $

    0.756

    $

    0.750

    $

    0.766

    Average Western SPF 2x4 #2&Btr lumber charge (US$)

    $

    598

    $

    513

    $

    462

    $

    406

    $

    388

    $

    348

    $

    315

    $

    322

    Average SYP (East) 2x4 #2 lumber charge (US$)

    $

    589

    $

    566

    $

    455

    $

    408

    $

    476

    $

    482

    $

    445

    $

    414

    Average NBSK pulp list charge delivered to China (US$)

    $

    910

    $

    910

    $

    863

    $

    670

    $

    670

    $

    645

    $

    595

    $

    595

    21

    Book value per common share is equal to shareholders' equity at the wait of the period, divided by the number of common shares outstanding at the wait of the period.

    22

    Canfor-produced lumber, including lumber purchased for remanufacture and engineered wood, excluding trim blocks, wholesale shipments and lumber sold on behalf of third parties.

     

    Other material factors that repercussion the comparability of the quarters are noted below: 

    After-tax impact, net of non-controlling interests

    (millions of Canadian dollars, except for per share amounts)

    Q2  2018

    Q1 2018

    Q4 2017

    Q3 2017

    Q2 2017

    Q1 2017

    Q4 2016

    Q3 2016

    Shareholder net income, as reported

    $

    169.8

    $

    112.2

    $

    131.8

    $

    66.2

    $

    81.3

    $

    66.1

    $

    38.0

    $

    50.9

    Foreign exchange (gain) loss on long-term debt and duties receivable

    $

    1.0

    $

    1.9

    $

    0.6

    $

    (4.4)

    $

    (2.9)

    $

    (1.0)

    $

    2.7

    $

    0.9

    Countervailing and anti-dumping duty deposit expense (recovery), net23

    $

    37.7

    $

    25.5

    $

    (17.3)

    $

    23.8

    $

    26.3

    $

    -

    $

    -

    $

    -

    (Gain) loss on derivative monetary instruments

    $

    5.6

    $

    5.8

    $

    4.8

    $

    1.4

    $

    -

    $

    (2.4)

    $

    (1.5)

    $

    (0.1)

    Change in substantively enacted tax rates24

    $

    -

    $

    -

    $

    (5.1)

    $

    -

    $

    -

    $

    -

    $

    -

    $

    -

    Mill closure provisions25

    $

    -

    $

    -

    $

    -

    $

    (2.4)

    $

    -

    $

    -

    $

    (1.5)

    $

    -

    Gain on sale of Anthony EACOM Inc.26

    $

    -

    $

    -

    $

    -

    $

    -

    $

    -

    $

    (3.4)

    $

    -

    $

    -

    Net repercussion of above items

    $

    44.3

    $

    33.2

    $

    (17.0)

    $

    18.4

    $

    23.4

    $

    (6.8)

    $

    (0.3)

    $

    0.8

    Adjusted shareholder net income

    $

    214.1

    $

    145.4

    $

    114.8

    $

    84.6

    $

    104.7

    $

    59.3

    $

    37.7

    $

    51.7

    Shareholder net income per share (EPS), as reported

    $

    1.32

    $

    0.87

    $

    1.02

    $

    0.51

    $

    0.61

    $

    0.50

    $

    0.29

    $

    0.38

    Net repercussion of above items per share27

    $

    0.34

    $

    0.26

    $

    (0.13)

    $

    0.14

    $

    0.18

    $

    (0.05)

    $

    -

    $

    0.01

    Adjusted net income per share27

    $

    1.66

    $

    1.13

    $

    0.89

    $

    0.65

    $

    0.78

    $

    0.45

    $

    0.29

    $

    0.39

    23

    Adjusted for countervailing and anti-dumping duty deposits expensed for accounting purposes.  Results in the fourth quarter of 2017 included an accrued recovery to true-up the preparatory duties to current countervailing and anti-dumping duty rates.

    24

    During the fourth quarter of 2017, the Company recorded a $5.1 million decrease, net of minority interest, in deferred tax balances as a result of legislative changes in both Canada and the US.

    25

    During the third quarter of 2015, the Company recorded one-time costs of $19.4 million (before-tax) associated with the announced closure of the Canal Flats sawmill. In the third quarter of 2017, $3.2 million (before-tax) of the closure provision was reversed, and in the fourth quarter of 2016, $2.0 million (before-tax) of the closure provision was reversed as a result of lower estimated costs.

    26

    On March 31, 2017, Canfor sold its 50% interest in Anthony EACOM Inc. for net proceeds of $21.1 million and recognized a $3.7 million net gain (before-tax).

    27

    The year-to-date net repercussion of the adjusting items per share and adjusted net income per share may not equal the sum of the quarterly per share amounts due to rounding.

     

    Canfor CorporationCondensed Consolidated balance Sheets

    (millions of Canadian dollars, unaudited)

    As at

    June 30,  2018

       As atDecember 31,2017

    ASSETS

    Current assets

    Cash and cash equivalents

    $

    572.8

    $

    288.2

    Accounts receivable

    - Trade                                        

    300.2

    193.0

    - Other

    39.9

    42.7

    Inventories (Note 3)

    637.6

    628.9

    Prepaid expenses and other

    83.2

    54.2

    Total current assets

    1,633.7

    1,207.0

    Property, plant and equipment

    1,475.3

    1,438.1

    Timber licenses

    511.9

    518.3

    Goodwill and other intangible assets

    249.3

    228.1

    Long-term investments and other (Note 4)

    105.0

    83.3

    Retirement capitalize surplus (Note 6)

    11.6

    7.9

    Deferred income taxes, net

    6.9

    5.6

    Total assets

    $

    3,993.7

    $

    3,488.3

    LIABILITIES

    Current liabilities

    Accounts payable and accrued liabilities

    $

    573.6

    $

    470.0

    Current portion of deferred reforestation obligations

    49.5

    49.5

    Current portion of long-term debt (Note 5(b))       

    0.3

    0.3

    Total current liabilities

    623.4

    519.8

    Long-term debt (Note 5(b))

    398.3

    385.4

    Retirement capitalize obligations (Note 6)

    256.3

    272.0

    Deferred reforestation obligations

    77.4

    63.0

    Other long-term provisions

    23.9

    23.7

    Deferred income taxes, net

    235.1

    223.4

    Total liabilities

    $

    1,614.4

    $

    1,487.3

    EQUITY

    Share capital

    $

    1,014.7

    $

    1,014.9

    Contributed surplus

    31.9

    31.9

    Retained earnings

    922.5

    629.5

    Accumulated other comprehensive income

    82.7

    55.1

    Total equity attributable to equity shareholders of the Company

    2,051.8

    1,731.4

    Non-controlling interests

    327.5

    269.6

    Total equity

    $

    2,379.3

    $

    2,001.0

    Total liabilities and equity

    $

    3,993.7

    $

    3,488.3

     

    Subsequent Event (Note 8)

    The accompanying notes are an integral share of these condensed consolidated interim monetary statements. 

    APPROVED BY THE BOARD

    "R.S. Smith" 

    "C.A. Pinette"

    Director, R.S. Smith

    Director, C.A. Pinette

     

    Canfor CorporationCondensed Consolidated Statements of Income

     3 months ended June 30, 

    6 months ended June 30,

    (millions of Canadian dollars, except per share data, unaudited)

    2018

    2017

    2018

    2017

    Sales

    $

    1,459.5

    $

    1,159.6

    $

    2,693.0

    $

    2,264.8

    Costs and expenses

    Manufacturing and product costs

    855.0

    735.5

    1,606.0

    1,484.9

    Freight and other distribution costs

    176.5

    164.9

    328.9

    322.3

    Countervailing and anti-dumping duty expense, net (Note 14)

    51.7

    35.6

    86.6

    35.6

    Amortization

    67.6

    62.1

    132.4

    124.4

    Selling and administration costs

    26.2

    30.3

    52.3

    58.6

    Restructuring, mill closure and severance costs, net of recovery

    0.4

    0.2

    0.9

    1.8

    $

    1,177.4

    $

    1,028.6

    $

    2,207.1

    $

    2,027.6

    Equity income

    -

    -

    -

    0.6

    Operating income

    282.1

    131.0

    485.9

    237.8

    Finance expense, net

    (6.2)

    (7.8)

    (12.9)

    (15.8)

    Foreign exchange gain (loss) on long-term debt

    (2.7)

    3.4

    (6.2)

    4.5

    Foreign exchange gain on duties receivable (Note 4)

    1.5

    -

    2.8

    -

    Gain (loss) on derivative monetary instruments (Note 7)

    (7.6)

    -

    (15.6)

    3.2

    Other income (expense), net

    3.3

    (3.2)

    8.6

    (1.0)

    Net income before income taxes

    270.4

    123.4

    462.6

    228.7

    Income tax expense (Note 8)

    (71.8)

    (32.5)

    (122.5)

    (60.3)

    Net income

    $

    198.6

    $

    90.9

    $

    340.1

    $

    168.4

    Net income attributable to:

    Equity shareholders of the Company

    $

    169.8

    $

    81.3

    $

    282.0

    $

    147.4

    Non-controlling interests

    28.8

    9.6

    58.1

    21.0

    Net income

    $

    198.6

    $

    90.9

    $

    340.1

    $

    168.4

    Net income per common share: (in Canadian dollars)

    Attributable to equity shareholders of the Company

    -

    Basic and diluted (Note 9)

    $

    1.32

    $

    0.61

    $

    2.19

    $

    1.11

     

    The accompanying notes are an integral share of these condensed consolidated interim monetary statements. 

    Canfor CorporationCondensed Consolidated Statements of Other Comprehensive Income (Loss)

    3 months ended June 30,

    6 months ended June 30,

    (millions of Canadian dollars, unaudited)

    2018

    2017

    2018

    2017

    Net income

    $

    198.6

    $

    90.9

    $

    340.1

    $

    168.4

    Other comprehensive income (loss)

    Items that will not breathe recycled through net income:

    Defined capitalize procedure actuarial gains (losses) (Note 6)

    2.0

    (35.2)

    15.2

    (31.9)

    Income tax recovery (expense) on defined capitalize procedure actuariallosses/gains (Note 8)

    (0.5)

    9.2

    (4.1)

    8.3

    1.5

    (26.0)

    11.1

    (23.6)

    Items that may breathe recycled through net income:

    Foreign exchange translation of exotic operations, net of tax

    12.5

    (13.3)

    27.6

    (16.5)

    Other comprehensive income (loss), net of tax

    14.0

    (39.3)

    38.7

    (40.1)

    Total comprehensive income

    $

    212.6

    $

    51.6

    $

    378.8

    $

    128.3

    Total comprehensive income attributable to:

    Equity shareholders of the Company

    $

    183.8

    $

    45.6

    $

    319.6

    $

    110.9

    Non-controlling interests

    28.8

    6.0

    59.2

    17.4

    Total comprehensive income

    $

    212.6

    $

    51.6

    $

    378.8

    $

    128.3

     

    The accompanying notes are an integral share of these condensed consolidated interim monetary statements. 

    Canfor CorporationCondensed Consolidated Statements of Changes in Equity

         3 months ended June 30,

         6 months ended June 30,

    (millions of Canadian dollars, unaudited)

    2018

    2017

    2018

    2017

    Share capital

    Balance at climb of period

    $

    1,014.7

    $

    1,047.7

    $

    1,014.9

    $

    1,047.7

    Share purchases (Note 9)

    -

    -

    (0.2)

    -

    Balance at wait of period

    $

    1,014.7

    $

    1,047.7

    $

    1,014.7

    $

    1,047.7

    Contributed surplus

    Balance at climb of period

    $

    31.9

    $

    31.9

    $

    31.9

    $

    (4.6)

    Forward purchase liability related to acquisition (Note 12(a))

    -

    -

    -

    36.5

    Balance at wait of period

    $

    31.9

    $

    31.9

    $

    31.9

    $

    31.9

    Retained earnings

    Balance at climb of period

    $

    751.2

    $

    403.0

    $

    629.5

    $

    351.7

    Net income attributable to equity shareholders of the Company

    169.8

    81.3

    282.0

    147.4

    Defined capitalize procedure actuarial gains (losses), net of tax

    1.5

    (22.4)

    10.0

    (20.0)

    Share purchases (Note 9)

    -

    -

    (0.3)

    -

    Elimination of non-controlling interests (Note 12(a))

    -

    -

    -

    (16.6)

    Acquisition of non-controlling interests (Note 9)

    -

    (1.5)

    -

    (2.1)

    Non-controlling interests arising from change in partnership interest in pellet plants (Note 13)

    -

    -

    1.3

    -

    Balance at wait of period

    $

    922.5

    $

    460.4

    $

    922.5

    $

    460.4

    Accumulated other comprehensive income

    Balance at climb of period

    $

    70.2

    $

    85.7

    $

    55.1

    $

    88.9

    Foreign exchange translation of exotic operations, net of tax

    12.5

    (13.3)

    27.6

    (16.5)

    Balance at wait of period

    $

    82.7

    $

    72.4

    $

    82.7

    $

    72.4

    Total equity attributable to equity shareholders of the Company     

    $

    2,051.8

    $

    1,612.4

    $

    2,051.8

    $

    1,612.4

    Non-controlling interests

    Balance at climb of period

    $

    300.7

    $

    241.7

    $

    269.6

    $

    254.8

    Net income attributable to non-controlling interests

    28.8

    9.6

    58.1

    21.0

    Defined capitalize procedure actuarial gains (losses) attributable to non-controlling interests, net of tax

    -

    (3.6)

    1.1

    (3.6)

    Distributions to non-controlling interests

    (2.0)

    (2.2)

    (3.8)

    (4.4)

    Acquisition of non-controlling interests (Note 9)

    -

    (6.0)

    -

    (8.4)

    Elimination of non-controlling interests (Note 12(a))

    -

    -

    -

    (19.9)

    Non-controlling interests arising from change in partnership interest in pellet plants (Note 13)

    -

    -

    2.5

    -

    Balance at wait of period

    $

    327.5

    $

    239.5

    $

    327.5

    $

    239.5

    Total equity

    $

    2,379.3

    $

    1,851.9

    $

    2,379.3

    $

    1,851.9

     

    The accompanying notes are an integral share of these condensed consolidated interim monetary statements.

    Canfor CorporationCondensed Consolidated Statements of Cash Flows

         3 months ended June 30,

    6 months ended June 30,

    (millions of Canadian dollars, unaudited)

    2018

    2017

    2018

    2017

    Cash generated from (used in):

    Operating activities

    Net income

    $

    198.6

    $

    90.9

    $

    340.1

    $

    168.4

    Items not affecting cash:

    Amortization

    67.6

    62.1

    132.4

    124.4

    Income tax expense

    71.8

    32.5

    122.5

    60.3

    Long-term portion of deferred reforestation obligations

    (3.1)

    (7.5)

    13.8

    8.6

    Foreign exchange (gain) loss on long-term debt

    2.7

    (3.4)

    6.2

    (4.5)

    Foreign exchange gain on duties receivable (Note 4)

    (1.5)

    -

    (2.8)

    -

    Adjustment to accrued duties (Note 14)

    (10.1)

    -

    (23.0)

    -

    Changes in mark-to-market value of derivative financial

    instruments                                                              

    2.0

    -

    4.9

    -

    Employee future benefits expense

    3.1

    3.3

    6.1

    6.5

    Finance expense, net

    6.2

    7.8

    12.9

    15.8

    Gain on sale of Anthony EACOM Inc., net

    -

    -

    -

    (4.0)

    Equity income

    -

    -

    -

    (0.6)

    Other, net

    2.3

    1.5

    4.9

    (4.9)

    Defined capitalize procedure contributions, net

    (7.3)

    (6.6)

    (14.6)

    (12.6)

    Income taxes paid, net

    (24.3)

    (19.3)

    (71.1)

    (18.1)

    308.0

    161.3

    532.3

    339.3

    Net change in non-cash working capital (Note 10)

    61.9

    92.3

    (90.2)

    (12.9)

    369.9

    253.6

    442.1

    326.4

    Financing activities

    Change in operating bank loans (Note 5(a))

    -

    (40.0)

    -

    (28.0)

    Proceeds from long-term debt

    -

    -

    -

    1.7

    Repayment of long-term debt

    (0.1)

    (0.1)

    (0.2)

    (0.1)

    Finance expenses paid

    (7.3)

    (6.4)

    (11.0)

    (9.6)

    Share purchases (Note 9)

    -

    -

    (4.2)

    -

    Acquisition of non-controlling interests (Note 9)

    -

    (7.4)

    (0.1)

    (10.2)

    Cash distributions paid to non-controlling interests

    (2.0)

    (2.2)

    (3.8)

    (6.0)

    (9.4)

    (56.1)

    (19.3)

    (52.2)

    Investing activities

    Additions to property, plant and equipment, timber, and               

    (87.6)

    (61.7)

    (144.0)

    (100.6)

    intangible assets, net

    Proceeds on disposal of property, plant, and equipment

    0.3

    1.9

    1.1

    8.3

    Proceeds on sale of Anthony EACOM Inc., net

    -

    1.2

    -

    6.6

    Proceeds on sale of Lakeland Winton

    -

    15.0

    -

    15.0

    Acquisition of Beadles & Balfour (Note 12(a))

    -

    -

    -

    (41.8)

    Acquisition of Wynndel (Note 12(b))

    -

    (14.4)

    -

    (14.4)

    Other, net

    1.6

    1.2

    1.4

    1.1

    (85.7)

    (56.8)

    (141.5)

    (125.8)

    Foreign exchange gain (loss) on cash and cash equivalents

    1.9

    (2.0)

    3.3

    (2.1)

    Increase in cash and cash equivalents*

    276.7

    138.7

    284.6

    146.3

    Cash and cash equivalents at climb of period*

    296.1

    164.2

    288.2

    156.6

    Cash and cash equivalents at wait of period*

    $

    572.8

    $

    302.9

    $

    572.8

    $

    302.9

    *Cash and cash equivalents involve cash on hand less unpresented cheques.

     

    The accompanying notes are an integral share of these condensed consolidated interim monetary statements.

    Canfor CorporationNotes to the Condensed Consolidated monetary StatementsThree and six months ended June 30, 2018 and 2017(millions of Canadian dollars unless otherwise noted, unaudited)

    1.      Basis of Preparation

    These condensed consolidated interim monetary statements (the "financial statements") possess been prepared in accordance with International Accounting touchstone ("IAS") 34 Interim monetary Reporting, and involve the accounts of Canfor Corporation and its subsidiary entities, including Canfor Pulp Products Inc. ("CPPI"), hereinafter referred to as "Canfor" or "the Company." 

    These monetary statements attain not involve flawless of the disclosures required by International monetary Reporting Standards ("IFRS") for annual monetary statements. Additional disclosures apropos to the understanding of these monetary statements, including the accounting policies applied, can breathe organize in the Company's Annual Report for the year ended December 31, 2017 , available at www.canfor.com or www.sedar.com.

    Effective January 1, 2018 , the Company has adopted IFRS 15 Revenue from Contracts with Customers. IFRS 15 supersedes IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The touchstone establishes a framework based on transfer of control for determining how much and when revenue is recognized, and includes expanded disclosure requirements. The adoption of IFRS 15 has had no significant repercussion on the Company's interim monetary statements.

    Effective January 1, 2018 , the Company has adopted IFRS 9 monetary Instruments. IFRS 9 supersedes IAS 39 monetary Instruments: Recognition and Measurement. The touchstone includes requirements for recognition, measurement, impairment and derecognition of monetary assets and liabilities, as well as generic hedge accounting. The adoption of IFRS 9 has had no significant repercussion on the Company's interim monetary statements.

    Certain comparative amounts for the prior age possess been reclassified to conform to the current period's presentation.

    These monetary statements were authorized for issue by the Company's Board of Directors on July 25, 2018 .

    Accounting Standards Issued and Not Applied

    In January 2016 , the International Accounting Standards Board issued IFRS 16 Leases, which will supersede IAS 17 Leases and related interpretations. The required adoption date for IFRS 16 is January 1, 2019 . IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to expend the underlying asset and a lease liability representing its responsibility to build lease payments. In addition, the nature of expenses related to those leases will change as IFRS 16 replaces straight-line operating lease expense with a depreciation expense for right-of-use assets and interest expense on lease liabilities.

    It is expected that IFRS 16 will possess an repercussion on the Company's monetary statements with recognition of current assets and liabilities for its operating leases. The Company is noiseless in the process of assessing the quantitative repercussion on its monetary statements of this current standard. The Company's future minimum lease payments, on an undiscounted basis, under non-cancellable operating leases at December 31, 2017 were $42 .5 million.

    2.      Seasonality of Operations

    Canfor's monetary results are impacted by seasonal factors such as weather and building activity. Adverse weather conditions can antecedent logging curtailments, which can move the supply of raw materials to sawmills and pulp mills.  Market require too varies seasonally to some degree. For example, building activity and repair and renovation work, which move require for solid wood products, are generally stronger in the spring and descend months. Shipment volumes are affected by these factors as well as by global supply and require conditions.

    3.      Inventories

    (millions of Canadian dollars, unaudited)

    As at

    June 30,

    2018

    As at

    December 31,2017

    Logs

    $

    121.9

    $

    132.1

    Finished products

    366.5

    354.6

    Residual fibre

    23.8

    20.8

    Materials and supplies

    125.4

    121.4

    $

    637.6

    $

    628.9

     

    Inventory balances are stated after inventory write-downs from cost to net realizable value. There were no inventory write-downs at June 30, 2018 or December 31, 2017 .

    4.      Long-Term Investments and Other

    (millions of Canadian dollars, unaudited)

    As at

    June 30,

    2018

    As at

    December 31,2017

    Investments

    $

    23.6

    $

    22.5

    Duties receivable

    71.9

    44.9

    Other deposits, loans and advances

    9.5

    15.9

    $

    105.0

    $

    83.3

     

    The duties receivable balance represents US dollar anti-dumping and countervailing duty cash deposits paid in excess of the calculated expense accrued at June 30, 2018 (Note 14).

    5.      Operating Loans and Long-Term Debt

    (a) Available Operating Loans

    (millions of Canadian dollars, unaudited)

    As at

    June 30,

    2018

    As at

    December 31,2017

    Canfor (excluding CPPI)

    Available Operating Loans:

    Operating loan facilities

    $

    350.0

    $

    350.0

    Facilities for letters of credit

    60.0

    50.0

    Total operating loan facilities

    410.0

    400.0

    Letters of credit

    (56.1)

    (44.0)

    Total available operating loan facilities - Canfor

    $

    353.9

    $

    356.0

    CPPI

    Available Operating Loans:

    Operating loan facility

    $

    110.0

    $

    110.0

    Letters of credit

    (10.8)

    (9.2)

    Total available operating loan facility - CPPI

    $

    99.2

    $

    100.8

    Consolidated:

    Total operating loan facilities

    $

    520.0

    $

    510.0

    Total available operating loan facilities

    $

    453.1

    $

    456.8

     

    Interest is payable on Canfor's operating loans at floating rates based on the lenders' Canadian prime rate, bankers acceptances, US dollar ground rate or US dollar LIBOR rate, plus a margin that varies with the Company's debt to total capitalization ratio.

    On April 6, 2018 , the maturity date of CPPI's principal operating loan facility was extended from January 31, 2020 to April 6, 2022 . The terms of CPPI's operating loan facility involve interest payable at floating rates that vary depending on the ratio of debt to total capitalization, and is based on lenders' Canadian prime rate, bankers acceptances, US dollar ground rate or US dollar LIBOR rate, plus a margin. Canfor's principal operating loan facility has a maturity date of September 28, 2022 .

    Both Canfor's and CPPI's operating loan facilities possess sure monetary covenants, including maximum debt to total capitalization ratios. No amounts were drawn on the Company's operating loan facilities as at June 30, 2018 ( December 31, 2017 - nil).

    Canfor (excluding CPPI) has sever facilities to cover letters of credit. At June 30, 2018 , $53.6 million of letters of credit outstanding are covered under these facilities with the balance of $2.5 million covered under Canfor's generic operating loan facility.

    On February 28, 2018 , the Company increased one of its letter of credit facilities by $10.0 million , which can breathe drawn in either Canadian or US dollars.

    As at June 30, 2018 , the Company and CPPI were in compliance with flawless covenants relating to their operating loans. Substantially flawless borrowings of CPPI are non-recourse to other entities within the Company.

    (b) Long-Term Debt

    All borrowings of the Company feature similar monetary covenants, including a maximum debt to total capitalization ratio.

    As at June 30, 2018 , the Company was in compliance with flawless covenants relating to its long-term debt.

    Fair value of total long-term debt

    At June 30, 2018 , the unprejudiced value of the Company's long-term debt is $394.2 million ( December 31, 2017 - $389.1 million ). The unprejudiced value was determined based on prevalent market rates for long-term debt with similar characteristics and risk profile.

    6.      Employee Future Benefits

    For the three months ended June 30, 2018 , defined capitalize procedure actuarial gains of $2.0 million (before tax) were recognized in other comprehensive income (loss), principally reflecting the recur generated on procedure assets. For the six months ended June 30, 2018 , gains of $15.2 million (before tax) were recognized in other comprehensive income (loss). For the three and six months ended June 30, 2017 , the Company recognized before tax actuarial losses in other comprehensive income (loss) of $35.2 million and $31.9 million , respectively.  

    The discount rate assumptions used to rate the changes in net retirement capitalize obligations were as follows:

    Defined capitalize Pension Plans

    Other capitalize Plans

    June 30, 2018

    3.6%

    3.6%

    March 31, 2018

    3.6%

    3.6%

    December 31, 2017

    3.4%

    3.4%

    June 30, 2017

    3.5%

    3.5%

    March 31, 2017

    3.9%

    3.9%

    December 31, 2016

    3.9%

    3.9%

     

    7.      monetary Instruments

    The Company's monetary assets are measured at amortized cost with the exception of sure investments in equity interests, which are measured at unprejudiced value through profit and loss.  Financial liabilities are measured at amortized cost with the exception of sure derivative instruments, which are measured at unprejudiced value through profit and loss.

    IFRS 13 unprejudiced Value Measurement, requires classification of monetary instruments within a hierarchy that prioritizes the inputs to unprejudiced value measurement. 

    The three levels of the unprejudiced value hierarchy are:

    Level 1 – Unadjusted quoted prices in vigorous markets for identical assets or liabilities;

    Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly;

    Level 3 – Inputs that are not based on observable market data.

    The following table summarizes Canfor's monetary instruments measured at unprejudiced value at June 30, 2018 and December 31, 2017 , and shows the plane within the unprejudiced value hierarchy in which the monetary instruments possess been classified:

    (millions of Canadian dollars, unaudited)

    Fair ValueHierarchyLevel 

    As at

    June 30,

    2018

    As at

    December 31,2017

    Financial assets measured at unprejudiced value

    Investments

    Level 1

    $

    23.1

    $

    21.8

    Financial liabilities measured at unprejudiced value

    Derivative monetary instruments

    Level 2

    $

    5.8

    $

    0.8

     

    The Company uses a variety of derivative monetary instruments, which are included in plane 2 of the unprejudiced value hierarchy, to reduce its exposure to risks associated with fluctuations in exotic exchange rates, lumber prices, energy prices, and floating interest rates on long-term debt.

    The unprejudiced value of these monetary instruments was determined based on prevalent market rates for instruments with similar characteristics.

    The following table summarizes the gain (loss) on derivative monetary instruments for the three and six-month periods ended June 30, 2018 and 2017:

    3 months ended June 30,

    6 months ended June 30,

    (millions of Canadian dollars, unaudited)

    2018

    2017

    2018

    2017

    Energy derivatives

    $

    -

    $

    -

    $

    (0.1)

    $

    -

    Lumber futures

    (7.6)

    -

    (15.5)

    3.2

    Gain (loss) on derivative monetary instruments

    $

    (7.6)

    $

    -

    $

    (15.6)

    $

    3.2

     

    8.      Income Taxes

    3 months ended June 30,

    6 months ended June 30,

    (millions of Canadian dollars, unaudited)

    2018

    2017

    2018

    2017

    Current

    $

    (61.2)

    $

    (35.5)

    $

    (118.0)

    $

    (60.6)

    Deferred

    (10.6)

    3.0

    (4.5)

    0.3

    Income tax expense

    $

    (71.8)

    $

    (32.5)

    $

    (122.5)

    $

    (60.3)

     

    The reconciliation of income taxes calculated at the statutory rate to the actual income tax provision is as follows:

    3 months ended June 30,

    6 months ended June 30,

    (millions of Canadian dollars, unaudited)

    2018

    2017

    2018

    2017

    Income tax expense at statutory rate – 27% (2017 – 26.0%)

    $

    (73.0)

    $

    (32.1)

    $

    (124.9)

    $

    (59.5)

    Add (deduct):

    Entities with different income tax rates and other tax  adjustments

    1.6

    (0.7)

    3.2

    (1.9)

    Non-taxable income related to non-controlling interests

    0.1

    0.1

    0.2

    0.2

    Permanent inequity from capital gains and losses and

    other non-deductible items                                                

    (0.5)

    0.2

    (1.0)

    0.9

    Income tax expense

    $

    (71.8)

    $

    (32.5)

    $

    (122.5)

    $

    (60.3)

     

    In addition to the amounts recorded to net income, a tax expense of $0.5 million was recorded to other comprehensive income (loss) for the three months ended June 30, 2018 in relation to the actuarial gains on defined capitalize plans (three months ended June 30, 2017 - tax recovery of $9.2 million ). For the six months ended June 30, 2018 , the tax expense was $4 .1 million (six months ended June 30, 2017 - tax recovery of $8.3 million ).

    Also included in other comprehensive income (loss) for the three months ended June 30, 2018 was a tax expense of $0.8 million related to exotic exchange differences on translation of investments in exotic operations (three months ended June 30, 2017 - tax recovery of $1.0 million ). For the six months ended June 30, 2018 , the tax expense was $1.8 million (six months ended June 30, 2017 - tax recovery of $1.3 million ).

    Subsequent to quarter-end, the Company made 2018 income tax instalment payments of $61.6 million .

    9.      Earnings Per share and generic Course Issuer Bid

    Basic net income per share is calculated by dividing the net income attributable to common equity shareholders by the weighted unbiased number of common shares outstanding during the period.

            3 months ended June 30,

            6 months ended June 30,

    2018

    2017

    2018

    2017

    Weighted unbiased number of common shares

    128,625,480

    132,804,543

    128,625,694

    132,804,543

     

    On March 5, 2018 , the Company renewed its generic course issuer bid whereby it can purchase for cancellation up to 6,439,764 common shares or approximately 5% of its issued and outstanding common shares as of March 1, 2018 . The renewed generic course issuer bid is set to expire on March 6, 2019 . During the three months ended June 30, 2018 , the Company did not purchase any common shares. During the six months ended June 30, 2018 , the Company purchased 19,500 shares for $0.5 million (an unbiased of $25.64 per common share), and paid an additional $3.7 million in relation to shares purchased in the prior year. As at June 30, 2018 and July 25, 2018 , there were 128,625,480 common shares of the Company outstanding.

    Under a sever generic course issuer bid, CPPI purchased 500 common shares in the six months ended June 30, 2018 at an unbiased of $13.01 per common share from non-controlling shareholders, and paid an additional $0.1 million in relation to shares purchased in the prior year. During the three months ended June 30, 2018 , CPPI did not purchase any common shares. As at June 30, 2018 and July 25, 2018 , Canfor's ownership interest in CPPI was 54.8%.

    10.   Net Change in Non-Cash Working Capital

    3 months ended June 30,

    6 months ended June 30,

    (millions of Canadian dollars, unaudited)

    2018

    2017

    2018

    2017

    Accounts receivable

    $

    (51.1)

    $

    27.8

    $

    (102.6)

    $

    (36.4)

    Inventories

    134.8

    100.7

    (4.9)

    (9.2)

    Prepaid expenses and other

    (8.1)

    (8.7)

    (25.5)

    (14.3)

    Accounts payable, accrued liabilities and current portion of deferred reforestation obligations

    (13.7)

    (27.5)

    42.8

    47.0

    Net lessen (increase) in non-cash working capital

    $

    61.9

    $

    92.3

    $

    (90.2)

    $

    (12.9)

     

    11.    Segment Information

    Canfor has two reportable segments (lumber segment and pulp and paper segment), which present different products and are managed separately because they require different production processes and marketing strategies. 

    Sales between segments are accounted for at prices that approximate unprejudiced value.  These involve sales of residual fibre from the lumber segment to the pulp and paper segment for expend in the pulp production process. 

    The Company's panels trade does not meet the criteria to breathe reported fully as a sever segment and is included in Unallocated & Other below.

    (millions of Canadian dollars, unaudited)

    Lumber

    Pulp & Paper

    Unallocated& Other

    EliminationAdjustment

    Consolidated

    3 months ended June 30, 2018

    Sales to external customers

    $

    1,063.2

    $

    396.3

    $

    -

    $

    -

    $

    1,459.5

    Sales to other segments

    62.1

    0.1

    -

    (62.2)

    -

    Operating income (loss)

    203.4

    85.4

    (6.7)

    -

    282.1

    Amortization

    47.9

    19.7

    -

    -

    67.6

    Capital expenditures1

    61.8

    24.8

    1.0

    -

    87.6

    3 months ended June 30, 2017

    Sales to external customers

    $

    878.7

    $

    280.9

    $

    -

    $

    -

    $

    1,159.6

    Sales to other segments

    41.9

    -

    -

    (41.9)

    -

    Operating income (loss)

    110.4

    31.5

    (10.9)

    -

    131.0

    Amortization

    43.6

    18.5

    -

    -

    62.1

    Capital expenditures1

    41.7

    19.2

    0.8

    -

    61.7

    6 months ended June 30, 2018

    Sales to external customers

    $

    1,937.1

    $

    755.9

    $

    -

    $

    -

    $

    2,693.0

    Sales to other segments

    112.2

    0.2

    -

    (112.4)

    -

    Operating income (loss)

    329.3

    170.5

    (13.9)

    -

    485.9

    Amortization

    93.5

    38.9

    -

    -

    132.4

    Capital expenditures1

    94.9

    44.6

    4.5

    -

    144.0

    Identifiable assets

    2,413.4

    872.5

    707.8

    -

    3,993.7

    6 months ended June 30, 2017

    Sales to external customers

    $

    1,674.8

    $

    590.0

    $

    -

    $

    -

    $

    2,264.8

    Sales to other segments

    82.8

    0.1

    -

    (82.9)

    -

    Operating income (loss)

    194.1

    66.7

    (23.0)

    -

    237.8

    Amortization

    87.1

    37.3

    -

    -

    124.4

    Capital expenditures1

    61.6

    36.0

    3.0

    -

    100.6

    Identifiable assets

    2,254.2

    793.2

    350.5

    -

    3,397.9

    1

    Capital expenditures portray cash paid for capital assets during the periods. Pulp & Paper includes capital expenditures by CPPI that were partially financed by government grants.

     

    12.    Acquisitions

    (a) US South

    On January 2, 2015 , the Company completed the first phase of the acquisition of Beadles Lumber Company & Balfour Lumber Company Inc. ("Beadles & Balfour") for total consideration of $51.6 million ( US$44.0 million ), representing an initial 55% interest.

    On January 2, 2017 , the Company completed the final phase of the acquisition of Beadles & Balfour for $41.8 million ( US$31.1 million ) bringing Canfor's interest in Beadles & Balfour to 100%. Upon completion of the final phase of the acquisition, the forward purchase liability of $41.8 million and non-controlling interest of $19.9 million were derecognized, and $36.5 million was recorded in other equity. In addition, $16.6 million was charged to retained earnings reflecting Canfor's election to account for the non-controlling interest related to Beadles & Balfour as the non-controlling share of the unprejudiced value of the net identifiable assets at the acquisition date.

    The acquisition was accounted for in accordance with IFRS 3, trade Combinations.

    (b) Wynndel Box and Lumber Ltd.

    On April 15, 2016 , the Company completed the acquisition of the assets of Wynndel Box and Lumber Ltd. ("Wynndel") for total consideration of $40.3 million . The acquisition was accounted for in accordance with IFRS 3, trade Combinations.  

    At the acquisition date, the Company paid $19.7 million , and a working capital true-up payment of $2.6 million was paid in early July 2016 . On April 5, 2017 , the Company paid an instalment of $14.4 million , and the final instalment of $3.6 million was paid on October 15 , 2017. 

    13.    Change in Ownership Interest in Canfor Energy North Limited Partnership

    On January 1, 2018 , Pacific BioEnergy Corporation ("PBEC") exercised its option to purchase from Canfor an additional 10% of the outstanding shares of Canfor Energy North Limited Partnership ("CENLP") for consideration of $3.5 million , which was received in December 2017 , thereby increasing their ownership from approximately 5% to 15%.

    Accordingly, the non-controlling interest of CENLP was increased by $2.5 million to reflect PBEC's 15% total ownership from January 1, 2018 onwards. A net gain of $1.3 million was recorded as a credit to equity in the first quarter of 2018 representing the inequity between the adjustment to Canfor's investment in CENLP and the consideration paid, and the associated tax effects.

    14.    Countervailing and Anti-Dumping Duties

    On November 25, 2016 , a petition was filed by the US Lumber Coalition to the US Department of Commerce ("DOC") and the US International Trade Commission ("ITC") alleging sure subsidies and administered fees below the unprejudiced market value of timber that favour Canadian lumber producers, an assertion the Canadian industry and Provincial and Federal Governments strongly contravene and possess successfully disproven in international courts in the past. Canfor was selected by the DOC as a "mandatory respondent" to the countervailing and anti-dumping investigations and is topic to company specific countervailing and anti-dumping duties.

    On April 24, 2017 , the DOC announced its preparatory countervailing duty ("CVD") of 20.26% specific to Canfor, to breathe posted by cash deposits or bonds on the exports of softwood lumber to the US efficacious April 28, 2017 to August 25, 2017 . Following this period, CVD duties were not applicable on lumber shipments destined to the US from August 26, 2017 to December 27, 2017 . On June 23, 2017 , the DOC announced its preparatory anti-dumping duty determination ("ADD") of 7.72% specific to Canfor, to breathe posted by cash deposits or bonds on the exports of softwood lumber to the US efficacious June 30, 2017 .

    Final countervailing and anti-dumping duty determinations were announced by the DOC on November 2, 2017 , while the ITC issued an affirmative determination of injury on December 7 , 2017.  As a result, Canfor was issued a final ADD rate of 7.28% efficacious November 8, 2017 , and was topic to countervailing duties on Canadian lumber exports destined to the US at a reduced rate of 13.24%, efficacious December 28, 2017 . Notwithstanding the final rates established in the DOC's investigation, the final liability for the assessment of CVD and ADD will not breathe determined until an official administrative review of the respective age is complete. For the CVD rate, the first age of review will breathe based on sales and cost data through 2017 and 2018, with the ADD rate based off data from July 2017 to December 2018 . The first age of review is currently anticipated to breathe completed in 2020.

    In the second quarter of 2018, cash deposits were posted reflecting the final published ADD rate of 7.28% and CVD rate of 13.24% as determined by the DOC; however for accounting purposes, the ADD expense is being accrued at 1.7% reflecting Canfor's best rate of the ADD rate applicable to its product shipment profile, as determined by applying the DOC's methodology to current sales and cost data. The estimated ADD rate at June 30, 2018 increased 0.6% from the estimated rate on March 31, 2018 . Canfor is unable to determine a current CVD accrual rate for accounting purposes, and therefore has recorded an expense at the CVD deposit rate.

    Canfor will continue to reassess its rate of the ADD rate at the wait of each quarter in 2018 by applying the DOC's methodology to updated sales and cost data as this becomes available. These estimates may result in a material adjustment to the Income Statement on a quarterly basis during the first age of review. Accordingly, Canfor has recorded a receivable of $71.9 million (Note 4) reflecting the inequity between the current combined cash deposit rate of 20.52% and the current combined accrual rate for accounting purposes of 14.94%.

    Canfor and other Canadian forest product companies, the Federal Government and Canadian Provincial Governments categorically contravene the US allegations and strongly disagree with the current countervailing and anti-dumping determinations made by the DOC. Canada has proceeded with legal challenges under NAFTA and through the World Trade Organization, where Canadian litigation has proven successful in the past.

    SOURCE Canfor Corporation

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    View original content with multimedia: http://www.newswire.ca/en/releases/archive/July2018/25/c2522.html



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