Mercer International Inc
(NASDAQ:MERC)

Mercer International Inc., together with its subsidiaries, manufactures and sells northern bleached softwood kraft (NBSK) pulp in Europe, the United States, Asia, and internationally. It operates through two segments, Pulp and Wood Products. The company also generates and sells green energy produced...

Website: http://www.mercerint.com

Founded: 1968

Full Time Employees: 2,325

Sector: Basic Materials

Industry: Paper & Paper Products

Materials

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Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-05-07	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31

revenues	449,504,000	458,068,000	453,524,000	506,974,000	488,405,000	502,141,000	499,384,000	553,430,000	470,494,000	470,821,000	529,863,000	522,666,000	583,056,000	532,814,000	572,326,000	592,741,000	518,957,000	469,746,000	401,832,000	412,720,000	398,195,000	333,151,000	341,195,000	350,599,000	331,172,000	383,536,000	425,753,000	483,950,000	412,225,000	331,058,000	346,532,000	367,903,000	337,686,000	305,498,000	283,177,000
yoy	-7.96%	-8.78%	-9.18%	-8.39%	3.81%	6.65%	-5.75%	5.89%	-19.31%	-11.64%	-7.42%	-11.82%	12.35%	13.43%	42.43%	43.62%	30.33%	41.00%	17.77%	17.72%	20.24%	-13.14%	-19.86%	-27.55%	-19.66%	15.85%	22.86%	31.54%	22.07%	8.37%	22.37%
qoq	-1.87%	1.00%	-10.54%	3.80%	-2.74%	0.55%	-9.77%	17.63%	-0.07%	-11.14%	1.38%	-10.36%	9.43%	-6.90%	-3.44%	14.22%	10.48%	16.90%	-2.64%	3.65%	19.52%	-2.36%	-2.68%	5.87%	-13.65%	-9.92%	-12.03%	17.40%	24.52%	-4.47%	-5.81%	8.95%	10.54%	7.88%
costs and expenses
cost of sales, excluding depreciation and amortization	444,250,000	457,397,000	444,047,000	430,247,000	363,456,000	422,598,000	439,220,000	458,182,000	422,677,000	403,267,000	566,200,000	461,338,000	451,196,000	367,710,000	403,671,000	416,095,000	335,378,000	302,221,000	297,826,000	310,197,000	331,173,000	272,165,000	284,333,000	276,056,000	346,020,000	314,894,000	336,433,000	343,033,000
gross profit	5,254,000	671,000	9,477,000	76,727,000	124,949,000	79,543,000	60,164,000	95,248,000	47,817,000	67,554,000	-36,337,000	61,328,000	131,860,000	165,104,000	168,655,000	176,646,000	183,579,000	167,525,000	104,006,000	102,523,000	67,022,000	60,986,000	56,862,000	74,543,000	-14,848,000	68,642,000	89,320,000	140,917,000
yoy	-95.80%	-99.16%	-84.25%	-19.45%	161.31%	17.75%	-265.57%	55.31%	-63.74%	-59.08%	-121.55%	-65.28%	-28.17%	-1.45%	62.16%	72.30%	173.91%	174.69%	82.91%	37.54%	-551.39%	-11.15%	-36.34%	-47.10%
qoq	683.01%	-92.92%	-87.65%	-38.59%	57.08%	32.21%	-36.83%	99.19%	-29.22%	-285.91%	-159.25%	-53.49%	-20.14%	-2.11%	-4.52%	-3.78%	9.58%	61.07%	1.45%	52.97%	9.90%	7.25%	-23.72%	-602.04%	-121.63%	-23.15%	-36.62%
gross margin %	1.17%	0.15%	2.09%	15.13%	25.58%	15.84%	12.05%	17.21%	10.16%	14.35%	-6.86%	11.73%	22.62%	30.99%	29.47%	29.80%	35.37%	35.66%	25.88%	24.84%	16.83%	18.31%	16.67%	21.26%	-4.48%	17.90%	20.98%	29.12%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%		NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
cost of sales depreciation and amortization	42,577,000	39,439,000	37,451,000	40,290,000	48,769,000	41,546,000	39,877,000	40,350,000	43,738,000	40,884,000	40,103,000	47,498,000	48,841,000	32,122,000	31,004,000	32,097,000	34,942,000	34,294,000	31,935,000	30,946,000	33,865,000	31,862,000	30,179,000	32,911,000	31,693,000	31,934,000	32,038,000	30,136,000
selling, general and administrative expenses	25,484,000	28,821,000	30,430,000	29,704,000	25,787,000	29,156,000	29,789,000	31,701,000	26,740,000	30,096,000	32,392,000	33,951,000	35,756,000	24,259,000	23,620,000	22,198,000	18,674,000	19,476,000	20,235,000	20,548,000	17,541,000	15,388,000	16,368,000	17,570,000	19,565,000	17,961,000	19,472,000	17,229,000	17,579,000	14,506,000	15,016,000	14,361,000	14,367,000	12,327,000	13,259,000	9,726,000	12,401,000	10,073,000	10,286,000	11,769,000	10,706,000	12,465,000	11,701,000	11,364,000	13,274,000	11,279,000	12,938,000	10,436,000	23,474,000	9,437,000	9,363,000	8,895,000		11,155,000	8,754,000	8,632,000	10,230,000	8,498,000	6,894,000	9,955,000	8,095,000	7,617,000	6,620,000	6,032,000	7,145,000	5,355,000	9,954,000	7,953,000	6,896,000
loss on disposal of investment in joint venture								23,645,000
goodwill impairment							34,277,000
operating income	-278,489,000	-67,589,000	-58,404,000	6,733,000	50,393,000	8,841,000	-43,779,000	-448,000	-56,395,000	-3,426,000	-108,832,000	-20,121,000	47,263,000	108,723,000	114,031,000	122,351,000	129,963,000	113,755,000	51,836,000	51,029,000	15,616,000	13,736,000	10,315,000	24,062,000	-66,106,000	18,747,000	37,810,000	93,552,000	90,997,000	63,346,000	37,476,000	76,048,000	66,292,000	41,289,000	18,487,000	40,986,000	39,045,000	29,821,000	16,777,000	28,100,000	44,172,000	44,032,000	33,549,000	43,931,000	52,348,000	48,186,000	22,021,000	39,243,000	12,881,000	10,072,000	-841,000	9,548,000		2,957,000	35,307,000	36,211,000	36,644,000	50,420,000	51,411,000	47,888,000	18,024,000	9,843,000	-493,000	-9,736,000	-12,413,000
yoy	-652.63%	-864.49%	33.41%	-1602.90%	-189.36%	-358.06%	-59.77%	-97.77%	-219.32%	-103.15%	-195.44%	-116.45%	-63.63%	-4.42%	119.98%	139.77%	732.24%	728.15%	402.53%	112.07%	-123.62%	-26.73%	-72.72%	-74.28%	-172.65%	-70.41%	0.89%	23.02%	37.27%	53.42%	102.72%	85.55%	69.78%	38.46%	10.19%	45.86%	-11.61%	-32.27%	-49.99%	-36.04%	-15.62%	-8.62%	52.35%	11.95%	306.40%	378.42%	-2718.43%	311.01%		240.62%	-102.38%	-73.63%		-94.14%	-31.32%	-24.38%	103.31%	412.24%	-10528.19%	-591.87%	-245.20%
qoq	312.03%	15.73%	-967.43%	-86.64%	469.99%	-120.19%	9672.10%	-99.21%	1546.09%	-96.85%	440.89%	-142.57%	-56.53%	-4.65%	-6.80%	-5.86%	14.25%	119.45%	1.58%	226.77%	13.69%	33.17%	-57.13%	-136.40%	-452.62%	-50.42%	-59.58%	2.81%	43.65%	69.03%	-50.72%	14.72%	60.56%	123.34%	-54.89%	4.97%	30.93%	77.75%	-40.30%	-36.39%	0.32%	31.25%	-23.63%	-16.08%	8.64%	118.82%	-43.89%	204.66%	27.89%	-1297.62%	-108.81%			-91.62%	-2.50%	-1.18%	-27.32%	-1.93%	7.36%	165.69%	83.11%	-2096.55%	-94.94%	-21.57%
operating margin %	-61.95%	-14.76%	-12.88%	1.33%	10.32%	1.76%	-8.77%	-0.08%	-11.99%	-0.73%	-20.54%	-3.85%	8.11%	20.41%	19.92%	20.64%	25.04%	24.22%	12.90%	12.36%	3.92%	4.12%	3.02%	6.86%	-19.96%	4.89%	8.88%	19.33%	22.07%	19.13%	10.81%	20.67%	19.63%	13.52%	6.53%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%		Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
other income	2,138,000	539,000	-1,120,000	-185,000	-1,919,000	-91,000	4,299,000	4,939,000	-2,492,000	3,317,000	3,138,000	3,234,000	137,000	7,252,000	8,799,000	8,246,000	5,281,000	4,735,000	-2,606,000	6,989,000	-6,258,000	11,898,000	2,264,000	-2,026,000	2,907,000	887,000	1,251,000	1,039,000	-4,789,000	-259,000	-132,000	-237,000	1,065,000		513,000	782,000			-137,000				-99,000	-14,000	-1,464,000	-3,408,000	-82,000	6,000	1,107,000	172,000	6,000	-70,000
interest expense	-29,762,000	-28,506,000	-28,411,000	-28,155,000	-28,319,000	-26,429,000	-26,843,000	-27,559,000	-27,245,000	-21,863,000	-20,091,000	-19,047,000	-18,768,000	-17,935,000	-17,332,000	-17,464,000	-17,016,000	-16,882,000	-17,130,000	-19,019,000	-20,690,000	-19,864,000	-20,108,000	-20,084,000	-20,647,000	-18,183,000	-18,369,000	-18,551,000	-15,492,000	-11,729,000	-12,128,000	-12,115,000	-14,084,000	-13,513,000	-13,320,000	-13,879,000	-12,857,000	-12,791,000	-12,736,000	-13,191,000	-13,256,000	-13,275,000	-13,476,000	-13,884,000	-15,445,000	-17,456,000	-17,165,000	-17,450,000	-29,851,000	-13,018,000	-13,139,000	-13,148,000		-14,089,000	-14,117,000	-14,883,000	-15,906,000	-16,480,000	-17,820,000	-16,898,000	-16,423,000	-15,817,000	-16,085,000	-16,319,000	-16,549,000	-16,699,000	-16,424,000	-16,013,000	-16,620,000	-15,092,000	-18,599,000	-37,709,000	-20,068,000		-68,129,000	-46,037,000	-22,925,000
total other expenses	-27,624,000	-27,967,000		-28,340,000	-30,238,000	-26,520,000	-22,544,000	-22,620,000	-12,828,000	-18,546,000	-16,953,000	-15,813,000	-18,631,000	-10,683,000	-8,533,000	-9,218,000	-11,735,000	-12,147,000	-19,736,000	-42,398,000	-26,948,000	-7,966,000	-17,844,000	-22,110,000	-22,490,000	-17,296,000	-17,118,000	-17,512,000	-25,531,000	-11,988,000	-12,260,000	-40,818,000	-13,019,000	-13,514,000	-12,807,000	-23,779,000	-15,216,000	-12,786,000	-13,145,000
income before income taxes	-306,113,000	-95,556,000	-87,935,000	-21,607,000	20,155,000	-17,679,000	-66,323,000	-23,068,000	-86,132,000	-21,972,000	-125,785,000	-35,934,000	28,632,000	98,040,000	105,498,000	113,133,000	118,228,000	101,608,000	32,100,000	8,631,000	-11,332,000	5,770,000																			29,374,000	30,339,000	22,339,000	22,899,000	9,222,000	62,620,000	7,323,000	25,027,000	-8,245,000	-796,000	-8,681,000	1,150,000		-11,301,000	10,726,000	19,467,000	34,419,000	38,510,000	44,096,000	17,274,000	-11,011,000	-20,248,750	-16,106,000	-13,296,000
income tax recovery	-2,587,000	14,777,000	1,864,000	-732,000	-3,448,000	120,000	-1,263,000	6,365,000	-1,084,000	-3,984,000	27,479,000	5,356,000					-11,468,250	-32,490,000			-1,112,750	1,775,000
net income	-308,700,000	-80,779,000	-86,071,000	-22,339,000	16,707,000	-17,559,000	-67,586,000	-16,703,000	-87,216,000	-25,956,000	-98,306,000	-30,578,000	20,024,000	66,746,000	71,372,000	88,897,000	74,522,000	69,118,000	21,415,000	5,933,000	-12,977,000	7,545,000	-8,411,000	-3,392,000	-72,721,000	1,207,000	10,259,000	51,616,000	45,009,000	41,176,000	16,755,000	25,649,000	41,718,000	21,143,000	-2,104,000	9,726,000	18,489,000	11,926,000	-4,241,000	8,769,000	21,696,000	23,760,000	16,412,000	13,634,000	3,205,000	91,819,000	2,765,000	23,177,000	-15,007,000	-1,738,000	-9,306,000	283,000		-3,045,000	7,602,000	15,849,000	33,600,000	38,757,000	51,251,000	15,955,000	-11,215,000	4,008,000	-16,049,000	-11,473,000	-48,611,000	-3,358,250	-17,173,000	871,000	2,869,000	3,735,250	10,696,000	4,245,000	1,086,000
yoy	-1947.73%	360.04%	27.35%	33.74%	-119.16%	-32.35%	-31.25%	-45.38%	-535.56%	-138.89%	-237.74%	-134.40%	-73.13%	-3.43%	233.28%	1398.35%	-674.26%	816.08%	-354.61%	-274.91%	-82.16%	525.10%	-181.99%	-106.57%	-261.57%	-97.07%	-38.77%	101.24%	7.89%	94.75%	-896.34%	163.72%	125.64%	77.28%	-50.39%	10.91%	-14.78%	-49.81%	-125.84%	-35.68%	576.94%	-74.12%	493.56%	-41.17%	-121.36%	-5383.03%	-129.71%	8089.75%		-42.92%	-222.42%	-98.21%		-107.86%	-85.17%	-0.66%	-399.60%	866.99%	-419.34%	-239.07%	-76.93%	-219.35%	-6.55%	-1417.22%	-1794.35%	-189.91%	-260.56%	-79.48%	164.18%
qoq	282.15%	-6.15%	285.29%	-233.71%	-195.15%	-74.02%	304.63%	-80.85%	236.01%	-73.60%	221.49%	-252.71%	-70.00%	-6.48%	-19.71%	19.29%	7.82%	222.76%	260.95%	-145.72%	-271.99%	-189.70%	147.97%	-95.34%	-6124.94%	-88.23%	-80.12%	14.68%	9.31%	145.75%	-34.68%	-38.52%	97.31%	-1104.90%	-121.63%	-47.40%	55.03%	-381.21%	-148.36%	-59.58%	-8.69%	44.77%	20.38%	325.40%	-96.51%	3220.76%	-88.07%	-254.44%	763.46%	-81.32%	-3388.34%			-140.06%	-52.03%	-52.83%	-13.31%	-24.38%	221.22%	-242.26%	-379.82%	-124.97%	39.88%	-76.40%	1347.51%	-80.44%	-2071.64%	-69.64%	-23.19%	-65.08%	151.97%	290.88%
net income margin %	-68.68%	-17.63%	-18.98%	-4.41%	3.42%	-3.50%	-13.53%	-3.02%	-18.54%	-5.51%	-18.55%	-5.85%	3.43%	12.53%	12.47%	15.00%	14.36%	14.71%	5.33%	1.44%	-3.26%	2.26%	-2.47%	-0.97%	-21.96%	0.31%	2.41%	10.67%	10.92%	12.44%	4.84%	6.97%	12.35%	6.92%	-0.74%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%		-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%
net loss per common share
basic	-4,610	-1,210		-330	-382.5	-260	-1,010	-250
diluted	-4,610	-1,210		-330	-382.5	-260	-1,010	-250
dividends declared per common share			75	75	75	75	75	75	75	75	75	75	75	75	75	75	65	65	65	65	65	65	65	137.5	137.5	137.5	137.5	125	125	125	125	125	125	115	115	115
total other incomes			-29,531,000
net income per common share
basic			-1,290						-1,320	-390	-1,480	-460	310	1,010	1,080	1,350	1,130	1,050						-50	-1,110	20		790	690	630			650	330			-249.46	180	-70		0.33	0.37	0.25	0.21	0.03	1.38		0.38
diluted			-1,290						-1,320	-390	-1,480	-460	300	1,000	1,070	1,340	1,120	1,040						-50	-1,110	20		780	690	630			640	320			-249.46	180	-70		0.34	0.37	0.25	0.21	0.03	1.37		0.37
loss on early extinguishment of debt																				-30,368,000
income tax provision													-8,608,000	-31,294,000	-34,126,000	-24,236,000			-10,685,000	-2,698,000																																																				-13,705,000	-3,801,000				-21,113,000
net income per common share
basic and diluted																			320	90	-15	110	-130				160				260	390			-30	150				140							0.01
income before provision for income taxes																							-7,529,000	1,952,000	-88,596,000	1,451,000	20,692,000	76,040,000	65,466,000	51,358,000	25,216,000	35,230,000	53,273,000	27,775,000	5,680,000	17,207,000	23,829,000	17,035,000	3,632,000	14,968,000
provision for income taxes																							-882,000	-5,344,000	15,875,000	-244,000	-10,433,000	-24,424,000	-20,457,000	-10,182,000	-8,461,000	-9,581,000	-11,555,000	-6,632,000	-7,784,000
loss on settlement of debt																																-21,515,000				-10,696,000
legal cost award																																-6,951,000
operating costs, excluding depreciation and amortization																													188,857,000	230,009,000	271,134,000	254,285,000	234,339,000	229,314,000	230,910,000	172,956,000	151,582,000	180,124,000	173,227,000	196,942,000
operating depreciation and amortization																													17,328,000	23,197,000	22,906,000	23,209,000	22,688,000	22,568,000	20,521,000	19,116,000	18,666,000	17,923,000	17,855,000	17,032,000	17,174,000	16,890,000	16,393,000	17,304,000	18,891,000	19,314,000	19,768,000	19,702,000	34,202,000	14,632,000	14,744,000	14,731,000		13,983,000	13,832,000	13,869,000	14,076,000	14,115,000	13,987,000	14,106,000	13,724,000	13,594,000	13,385,000	13,539,000	13,401,000	13,816,000	14,033,000	13,514,000	14,121,000	14,397,000	14,284,000	27,719,000	13,729,000
interim consolidated statements of comprehensive income
other comprehensive income, net of taxes																															-56,355,000	16,132,000			58,783,000	11,464,000	9,894,000	13,640,000	-26,688,000
foreign currency translation adjustment																															-55,807,000	16,285,000			58,471,000	11,169,000	9,677,500	13,355,000	-26,981,000
change in unrecognized losses and prior service costs related to defined benefit pension plan																															-574,000	-154,000			309,000	293,000
change in unrealized gains/losses on marketable securities																															26,000	1,000			3,000	2,000			4,000
total comprehensive income																															-39,600,000	41,781,000			56,679,000	21,190,000
pulp																																				220,812,000	202,809,000	215,835,000	198,055,000	230,629,000	216,313,000	249,141,000	246,126,000	234,657,000	258,685,000	276,959,000	259,482,000	278,506,000
energy and chemicals																																				21,972,000	18,885,000	22,106,000	20,090,000	23,214,000	21,515,000	21,752,000	20,810,000	22,890,000	23,940,000	24,651,000	25,710,000	27,179,000	40,538,000	17,021,000	16,487,000	18,152,000
foreign exchange gain on intercompany debt																																				14,000	76,000	21,000	-272,000	555,000			2,198,000
current income tax provision																																				-3,272,000	-821,000	-1,766,000	-3,372,000	-1,753,000
deferred income tax provision																																				-4,209,000	-3,072,500	-3,343,000	-4,501,000	-4,446,000
other expenses																																					-162,250	-16,000
cash dividends declared per common share																																					86.25	115	115
change in unrecognized losses and prior service costs related to defined benefit plan																																					217,500	291,000	289,000
comprehensive income																																					14,007,500	25,566,000	-30,929,000
loss on derivative instruments																																								-210,000
other expense																																								-286,000	-42,250	-56,000
total other expense																																								-13,132,000																													-18,129,000
cash dividend declared per common share																																								115	0.029	0.115
operating costs																																									146,936,750	197,506,000	205,293,000	184,948,000	198,112,000	222,831,000	230,465,000	236,304,000	402,800,000	166,054,000	186,880,000	165,098,000		200,943,000	146,885,000	172,535,000	163,355,000	172,552,000	162,293,000	168,275,000	140,409,000	134,185,000	136,566,000	149,033,000	131,997,000	199,828,000	144,762,000	142,902,000	139,441,000	118,697,000	149,440,000	277,555,000	134,747,000
gain on settlement of debt																																													-28,494,000	31,851,000
foreign exchange loss on intercompany debt																																									-1,108,000	-20,000		-6,610,000
gain on derivative instruments																																									-236,000	-342,000	167,000	-524,000	2,277,000	3,447,000	2,549,000	3,228,000	7,618,000	1,978,000	5,293,000	4,820,000		-838,000	-10,484,000	-2,339,000	12,243,000	12,422,000	485,000	-4,462,000	-6,546,000
total other income																																									-11,483,750	-13,693,000	-11,210,000	-21,032,000	-43,126,000	14,434,000	-14,698,000	-14,216,000	-21,126,000	-10,868,000	-7,840,000	-8,398,000		-14,258,000	-24,581,000	-16,744,000	-2,225,000	-11,910,000	-7,315,000	-30,614,000	-29,035,000	-6,842,000	-15,613,000	-3,560,000	-39,180,000	-48,259,000	-36,230,000	6,226,000		-11,515,000	-16,878,000	-7,239,000	-10,631,000		18,468,000	54,652,000	25,747,000
income tax benefit																																																																											-40,388,000	-42,920,000
current																																									-2,644,000	-2,789,000	-3,149,000	-3,352,000	-2,609,000	-1,106,000	-1,405,000	-122,000	264,000	-1,057,000	-192,000	3,271,000
deferred																																									-5,034,000	-3,790,000	-2,778,000	-5,913,000	-3,408,000	30,305,000	-3,153,000	-1,728,000	-7,026,000	115,000	-433,000	-4,138,000
less: net income attributable to noncontrolling interest																																														-3,482,000	-2,194,000	-2,136,000	1,188,000	-482,000	-605,000	-708,000													9,261,000
net income attributable to common shareholders																																									21,696,000	23,760,000	16,412,000	13,634,000	3,205,000	88,337,000	571,000	21,041,000													-7,546,000	-16,234,500	-14,112,000	-11,476,000	-39,350,000
net income per share
basic			-1,290						-1,320	-390	-1,480	-460	310	1,010	1,080	1,350	1,130	1,050						-50	-1,110	20		790	690	630			650	330			-249.46	180	-70		0.33	0.37	0.25	0.21	0.03	1.38		0.38
diluted			-1,290						-1,320	-390	-1,480	-460	300	1,000	1,070	1,340	1,120	1,040						-50	-1,110	20		780	690	630			640	320			-249.46	180	-70		0.34	0.37	0.25	0.21	0.03	1.37		0.37
restructuring expenses																																																	3,489,000	2,926,000
net income per share
basic and diluted																			320	90	-15	110	-130				160				260	390			-30	150				140							0.01
energy																																																						16,002,000	14,352,000	13,941,000	13,677,000	13,442,000	9,721,000	11,931,000	9,131,000	10,226,000	10,374,000	11,362,000
purchase (sale) of emission allowances																																																						-50,500		-32,000	-170,000	57,000	-167,000			-127,000	153,000	16,000
investment income																																																						768,000	270,000	136,000	327,000	164,000	93,000	117,000	94,000	1,240,000	20,000	138,000	-3,202,000	-874,000	-2,031,000	1,421,000	310,000	-1,533,000	2,791,000	3,195,000	1,611,000		4,096,000	3,011,000	1,744,000
foreign exchange gain on debt																																																						-97,000	-181,000	342,000	1,111,000	-1,451,000	9,927,000	-9,371,000	-5,231,000	-1,841,000	3,779,000	5,170,000	-4,416,000	-943,000	-9,560,000	238,000	6,031,000
gain on extinguishment of debt																																																						-2,000	-69,000
income tax benefit — current																																																						-963,500	-1,557,000	-1,478,000		-937,500	-2,227,000	-1,319,000	-204,000	-31,750	-13,000	-65,000	-49,000	-17,000	-231,000
— deferred																																																						-926,750	-1,567,000	-2,140,000		378,000	9,382,000			1,014,000	70,000	1,888,000	3,031,000	-745,500	6,144,000
less: net income (income) attributable to noncontrolling interest																																																						1,244,000	838,000			-1,250,250	-5,116,000	-3,554,000	3,669,000	-1,259,000	1,937,000	-3,000
less: net loss attributable to noncontrolling interest																																																								-1,466,000	-4,547,000
income tax benefit – current																																																									-819,000											-213,000	376,000	-219,250	-144,000
– deferred																																																																				-7,922,000	-1,204,000	-1,489,750	7,013,000
gain on extinguishment of convertible notes																																																										-232,250			-929,000
sale of emission allowances																																																																											13,246,000	13,246,000	5,638,000
retained earnings (deficit), beginning of period																																																													-97,235,000		-85,872,000	-74,396,000	-35,046,000					3,810,000	19,485,000	15,240,000
retained earnings (deficit), end of period
unrealized gain on derivative instruments																																																														-2,722,250	-3,327,000	7,451,000	-15,013,000	-29,743,000	-8,215,000	20,580,000		1,381,000	-5,696,000	17,852,000	-248,000		76,251,000	90,724,000	44,377,000
pulp revenue
energy revenue																																																																	10,539,000
(sale) purchase of emission allowances																																																																	-558,000					-3,877,000		-766,000	-727,000
net income before income taxes																																																																	-51,593,000
operating income from continuing operations																																																																		-21,384,000	9,854,000	6,216,000	18,643,000	22,709,000	21,457,000	25,420,000	14,477,000
realized gain on derivative instruments																																																																								6,820,000	6,820,000
income before income taxes and minority interest from continuing operations																																																																		-69,643,000	-26,376,000	12,442,000	514,000	11,194,000	4,579,000	18,181,000	3,846,000
income before minority interest from continuing operations																																																																		-69,070,000	-20,463,000	4,307,000	-314,000	7,716,000	11,448,000	4,476,000	45,000
minority interest																																																																		10,038,000	3,290,000	-3,436,000	3,183,000	-466,000	-742,000	-43,000	1,048,000		6,874,000	898,000	449,000
net income from continuing operations																																																																		-59,032,000	-17,173,000	871,000	2,869,000	7,250,000	10,706,000	4,433,000	1,093,000
net income from discontinued operations																																																																						-49,500	-10,000	-188,000	-7,000
retained earnings, beginning of period																																																																		9,354,750	41,159,000	40,288,000	37,419,000
retained earnings, end of period
net income from continuing operations per share
basic
diluted
net income from continuing operations per share
basic and diluted
unrealized loss on derivative instruments																																																																					-7,850,000
net loss from discontinued operations
general and administrative expenses																																																																						4,873,500	5,930,000	16,206,000	7,305,000		-24,344,000	-18,591,000	-8,858,000
unrealized foreign exchange gain on debt																																																																						1,807,250	4,626,000	2,603,000	1,254,000		11,469,000	12,173,000	6,113,000
income per share
basic
diluted
retained earnings																																																																									14,440,000
costs and expenses:
cost of sales																																																																											433,432,000	298,045,000	144,339,000
gain on sale of assets																																																																											359,000
income from operations																																																																											56,783,000	22,379,000	11,505,000
realized loss on derivative instruments																																																																											-5,219,000	-5,219,000	-3,562,000
impairment of investments
income before income taxes and minority interest																																																																											75,251,000	77,031,000	37,252,000
income before minority interest																																																																											34,863,000	34,111,000	16,139,000
(deficit) retained earnings, beginning of period																																																																											-47,970,000	-47,970,000	-47,970,000
deficit, end of period
(deficit) retained earnings, end of period

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-05-07	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31

assets
current assets
cash and cash equivalents	186,805,000	98,102,000	146,499,000	181,473,000	184,925,000	238,995,000	263,173,000	274,272,000	313,992,000	343,725,000	213,338,000	300,560,000	354,032,000	287,254,000	419,861,000	410,705,000	345,610,000	338,730,000	384,534,000	395,083,000	361,098,000	345,580,000	303,334,000	286,526,000	351,085,000	264,899,000	257,322,000	233,234,000	240,491,000	242,185,000	269,482,000	213,566,000	143,299,000	157,217,000	142,589,000	183,579,000	136,569,000	141,401,000	112,651,000	129,869,000	99,629,000	137,288,000	90,867,000	99,843,000	53,172,000	239,923,000	241,023,000	172,109,000	147,728,000
accounts receivable	298,889,000	328,432,000	335,394,000	345,839,000	327,345,000	352,548,000	344,819,000	368,466,000	306,166,000	266,927,000	335,402,000	345,193,000	351,993,000	324,343,000	308,067,000	387,779,000	345,345,000	253,731,000	225,238,000	237,318,000	227,055,000	202,619,000	209,184,000	221,921,000	208,740,000	228,154,000	273,502,000	308,573,000	252,692,000	193,648,000	190,807,000	212,845,000	206,027,000	181,062,000	177,707,000	134,743,000	123,892,000	130,760,000	125,384,000	137,344,000	134,254,000
inventories	359,401,000	384,657,000	415,444,000	379,633,000	361,682,000	392,144,000	399,515,000	408,326,000	414,161,000	422,151,000	429,873,000	531,439,000	450,470,000	385,961,000	348,837,000	353,407,000	356,731,000	345,107,000	313,354,000	288,111,000	271,696,000	269,864,000	261,453,000	269,812,000	272,599,000	269,443,000	286,839,000	282,308,000	303,813,000	229,784,000	189,233,000	185,469,000	176,601,000	164,374,000	145,064,000	125,492,000	133,451,000	143,623,000	134,847,000	133,688,000	141,001,000	139,829,000	141,196,000	136,484,000	146,576,000	154,204,000	165,072,000	149,889,000	170,908,000	122,604,000	108,190,000	112,908,000	118,300,000	120,539,000	128,041,000	104,316,000	96,408,000	102,219,000	112,385,000	89,582,000	81,730,000	72,629,000	68,459,000	69,486,000	89,761	98,457,000	129,965,000	106,360,000	97,181,000	103,610,000	96,791,000	94,891,000	82,702,000	82,702,000	62,857,000	62,508,000	69,544,000	71,295,000	81,147,000
prepaid expenses and other	20,707,000	53,177,000	21,461,000	43,157,000	17,601,000	41,460,000	26,177,000	42,241,000	23,461,000	31,697,000	20,732,000	18,651,000	21,680,000	24,130,000	17,349,000	17,494,000	16,619,000	14,708,000	14,475,000	14,567,000	15,003,000	16,417,000	9,665,000	10,294,000	12,273,000	20,512,000	20,229,000	19,636,000	13,703,000	12,417,000	12,041,000	15,762,000	8,973,000	8,827,000	7,064,000	4,778,000	3,612,000	5,601,000	5,048,000	5,411,000	4,697,000	7,197,000	5,522,000	4,614,000	6,745,000	10,052,000	10,100,000	17,513,000	10,918,000	12,395,000	12,830,000	8,295,000	7,907,000	8,162,000	9,907,000	10,689,000	10,787,000	11,360,000	11,986,000	7,448,000	7,568,000	6,362,000	5,612,000	3,532,000	3,085	4,192,000	10,126,000	6,485,000	5,019,000	6,015,000	6,356,000	5,462,000	5,800,000	5,800,000	4,662,000	5,626,000	6,240,000	5,191,000	5,474,000
assets classified as held for sale		3,451,000	18,805,000	19,685,000	18,451,000	34,123,000	35,052,000	33,597,000	35,125,000
total current assets	865,802,000	867,819,000	937,603,000	969,787,000	910,004,000	1,059,270,000	1,068,736,000	1,126,902,000	1,092,905,000	1,064,500,000	999,345,000	1,195,843,000	1,178,175,000	1,096,688,000	1,169,114,000	1,169,385,000	1,064,305,000	952,276,000	937,601,000	935,079,000	874,852,000	834,480,000	783,636,000	788,553,000	844,697,000	783,008,000	837,892,000	843,751,000	810,699,000	678,034,000	661,563,000	627,642,000	852,339,000	513,605,000	474,478,000	452,978,000	401,851,000	429,364,000	385,764,000	415,994,000	388,811,000	453,070,000	417,367,000	402,847,000	377,835,000	554,130,000	557,960,000	495,120,000	471,773,000	370,705,000	356,293,000	355,875,000	344,998,000	373,226,000	404,966,000	395,963,000	365,841,000	356,880,000	311,417,000	284,280,000	228,381,000	201,805,000	198,479,000	215,514,000	218,556	258,901,000	298,001,000	294,878,000	268,343,000	290,259,000	277,503,000	260,087,000	238,001,000	238,001,000	221,800,000	228,590,000	241,775,000	241,606,000	251,522,000
property, plant and equipment	1,115,490,000	1,323,133,000	1,338,386,000	1,267,568,000	1,254,715,000	1,360,118,000	1,332,414,000	1,361,975,000	1,409,937,000	1,396,747,000	1,431,017,000	1,348,563,000	1,341,322,000	1,249,056,000	1,095,340,000	1,130,337,000	1,135,631,000	1,141,303,000	1,133,292,000	1,099,412,000	1,109,740,000	1,065,345,000	1,040,171,000	1,020,345,000	1,074,242,000	1,009,639,000	1,031,696,000	1,021,957,000	1,029,257,000	834,347,000	836,116,000	851,622,000	844,848,000	844,502,000	823,364,000	734,587,000	738,276,000	779,606,000	767,014,000	791,893,000	762,391,000	783,773,000	800,244,000	779,211,000	883,150,000	923,993,000	1,006,906,000	1,014,511,000	1,038,631,000	777,415,000	788,818,000	802,959,000	808,878,000	820,974,000	815,727,000	824,060,000	830,095,000	846,767,000	851,736,000	872,843,000	875,897,000	868,558,000	874,830,000	875,876,000	879,300	881,704,000	904,653,000	897,377,000	903,402,000	933,258,000	949,046,000	968,830,000	965,709,000	965,709,000	972,143,000	994,805,000	1,008,319,000	1,013,529,000	1,024,662,000
amortizable intangible assets	26,110,000	53,407,000	52,277,000	49,868,000	49,829,000	54,713,000	54,548,000	51,113,000	52,641,000	50,322,000	52,115,000	52,369,000	61,497,000	57,406,000	44,901,000	47,237,000	47,902,000	48,955,000	50,982,000	50,525,000	51,571,000	50,132,000	49,893,000	48,957,000	53,371,000
operating lease right-of-use assets	6,818,000	10,621,000	6,531,000	6,761,000	7,598,000	8,715,000	9,432,000	10,623,000	11,725,000	17,351,000	17,794,000	15,230,000	15,049,000	12,620,000	9,958,000	9,172,000	9,712,000	10,474,000	11,829,000	12,403,000	13,251,000	12,932,000	12,866,000	11,866,000	13,004,000	13,054,000	14,087,000	14,581,000
pension asset	12,975,000	7,638,000	8,707,000	8,263,000	9,378,000	5,534,000	5,458,000	5,513,000	5,588,000	3,514,000	3,832,000	3,782,000	4,397,000	3,543,000	3,888,000	4,009,000	4,136,000
deferred income tax assets	7,839,000	21,493,000	21,469,000	19,793,000	17,778,000
other long-term assets	6,386,000	6,452,000	13,403,000	14,127,000	10,282,000	10,651,000	9,890,000	10,158,000	12,736,000	44,713,000	45,251,000	44,401,000	48,025,000	46,371,000	44,672,000	45,887,000	38,718,000	34,243,000	33,896,000	32,960,000	31,928,000	32,744,000	37,414,000	32,848,000	26,038,000	32,220,000	31,183,000	19,985,000
total assets	2,041,420,000	2,290,563,000	2,378,376,000	2,336,167,000	2,262,932,000	2,502,599,000	2,484,462,000	2,605,355,000	2,662,578,000	2,655,001,000	2,633,369,000	2,740,475,000	2,725,037,000	2,543,983,000	2,415,716,000	2,456,944,000	2,351,232,000	2,231,753,000	2,214,698,000	2,178,266,000	2,129,126,000	2,044,735,000	1,973,609,000	1,951,989,000	2,065,720,000	1,949,653,000	2,029,777,000	2,013,395,000	1,975,735,000	1,541,296,000	1,522,389,000	1,507,180,000	1,724,710,000	1,385,882,000	1,328,382,000	1,201,990,000	1,158,708,000	1,233,411,000	1,180,269,000	1,238,464,000	1,182,817,000	1,272,417,000	1,267,848,000	1,233,652,000	1,326,807,000	1,547,916,000	1,608,828,000	1,546,673,000	1,548,559,000
liabilities and shareholders’ equity
current liabilities
accounts payable and other	282,881,000	287,395,000	293,948,000	290,560,000	248,661,000	271,658,000	300,550,000	294,289,000	278,986,000	267,343,000	369,851,000	381,923,000	377,306,000	322,368,000	273,122,000	280,366,000	282,307,000	255,571,000	264,459,000	229,324,000	210,994,000	199,992,000	196,238,000	184,447,000	255,544,000	203,279,000	222,272,000	211,377,000	194,484,000	173,784,000	187,532,000	150,532,000	133,557,000	142,201,000	141,606,000	97,747,000	92,133,000	118,193,000	103,495,000	122,044,000	96,032,000	127,677,000	110,704,000	119,374,000	102,225,000	111,151,000	115,643,000	120,973,000	103,814,000
pension and other post-retirement benefit obligations	745,000	756,000	772,000	732,000	732,000	809,000	798,000	806,000	826,000	523,000	613,000	755,000	755,000	725,000	782,000	818,000	817,000	920,000	905,000	859,000	802,000	724,000	716,000	696,000	768,000	778,000	831,000	879,000	904,000	955,000	939,000	959,000	985,000	1,115,000	1,073,000	1,045,000	1,037,000	1,025,000	1,033,000	1,036,000	971,000	1,019,000	1,094,000	1,076,000	1,177,000	1,262,000	1,325,000	1,280,000	1,330,000	767,000	780,000	818,000	813,000	756,000	694,000	692,000	703,000	728,000	608,000	653,000	619,000	567,000	554,000	13,385,000	12,980	12,846,000	18,361,000	17,450,000	17,310,000	19,983,000	19,625,000	18,940,000	17,605,000	17,605,000	17,954,000	16,631,000	16,541,000	16,647,000	17,113,000
liabilities associated with assets held for sale			7,398,000	7,090,000	7,145,000	6,968,000	7,262,000	6,443,000	6,625,000
total current liabilities	283,626,000	288,151,000	302,118,000	298,382,000	256,538,000	279,435,000	308,610,000	301,538,000	286,437,000	267,866,000	370,464,000	382,678,000	378,061,000	323,093,000	273,904,000	281,184,000	283,124,000	256,491,000	265,364,000	230,183,000	211,796,000	200,716,000	196,954,000	185,143,000	256,312,000	204,057,000	223,103,000	212,256,000	195,388,000	174,739,000	188,471,000	151,491,000	430,466,000	143,316,000	142,679,000	98,792,000	93,170,000	119,218,000	104,528,000	123,080,000	104,421,000	136,114,000	111,798,000	131,191,000	115,503,000	144,721,000	179,150,000	184,826,000	165,499,000	147,724,000	141,128,000	153,544,000	136,425,000	126,067,000	136,210,000	157,442,000	154,861,000	125,197,000	134,666,000	128,892,000	129,019,000	101,784,000	128,316,000	135,285,000	108,595	104,527,000	124,869,000	125,394,000	109,811,000	121,516,000	125,926,000	134,985,000	123,356,000	123,356,000	120,002,000	144,224,000	184,488,000	185,023,000	140,327,000
long-term debt	1,605,144,000	1,546,993,000	1,526,743,000	1,503,203,000	1,473,986,000	1,597,884,000	1,569,068,000	1,615,173,000	1,609,425,000	1,589,776,000	1,403,857,000	1,378,531,000	1,346,508,000	1,339,086,000	1,245,906,000	1,264,525,000	1,237,545,000
operating lease liabilities	3,858,000	6,841,000	3,902,000	4,154,000	4,793,000	5,388,000	5,973,000	6,797,000	7,755,000	11,593,000	11,670,000	9,501,000	9,475,000	8,306,000	7,161,000	6,110,000	6,574,000	7,257,000	8,488,000	9,043,000	9,933,000	9,912,000	10,052,000	9,436,000	10,520,000	10,631,000	11,610,000	12,145,000
deferred income tax liabilities	58,298,000	63,162,000	74,027,000	69,477,000	74,772,000
other long-term liabilities	12,042,000	13,051,000	12,450,000	12,028,000	11,934,000	13,648,000	13,343,000	13,448,000	13,744,000	14,158,000	14,431,000	14,170,000	14,072,000	12,163,000	13,227,000	13,270,000	13,590,000	11,192,000	12,130,000	14,566,000	10,909,000	14,213,000	13,733,000	13,323,000	14,114,000	13,423,000	14,394,000	14,118,000																																											3,714,000	3,617,000	4,643,000	4,643,000
total liabilities	1,973,360,000	1,931,031,000	1,931,885,000	1,898,816,000	1,833,157,000	1,985,831,000	1,996,793,000	2,031,716,000	2,027,168,000	1,989,549,000	1,899,900,000	1,917,602,000	1,886,253,000	1,823,634,000	1,663,594,000	1,688,610,000	1,657,208,000	1,603,917,000	1,610,564,000	1,610,628,000	1,528,099,000	1,494,028,000	1,479,349,000	1,489,221,000	1,515,317,000	1,358,266,000	1,383,252,000	1,392,713,000	1,394,306,000	971,354,000	983,887,000	922,686,000	1,174,044,000	887,881,000	883,133,000	806,854,000	779,580,000	814,093,000	780,049,000	800,639,000	799,841,000	879,456,000	877,873,000	892,066,000	887,927,000	1,072,800,000	1,183,215,000	1,184,533,000	1,200,242,000	913,811,000	912,662,000	909,736,000	904,678,000								1,029,630,000	997,858,000	1,005,232,000	1,023,469,000	1,035,156	1,014,005,000	997,612,000	972,882,000	962,553,000	1,006,855,000	1,016,910,000	1,055,124,000	1,062,861,000	1,062,861,000	1,083,793,000	1,140,502,000	1,180,871,000	1,234,474,000	1,245,073,000
shareholders’ equity
common shares 1 par value; 200,000,000 authorized; 66,983,000 issued and outstanding	66,871,000	66,871,000	66,871,000
additional paid-in capital	365,357,000	366,146,000	364,871,000	363,637,000	362,782,000	363,813,000	362,313,000	360,941,000	359,497,000	358,055,000	356,769,000	355,467,000	354,495,000	351,438,000	350,224,000	348,756,000	347,902,000	348,098,000	347,093,000	346,186,000	345,696,000	345,583,000	344,688,000	344,753,000	344,994,000	343,994,000	342,815,000	341,644,000	342,438,000	341,420,000	340,450,000	338,735,000	338,695,000	337,330,000	336,556,000	335,683,000	333,673,000	331,641,000	330,669,000	329,943,000	329,246,000																										461,000	445,000	233,000	134,000	134,000	134,000	102,000	102,000	154,000
retained earnings	-277,016,000	31,684,000	112,463,000	203,558,000	230,912,000	219,221,000	241,795,000	314,396,000	336,113,000	428,319,000	459,264,000	562,559,000	598,119,000	583,057,000	521,274,000	454,864,000	370,927,000	300,698,000	235,872,000	218,750,000	217,106,000	234,365,000	231,101,000	243,794,000	256,371,000	338,116,000	345,934,000	345,400,000	301,990,000	265,131,000	232,105,000	223,501,000	205,998,000	172,407,000	158,741,000	168,322,000	166,068,000	155,019,000	150,533,000	162,214,000	160,880,000	146,602,000	130,260,000	113,848,000	100,214,000	97,009,000	32,427,000	31,856,000	10,815,000	13,244,000	15,464,000	25,375,000	25,800,000	37,985,000	39,786,000	32,480,000	18,097,000	-10,956,000	-46,245,000	-92,380,000	-104,781,000	-97,235,000	-99,984,000	-85,872,000	-74,396	-35,046,000	23,986,000	41,159,000	40,288,000	37,419,000	30,181,000	19,485,000	15,526,000	15,526,000	15,240,000
accumulated other comprehensive loss	-87,152,000	-105,169,000	-97,714,000	-196,694,000	-230,769,000	-133,116,000	-183,289,000	-168,494,000	-126,671,000	-187,393,000	-149,035,000	-161,539,000	-179,962,000	-280,278,000	-185,508,000	-101,369,000	-90,793,000	-86,948,000	-44,819,000	-63,218,000	-27,575,000	-95,041,000	-147,329,000	-191,548,000	-116,560,000	-156,321,000	-107,822,000	-131,982,000	-128,170,000	-101,780,000	-99,224,000	-42,869,000	-59,001,000	-76,710,000	-115,022,000	-173,805,000	-185,269,000	-131,998,000	-145,638,000	-118,950,000	-171,574,000																								-6,944
total shareholders’ equity	68,060,000	359,532,000	446,491,000	437,351,000	429,775,000	516,768,000	487,669,000	573,639,000	635,410,000	665,452,000	733,469,000	822,873,000	838,784,000	720,349,000	752,122,000	768,334,000	694,024,000	627,836,000	604,134,000	567,638,000	601,027,000	550,707,000	494,260,000	462,768,000	550,403,000	591,387,000	646,525,000	620,682,000	581,429,000	569,942,000	538,502,000	584,494,000	550,666,000	498,001,000	445,249,000	395,136,000	379,128,000	419,318,000	400,220,000	437,825,000	382,976,000	392,961,000	389,975,000	341,586,000		475,116,000	432,044,000	370,765,000	359,078,000	270,372,000	275,404,000	291,996,000	295,805,000	302,116,000	303,882,000	290,348,000	275,266,000	236,068,000	191,828,000	131,233,000	123,500,000	123,222,000	119,573,000	118,759,000	115,607	166,225,000	252,096,000	273,399,000	269,501,000	276,662,000	270,915,000	248,351,000	227,925,000	227,925,000	218,801,000	195,843,000	189,927,000	162,484,000	148,743,000
total liabilities and shareholders’ equity	2,041,420,000	2,290,563,000	2,378,376,000	2,336,167,000	2,262,932,000	2,502,599,000	2,484,462,000	2,605,355,000	2,662,578,000	2,655,001,000	2,633,369,000	2,740,475,000	2,725,037,000	2,543,983,000	2,415,716,000	2,456,944,000	2,351,232,000	2,231,753,000	2,214,698,000	2,178,266,000	2,129,126,000	2,044,735,000	1,973,609,000	1,951,989,000	2,065,720,000	1,949,653,000	2,029,777,000	2,013,395,000	1,975,735,000	1,541,296,000	1,522,389,000	1,507,180,000	1,724,710,000	1,385,882,000	1,328,382,000	1,201,990,000	1,158,708,000	1,233,411,000	1,180,269,000	1,238,464,000	1,182,817,000	1,272,417,000	1,267,848,000	1,233,652,000
commitments and contingencies
common shares 1 par value; 200,000,000 authorized; 66,871,000 issued and outstanding				66,850,000	66,850,000	66,850,000	66,850,000
subsequent event
investment in joint ventures					3,348,000	3,598,000	3,984,000	4,455,000	41,665,000	43,933,000	49,223,000	45,466,000	45,635,000	45,262,000	46,584,000	49,574,000	49,651,000	43,341,000	45,844,000	46,616,000	46,429,000	47,865,000	48,413,000	48,188,000	53,122,000	55,382,000	57,659,000	56,049,000	62,574,000
goodwill								34,616,000	35,381,000	33,921,000	34,792,000	34,821,000	30,937,000	33,037,000
deferred income tax						76,726,000	87,374,000	82,411,000	97,324,000	95,388,000	88,256,000	121,296,000			1,259,000	1,343,000	1,177,000	1,161,000	1,254,000	1,271,000	1,355,000	1,237,000	1,216,000	1,232,000	1,246,000	2,908,000	1,465,000	1,351,000	1,374,000	4,641,000	1,411,000	1,891,000	1,376,000	1,170,000	4,306,000	7,362,000	10,990,000	16,519,000	18,888,000	21,244,000	23,154,000	19,863,000	17,536,000	17,176,000	19,968,000	10,625,000	7,016,000	6,547,000	6,326,000	4,235,000	3,812,000	3,824,000	4,465,000	6,750,000	24,951,000	24,928,000	22,414,000	22,570,000	12,990,000	3,860,000	3,698,000	3,426,000	2,232,000	2,133,000	3,231	31,666,000	25,432,000	12,202,000	18,746,000	17,624,000	18,016,000	18,670,000	27,026,000	27,026,000	29,989,000	43,189,000	38,798,000	59,824,000	78,381,000
common shares 1 par value; 200,000,000 authorized; 66,850,000 issued and outstanding								66,796,000
common shares 1 par value; 200,000,000 authorized; 66,525,000 issued and outstanding									66,471,000	66,471,000	66,471,000
subsequent events
common shares 1 par value; 200,000,000 authorized; 66,421,000 issued and outstanding												66,386,000
common shares 1 par value; 200,000,000 authorized; 66,167,000 issued and outstanding													66,132,000	66,132,000	66,132,000
term deposit														75,000,000	75,000,000
common shares 1 par value; 200,000,000 authorized; 66,132,000 issued and outstanding																66,083,000
common shares 1 par value; 200,000,000 authorized; 66,037,000 issued and outstanding																	65,988,000	65,988,000	65,988,000
debt																		1,162,377,000	1,157,873,000	1,197,790,000	1,145,294,000	1,124,202,000	1,114,069,000	1,136,454,000	1,087,932,000	984,087,000	983,644,000	1,007,774,000	1,041,389,000	696,519,000	699,261,000	684,335,000	662,997,000	669,012,000	667,562,000	638,731,000	617,545,000	624,642,000	616,492,000	615,966,000	638,043,000	670,092,000	682,879,000	10,741,000	12,101,000	32,308,000	62,182,000	62,573,000	60,355,000	43,802,000	44,346,000	55,081,000	45,662,000	25,671,000	25,671,000	44,152,000	45,393,000	39,596,000	25,928,000	23,189,000	23,020,000	16,032,000
finance lease liabilities																		55,201,000	57,039,000	51,618,000	41,329,000	39,741,000	38,628,000	37,537,000	31,103,000	21,677,000	23,229,000	23,604,000
common shares 1 par value; 200,000,000 authorized; 65,988,000 issued and outstanding																				65,920,000
common shares 1 par value; 200,000,000 authorized; 65,868,000 issued and outstanding																					65,800,000	65,800,000	65,800,000
common shares 1 par value; 200,000,000 authorized; 65,800,000 issued and outstanding																								65,769,000
common shares 1 par value; 200,000,000 authorized; 65,629,000 issued and outstanding																									65,598,000	65,598,000	65,598,000
intangible assets																										53,442,000	55,795,000	55,721,000
common shares 1 par value; 200,000,000 authorized; 65,651,000 issued and outstanding																												65,620,000
restricted cash to redeem senior notes																																	317,439,000
intangible and other assets																													71,831,000	24,274,000	23,299,000	26,025,000	26,147,000	26,605,000	26,234,000	7,063,000	7,591,000	7,922,000	8,603,000	9,333,000	8,461,000
senior notes to be redeemed with restricted cash																																	295,924,000
capital leases and other																													38,593,000	36,239,000	37,671,000	27,434,000	27,464,000	27,696,000	27,340,000	26,345,000	26,467,000	22,555,000	11,981,000	12,304,000	12,299,000	13,347,000	13,235,000	13,645,000	15,321,000	21,170,000	19,576,000	19,926,000	19,293,000	14,505,000	13,599,000	13,887,000	13,936,000	13,053,000	11,857,000	11,242,000	11,607,000	12,010,000	10,558,000	10,971,000	11,087,000	12,157,000	9,367,000	9,698,000	9,877	11,267,000	12,290,000	11,534,000	10,754,000	8,999,000					7,643,000	8,893,000	9,980,000	10,875,000	9,945,000
common shares 1 par value; 200,000,000 authorized; 65,202,000 issued and outstanding																													65,171,000	65,171,000	65,171,000
common shares 1 par value; 200,000,000 authorized; 65,171,000 issued and outstanding																																65,127,000
restricted cash																																		2,125,000	2,054,000	4,386,000	4,327,000	7,979,000	7,834,000	9,682,000	9,230,000	9,488,000	9,479,000	9,130,000	10,286,000
common shares 1 par value; 200,000,000 authorized; 65,017,000 issued and outstanding																																	64,974,000	64,974,000	64,974,000
common shares 1 par value; 200,000,000 authorized; 64,974,000 issued and outstanding																																				64,936,000
interest rate derivative liability																																						2,957,000	2,898,000	7,008,000	6,533,000	11,411,000	11,185,000	16,325,000	17,962,000	34,036,000	40,447,000	43,262,000	46,517,000
common shares 1 par value; 200,000,000 authorized; 64,694,000 issued and outstanding																																					64,656,000	64,656,000	64,656,000
common shares 1 par value; 200,000,000 authorized;
64,656,000 issued and outstanding																																								64,618,000
dividends payable																																									7,418,000	7,418,000
64,502,000 issued and outstanding																																									64,424,000	388,897,000
receivables																																										139,405,000	152,767,000	135,600,000	141,088,000	139,326,000	134,749,000	149,062,000	135,893,000	97,303,000	97,028,000	120,184,000	110,087,000	120,487,000	110,296,000	104,235,000	112,991,000	121,709,000	101,920,000	125,105,000	90,391,000	71,523,000	73,133,000	76,865,000	80,943	100,158,000	81,503,000	98,181,000	91,241,000	89,890,000	97,380,000	104,494,000	97,454,000	97,454,000	75,022,000	83,853,000	87,020,000	78,472,000	74,315,000
other assets																																										21,374,000	21,953,000	22,091,000	22,767,000
paid-in capital																																										4,149,000	3,638,000	3,194,000	4,769,000	4,221,000	-15,356,000	-12,539,000	-11,756,000	-10,425,000	-3,568,000	-3,706,000	-3,547,000	-4,857,000	-5,308,000	-5,609,000	-5,877,000	-3,899,000	-4,929,000	-5,417,000	-5,625,000	-6,082,000	-5,477,000	-5,871,000	-5,897	299,000
accumulated other comprehensive income																																										-146,687,000	-132,820,000	-164,069,000	-52,441,000	-12,452,000	28,892,000	22,385,000	31,470,000	18,630,000	14,585,000	21,570,000	25,181,000	21,346,000	21,762,000	34,715,000	35,458,000	31,712,000	26,211,000	26,057,000	30,967,000	23,695,000	22,190,000	7,658,000		-1,872,000	24,211,000	28,195,000	26,136,000	36,265,000	37,755,000	26,106,000	9,671,000	9,671,000	7,765,000	20,222,000	21,146,000	12,230,000	15,113,000
common shares																																																																							202,845,000	202,626,000	202,626,000	202,626,000		181,731,000	181,655,000	181,586,000
64,464,000 issued and outstanding																																												388,613,000
long-term assets
liabilities
long-term liabilities
equity
64,274,000 issued and outstanding																																													386,338,000
total share capital attributed to common shareholders																																													438,880,000
noncontrolling interest																																															-6,431,000	-8,625,000	-10,761,000	-7,699,000	-15,567,000	-16,172,000			-17,329,000	-16,492,000	-17,958,000	-22,505,000	-25,972,000	-31,088,000			-39,156,000	-37,219,000	-37,222
total equity																																													438,880,000	475,116,000	425,613,000	362,140,000	348,317,000	262,673,000	259,837,000	275,824,000	278,925,000	283,542,000	286,553,000	273,856,000	257,308,000	213,563,000	165,856,000	100,145,000	88,857,000	85,973,000	80,417,000	81,540,000	78,385
total liabilities and equity																																													1,326,807,000	1,547,916,000	1,608,828,000	1,546,673,000	1,548,559,000
deferred note issuance costs and other																																														20,402,000	20,600,000	20,112,000	20,998,000
share capital																																														386,338,000	386,081,000	329,063,000	328,549,000	248,923,000	248,923,000	248,757,000	248,371,000	247,642,000	247,642,000	228,762,000	227,588,000	219,211,000	216,791,000	202,973,000	202,939,000	202,844,000	202,844,000	202,844,000	202,844	202,844,000	203,438,000	203,600,000	202,844,000
deferred note issuance and other																																																		14,138,000	12,630,000	11,622,000	12,162,000	10,763,000	9,943,000	9,933,000	10,461,000	11,082,000	6,941,000	7,627,000	7,813,000	7,315,000
unrealized interest rate derivative losses																																																		36,759,000	39,798,000	45,513,000	50,678,000	52,391,000	51,553,000	41,069,000	38,730,000	50,973,000	63,396,000	63,880,000	59,418,000	52,873,000	58,001,000	54,675,000	62,125	47,112,000	17,370,000	9,155,000	29,735,000	21,885,000					41,355,000	52,022,000	42,320,000
marketable securities																																																						12,216,000	4,013,000
noncontrolling deficit																																																					-16,880,000	-18,574,000
note receivable																																																									890,000	1,346,000	1,723,000	2,202,000	2,698,000	2,727,000
accounts payable and accrued expenses
cash, restricted																																																																3,531,000	3,531	13,000,000	13,000,000	33,000,000	33,000,000	33,000,000	33,000,000
investments																																																															133,000	92,000	71	419,000	646,000	778,000	72,000	96,000	72,000	88,000	3,000	3,000	1,000	1,396,000	7,695,000	7,443,000	6,314,000
deferred note issuance and other costs																																																															7,659,000	8,219,000	8,852	4,011,000	4,326,000	4,640,000	4,955,000	5,303,000	5,949,000	6,294,000	6,639,000	6,639,000	6,984,000	7,329,000	7,674,000	8,019,000	8,364,000
note receivable, less current portion																																																															2,316,000	3,175,000	3,531	3,529,000	3,650,000	3,406,000	3,536,000	3,977,000	4,239,000	4,506,000	8,408,000	8,408,000	8,744,000	4,036,000
debt, current portion																																																															28,470,000	39,999,000	26,500	16,500,000	36,599,000	35,042,000	35,042,000	34,023,000	34,023,000	33,364,000	33,364,000	33,364,000	33,903,000	40,903,000	75,375,000	74,338,000	27,601,000
debt, less current portion																																																															795,303,000	810,426,000	838,556	803,796,000	795,445,000	786,988,000	773,972,000	815,832,000	822,331,000	848,990,000	850,955,000	850,955,000	873,928,000	883,096,000	898,379,000	904,957,000	922,619,000
pension and other post-retirement benefit obligations, current portion																																																																555,000	520	510,000	955,000	438,000	438,000	493,000					363,000
note receivable, current portion																																																																		642,000	628,000	557,000	5,167,000	5,896,000	5,998,000	5,834,000	5,814,000	5,814,000	7,798,000	7,230,000
current assets of discontinued operations																																																																							1,537,000	1,104,000	1,261,000	1,261,000	2,094,000
unrealized foreign exchange rate derivative gain																																																																											5,933,000
current liabilities of discontinued operations																																																																							610,000	651,000	1,074,000	1,074,000	1,926,000
preferred shares, u.s.1 par value; 50,000,000 authorized and issuable in series series a, 2,000,000 authorized, none issued and outstanding
common shares, u.s.1 par value; 200,000,000 authorized; 36,285,027 issued and outstanding at december 31, 2007 and 35,465,176 at december 31, 2006																																																																						202,844,000
unrealized interest rate derivative loss																																																																							23,266,000	17,570,000	35,670,000	35,670,000				55,141,000	78,646,000
capital leases																																																																							5,350,000	6,457,000	7,432,000	7,432,000
minority interest
cash restricted																																																																								45,000,000	45,000,000	45,000,000			5,892,000	6,298,000	7,039,000
long-term assets of discontinued operations
unrealized foreign exchange rate derivative loss																																																																												16,506,000	11,735,000	45,162,000
long-term liabilities of discontinued operations
preferred shares, no par value; 50,000,000 authorized and issuable in series
series a, 500,000 authorized, none issued and outstanding
series b, 3,500,000 authorized, none issued and outstanding
common shares, u.s.1 par value; 200,000,000 authorized; 35,465,176 issued and outstanding at december 31, 2006 and 33,169,140 at december 31, 2005																																																																											195,642,000
additional paid-in capital, stock options																																																																												123,000	87,000	50,000	14,000
deficit																																																																												-6,233,000	-12,961,000	-31,382,000
construction costs payable																																																																															1,213,000
unrealized foreign exchange rate derivative losses																																																																															61,979,000
shares of beneficial interest, u.s.1 par value; unlimited authorized; 33,169,760 issued and outstanding at december 31, 2005 and 18,074,229 at december 31, 2004																																																																															181,586,000
(deficit) retained earnings																																																																															-47,970,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-06-30	2007-05-07	2006-09-30	2006-06-30	2006-03-31

cash flows from operating activities
net loss	-417,110,000			-22,339,000		50,027,000	-50,883,000	-16,703,000
adjustments to reconcile net loss to cash flows from operating activities
depreciation and amortization	120,536,000	1,989,000	-2,832,000	40,355,000	129,179,000	1,673,000	-463,000	40,404,000	131,549,000	801,000	-7,439,000	47,591,000	112,009,000	1,116,000	-1,088,000	32,116,000	97,884,000	2,360,000	988,000	30,967,000	97,037,000	1,683,000	-2,745,000	32,946,000	94,342,000	-96,000	1,901,000	30,247,000	73,419,000	296,000	-305,000	23,319,000	62,621,000	2,048,000	1,404,000	19,221,000	53,953,000	69,000	743,000	17,219,000	51,247,000	603,000	-904,000	17,387,000	58,615,000	-454,000	64,000	19,787,000	63,951,000	-116,000	16,000	14,794,000	42,112,000	-36,000	-209,000	14,138,000	42,176,000	14,040,824	-13,806,824	13,821,000												43,020,000	29,082,000	14,231,000
deferred income tax recovery	-329,000			-9,506,000				-13,426,000
inventory impairment	34,000,000	9,400,000			5,000,000				68,600,000	-61,400,000	36,200,000	15,200,000									17,998,000	1,470,000	796,000	5,734,000
impairments of long-lived assets
impairment of sandalwood business
loss on disposal of investment in joint venture								23,645,000
goodwill impairment
defined benefit pension plans and other post-retirement benefit plan expense	518,000	-1,000	6,000	169,000	955,000	-114,000	221,000	210,000	4,593,000	170,000	5,000	446,000	1,284,000	-15,000	1,000	438,000	1,952,000	23,000	-63,000	919,000	2,284,000	30,000	-23,000	762,000	2,583,000	6,000	4,000	856,000
stock compensation expense	975,000	274,000	30,000	1,006,000	2,439,000	17,000	-626,000	2,029,000	4,168,000	367,000	161,000	1,226,000	5,523,000	-303,000	568,000	949,000	1,389,000	30,000	365,000	610,000	33,000	929,000			1,857,000	-23,000	1,547,000	-345,000	2,970,000	-789,000	1,566,000	193,000	2,116,000	-138,000	1,073,000	-161,000	3,687,000	208,000	-127,000	891,000	1,982,000	-301,000	98,000	630,000	994,000	-8,000	869,000	-269,000	2,953,000	315,000	39,000	267,000	3,005,000	-166,000	-1,597,000	2,068,000	1,854,000	539,773	-505,773	506,000	71,000	358,000	59,000	-33,000	51,000	6,000	61,000	146,000	-107,000	196,000	233,000	293,000	207,000	105,000
foreign exchange transaction losses	19,870,000	-12,841,000	943,000	8,418,000	-14,406,000	9,477,000	67,000	-3,449,000			-46,000	270,000					-10,876,000	-7,687,000			9,888,000	-3,496,000			15,989,000	-18,378,000
other	5,091,000	-996,000	1,384,000	1,628,000	1,213,000	-515,000	662,000	727,000	-5,551,000	5,911,000	-4,303,000	-1,149,000	3,004,000	-3,756,000	831,000	-801,000	1,228,000	-1,200,000	972,000	-616,000	2,344,000	-1,106,000	-198,000	-497,000	2,947,000	-4,753,000	7,199,000	441,000	2,281,000	-427,000	491,000	820,000	1,714,000	936,000	-845,000	692,000	2,117,000	1,565,000	-983,000	1,016,000	1,989,000	188,000	123,000	456,000	-3,047,000	5,038,000	200,000	652,000	2,708,000	-509,000	-213,000	1,183,000	949,000	-560,000	235,000	684,000	4,201,000	988,156	-1,002,156	1,003,000	1,724,000	-132,000	469,000	424,000	-231,000	535,000	-370,000	-57,000	1,315,000	924,000	578,000	14,000	-490,000	-1,000,000
defined benefit pension plans and other post-retirement benefit plan contributions, net of withdrawals
changes in working capital
accounts receivable	42,343,000	-21,343,000	48,386,000	-16,798,000	-32,954,000	-21,069,000	85,658,000	-63,729,000	-13,085,000	53,424,000	826,000	11,342,000	-2,797,000	-83,188,000	117,636,000	-52,127,000	-90,138,000	-47,805,000	28,787,000	-12,423,000	-23,495,000	2,288,000	35,864,000	-20,926,000	-12,000	9,177,000	88,557,000	-56,353,000	-10,220,000	-13,625,000	18,607,000	-5,132,000	-66,533,000	39,010,000	-31,138,000	-6,288,000	12,999,000	-12,081,000	4,595,000	3,953,000
inventories	-19,499,000	37,200,000	-10,284,000	-6,891,000	3,268,000	16,133,000	4,417,000	89,000	-24,379,000	-50,337,000	145,314,000	-86,434,000	-54,381,000	4,539,000	-11,617,000	-1,725,000	-56,930,000	-17,548,000	-1,165,000	-20,799,000	-3,399,000	-19,473,000	29,562,000	-18,120,000	15,441,000	17,011,000	-28,910,000	21,141,000	-16,998,000	-28,863,000	-5,399,000	-6,822,000	-5,951,000	-8,749,000	-14,719,000	9,425,000	14,539,000	-4,047,000	-18,284,000	14,636,000	-11,181,000	-1,327,000	4,194,000	-4,921,000	6,592,000	13,243,000	-32,113,000	18,723,000	685,000	-17,395,000	-3,599,000	5,746,000	6,063,000	-15,377,000	-12,712,000	4,313,000	1,543,000	-25,999,276	5,253,276	-5,259,000	29,760,000	-19,008,000	15,287,000	6,119,000	6,422,000	-11,364,000	-9,095,000	706,000	-7,554,000	-29,670,000	-19,950,000	11,940,000	10,670,000	8,968,000
accounts payable and accrued expenses	10,321,000	8,887,000	-40,478,000	28,432,000	25,847,000	-59,245,000	13,328,000	2,390,000	2,267,000	-92,959,000	-7,799,000	309,000	32,473,000	30,510,000	4,380,000	-567,000	63,409,000	-17,987,000	25,731,000	4,436,000	-49,525,000	-12,098,000	65,539,000	-57,660,000	61,947,000	-20,888,000	4,370,000	-173,000	48,762,000	-47,709,000	18,879,000	18,027,000	39,076,000	-38,860,000	30,073,000	6,881,000	-22,254,000	25,293,000	-26,523,000	13,210,000	-8,857,000	28,224,000	-37,475,000	27,773,000	-5,401,000	8,081,000	-30,304,000	22,242,000	-20,630,000	10,631,000	-12,167,000	10,597,000	13,934,000	1,151,000	-26,221,000	25,388,000	-4,903,000	1,808,623	-7,949,623	7,955,000	-4,645,000	-13,466,000	21,942,000	-6,781,000	5,046,000	-20,987,000	28,561,000	-11,380,000	-2,307,000	15,129,000	6,171,000	-136,000	-3,347,000	-847,000
prepaid expenses and other	23,218,000	-44,032,000	46,166,000	-27,463,000
net cash from operating activities	38,641,000	-25,528,000	-1,537,000	-2,989,000	104,149,000	-76,130,000	91,379,000	-29,194,000	-43,671,000	-40,032,000	64,348,000	-49,650,000	274,000,000	-67,881,000	85,731,000	68,810,000	142,070,000	-41,008,000	50,864,000	30,288,000	13,077,000	-35,617,000	133,947,000	-69,842,000	187,422,000	-31,860,000	46,535,000	42,186,000	225,899,000	-74,976,000	9,368,000	76,377,000	108,139,000	17,702,000	-37,300,000	53,385,000	104,346,000	25,159,000	-52,189,000	63,466,000	87,530,000	61,256,000	-49,411,000	59,845,000	107,739,000	15,560,000	-38,390,000	59,679,000	31,482,000	-13,519,000	-3,586,000	21,948,000	110,520,000	-31,842,000	-42,452,000	74,829,000	52,514,000	38,747,771	-1,699,771	1,717,000	32,018,000	-24,193,000	28,692,000	802,000	-8,977,000	-8,694,000	2,181,000	3,624,000	14,810,000			31,915,000	1,384,000	7,397,000
capital expenditures	-58,566,000	-5,686,000	-4,249,000	-20,082,000	-57,054,000	-9,381,000	578,000	-18,461,000	-98,933,000	2,091,000	-6,053,000	-33,429,000	-130,188,000	-1,526,000	-13,735,000	-33,293,000	-121,134,000	23,818,000	-36,862,000	-25,262,000	-63,879,000	6,905,000	1,474,000	-23,018,000	-94,985,000	-12,070,000	-5,590,000	-19,389,000	-60,268,000	1,911,000	-12,471,000	-16,184,000	-43,573,000	5,401,000	-11,579,000	-8,164,000	-33,964,000	4,917,000	-6,543,000	-6,936,000	-37,123,000	2,294,000	-4,643,000	-7,064,000	-25,194,000	-3,267,000	415,000	-6,566,000	-38,716,000	3,991,000	413,000	-11,395,000	-27,512,000	-2,541,000	313,000	-8,069,000	-29,816,000	-8,469,458	5,835,458	-5,850,000	-24,834,000	3,841,000	-129,000	-7,706,000	-16,435,000	-4,410,000	-1,857,000	-3,002,000	-2,160,000			-23,978,000	-15,439,000	-5,871,000
free cash flows	-19,925,000	-31,214,000	-5,786,000	-23,071,000	47,095,000	-85,511,000	91,957,000	-47,655,000	-142,604,000	-37,941,000	58,295,000	-83,079,000	143,812,000	-69,407,000	71,996,000	35,517,000	20,936,000	-17,190,000	14,002,000	5,026,000	-50,802,000	-28,712,000	135,421,000	-92,860,000	92,437,000	-43,930,000	40,945,000	22,797,000	165,631,000	-73,065,000	-3,103,000	60,193,000	64,566,000	23,103,000	-48,879,000	45,221,000	70,382,000	30,076,000	-58,732,000	56,530,000	50,407,000	63,550,000	-54,054,000	52,781,000	82,545,000	12,293,000	-37,975,000	53,113,000	-7,234,000	-9,528,000	-3,173,000	10,553,000	83,008,000	-34,383,000	-42,139,000	66,760,000	22,698,000	30,278,313	4,135,687	-4,133,000	7,184,000	-20,352,000	28,563,000	-6,904,000	-25,412,000	-13,104,000	324,000	622,000	12,650,000			7,937,000	-14,055,000	1,526,000
cash flows from investing activities
purchase of property, plant and equipment	-58,566,000	-5,686,000	-4,249,000	-20,082,000	-57,054,000	-9,381,000	578,000	-18,461,000	-98,933,000	2,091,000	-6,053,000	-33,429,000	-130,188,000	-1,526,000	-13,735,000	-33,293,000	-121,134,000	23,818,000	-36,862,000	-25,262,000	-63,879,000	6,905,000	1,474,000	-23,018,000	-94,985,000	-12,070,000	-5,590,000	-19,389,000	-60,268,000	1,911,000	-12,471,000	-16,184,000	-43,573,000	5,401,000	-11,579,000	-8,164,000	-33,964,000	4,917,000	-6,543,000	-6,936,000	-37,123,000	2,294,000	-4,643,000	-7,064,000	-25,194,000	-3,267,000	415,000	-6,566,000	-38,716,000	3,991,000	413,000	-11,395,000	-27,512,000	-2,541,000	313,000	-8,069,000	-29,816,000	-8,469,458	5,835,458	-5,850,000	-24,834,000	3,841,000	-129,000	-7,706,000	-16,435,000	-4,410,000	-1,857,000	-3,002,000	-2,160,000	-10,537,000	-6,025,000	-23,978,000	-15,439,000	-5,871,000
proceeds from sale of property, plant and equipment	5,699,000
acquisition, net of cash acquired
property insurance proceeds					0				9,476,000	17,000
proceeds from government grants	1,499,000	-1,257,000						787,000	927,000							1,067,000	8,972,000			8,532,000					6,320,000			6,320,000																	4,671,000	1,267,000	-2,536,000	3,297,000			2,687,000	730,000	9,729,000	-367,000	725,000	4,112,000	11,174,000	6,776,856	-9,413,856	9,415,000
net cash from investing activities	-53,713,000	-4,840,000	-2,913,000	-19,860,000	-44,089,000	-2,749,000	-2,670,000	-17,484,000	-170,561,000	88,446,000	-85,128,000	-32,624,000	-121,325,000	-182,798,000	-94,764,000	-26,790,000	-101,506,000	-43,262,000	-16,062,000	-26,297,000	-67,094,000	28,104,000	2,568,000	-23,405,000	-102,256,000	-11,862,000	-5,274,000	-19,966,000	-440,783,000	2,045,000	-12,390,000	-16,351,000	-106,434,000	66,341,000	-73,054,000	-8,404,000	-34,855,000	2,003,000	-3,893,000	-7,558,000	-39,426,000	2,258,000	-4,934,000	-7,715,000	-38,134,000	-4,199,000	1,355,000	-8,127,000	-38,210,000	4,222,000	402,000	-11,382,000	-35,631,000	-3,333,000	-34,000	-7,320,000	-27,809,000	-8,226,199	5,533,199	-5,547,000	-15,221,000	7,593,000	-9,625,000	2,013,000	-8,998,000	9,905,000			-382,000	5,888,000	6,243,000	-44,366,000	-56,256,000	-47,094,000
cash flows from financing activities
redemption of senior notes																				-824,557,000												-317,439,000
proceeds from issuance of senior notes									0											875,000,000
proceeds from (repayment of) revolving credit facilities	81,613,000	17,668,000			-45,391,000	65,295,000			64,401,000	-27,434,000			16,265,000	112,131,000	-43,570,000	30,504,000	-37,363,000	46,009,000	-26,972,000	-15,070,000	43,901,000	34,401,000	-76,911,000	51,260,000			8,940,000	-33,672,000													-10,177,000	-21,451,000
dividend payments	-5,015,000	-9,000			-15,045,000	-1,000			-14,961,000	-7,000			-14,885,000	-2,000			-12,874,000	-4,000			-17,610,000			-9,047,000	-26,254,000	-819,000			-32,574,000	-3,000	-20,000	-8,127,000	-22,389,000	-5,000	-32,000	-7,440,000	-22,293,000	-5,000
payment of debt issuance costs									-313,000				-2,022,000			-1,184,000				-14,414,000					-3,844,000	-121,000	261,000	-509,000				-1,390,000			4,116,000	-5,124,000
payment of finance lease obligations	-8,309,000	-2,467,000	103,000	-2,508,000	-6,354,000	123,000	-498,000	-2,189,000	-5,727,000	-160,000	-9,000	-1,889,000	-8,363,000	31,000	3,264,000	-4,935,000
net cash from financing activities	68,852,000	14,222,000	-22,514,000	19,246,000	-165,511,000	66,008,000	-60,101,000	6,821,000	43,466,000	167,848,000	-10,789,000	28,099,000	-8,622,000	110,007,000	-44,029,000	24,609,000	-7,216,000	45,875,000	-79,575,000	31,412,000	22,151,000	31,514,000	-59,598,000	32,250,000	17,080,000	29,025,000	-11,284,000	-28,723,000	27,398,000	-21,284,000	316,480,000	-307,733,000	296,617,000	-24,001,000	14,565,000	1,570,000	-63,019,000	14,446,000	17,179,000	-30,983,000	-43,205,000	-3,848,000	-10,346,000	735,000	-161,841,000	-68,082,000	81,028,000	-26,857,000	12,216,000	-13,985,000	21,549,000	-4,547,000	-44,121,000	-20,142,000	45,945,000	-41,746,000	-2,000,000	-4,134,931	-154,069	161,000	3,395,000	-16,208,000	3,946,000	-4,482,000	-14,400,000	-25,069,000	25,766,000	-17,529,000				-1,148,000	45,685,000	36,647,000
effect of exchange rate changes on cash and cash equivalents	-3,503,000	2,723,000	-4,558,000	151,000	562,000	-208,000	13,000	137,000	339,000	1,347,000	-2,181,000	703,000	-3,024,000	-1,091,000	-2,877,000	-1,534,000	-3,032,000	3,140,000	239,000	-1,418,000	-367,000	1,437,000	4,450,000	-3,562,000		-1,814,000	1,368,000	-754,000										4,360,000	-8,555,000	5,315,000	-4,863,000	-4,269,000	9,044,000	-6,194,000	-1,220,000	-13,293,000	540,000	-314,000	5,066,000	-752,000	-1,021,000	406,000	-681,000	2,726,000	876,000	-1,544,000	2,045,000	-3,419,094	-1,066,906	1,070,000	-528,000	1,119,000	-933,000	451,000	-2,505,000	2,782,000	-2,413,000	834,000	-100,000	2,171,000	965,000	-575,000	-1,281,000	-147,000
net increase in cash and cash equivalents					-104,889,000				-170,427,000	217,609,000	-33,750,000	-53,472,000			-55,939,000	65,095,000	30,316,000	-35,255,000	-44,534,000	33,985,000	-32,233,000	25,438,000				-16,511,000												45,968,000	-47,458,000	30,240,000	36,000	55,397,000	-55,647,000	46,671,000	-93,456,000	-70,014,000	44,533,000	24,381,000	10,554,000	-24,034,000	17,344,000	6,425,000	30,087,000	-52,591,000	4,335,000	24,219,000	24,750,000	22,967,547	2,612,453	-2,599,000	19,664,000	-31,689,000	22,080,000	-1,216,000	-34,880,000				14,370,000			-14,174,000	-10,468,000	-3,197,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
supplemental cash flow disclosure:
cash paid for interest																												16,983,000	20,687,000	15,167,000	1,277,000	3,147,000	37,478,000	-7,995,000	11,969,000	4,456,000	48,763,000	-22,640,000	23,437,000	599,000
cash paid for income taxes																												23,613,000	13,957,000	-550,000	1,264,000	1,478,000	8,069,000	120,000	150,000	2,527,000	10,398,000	-1,727,000	51,000	4,630,000
supplemental schedule of non-cash investing and financing activities:
leased production and other equipment
defined benefit pension plans and other post-retirement benefit plan contributions					-334,000	-53,000	41,000	-329,000	-901,000	1,067,000	-1,071,000	-247,000	-2,431,000	689,000	-6,000	-1,194,000	-3,193,000	137,000	-279,000	-923,000	-3,381,000	14,000	118,000	-915,000	-3,267,000	-930,000	888,000	-1,158,000
net decrease in cash and cash equivalents		-13,423,000	-31,522,000	-3,452,000			28,621,000	-39,720,000																-64,559,000				-7,257,000																																							28,673,000	-15,113,000		-20,920,000	-24,349,000
cash and cash equivalents, beginning of period		-34,974,000	-3,452,000	184,925,000		-11,099,000	-39,720,000	313,992,000		-87,222,000	-53,472,000	354,032,000		9,156,000	65,095,000	345,610,000		-10,549,000	33,985,000	361,098,000		16,808,000	-64,559,000	351,085,000		24,088,000	-7,257,000	240,491,000										-17,218,000	30,240,000	99,629,000		-8,976,000	46,671,000	53,172,000		68,914,000	24,381,000	147,728,000		23,769,000	6,425,000	104,239,000		28,554,000	24,219,000	99,022,000	-10,854,000	62,096,308	-51,242,308	51,291,000	-19,648,000	20,864,000	-1,216,000	42,452,000		13,560,000	-15,113,000	84,848,000		69,804,000	69,804,000	83,547,000	83,547,000	83,547,000
cash and cash equivalents, end of period		-48,397,000	-34,974,000	181,473,000		-24,178,000	-11,099,000	274,272,000		130,387,000	-87,222,000	300,560,000		-132,607,000	9,156,000	410,705,000		-45,804,000	-10,549,000	395,083,000		42,246,000	16,808,000	286,526,000		7,577,000	24,088,000	233,234,000										28,750,000	-17,218,000	129,869,000		46,421,000	-8,976,000	99,843,000		-1,100,000	68,914,000	172,109,000
cash flows from (used in) operating activities
net income									-216,100,000	72,350,000	-67,728,000	-30,578,000	180,293,000	-4,626,000	-17,525,000	88,897,000	101,870,000	47,703,000	15,482,000	5,933,000	-24,780,000	15,956,000	-5,019,000	-3,392,000	-10,846,000	-9,052,000	-41,357,000	51,616,000	87,413,000	24,421,000	-8,894,000	25,649,000	49,340,000	23,247,000	-11,830,000	9,726,000	23,017,000	16,167,000	-13,010,000	8,769,000	51,742,000	7,348,000	2,778,000	13,634,000	29,147,000	89,054,000	-20,412,000	23,177,000
adjustments to reconcile net income to cash flows from operating activities
deferred income tax provision					-21,318,000	-21,725,000			-45,912,000	43,625,000	-24,161,000	-9,944,000	6,383,000	-6,004,000	-1,759,000	8,383,000	13,786,000	3,729,000	72,000	1,204,000	-10,994,000	489,000	-3,413,000	-1,331,000	-6,167,000	-2,132,000	-3,213,000	3,639,000	15,282,000	110,000	-3,608,000	4,812,000	17,872,000	-12,000	-13,000	4,209,000
cash flows from (used in) investing activities
cash flows from (used in) financing activities
proceeds from revolving credit facilities				21,754,000				9,125,000				30,102,000																			-2,406,000	20,071,000
impairment of sandalwood business held for sale
purchase of term deposit
proceeds from sale of term deposit
proceeds on sale of property, plant and equipment																																															-85,000	179,000	506,000	231,000	-11,000	13,000	-751,000	1,537,000	-326,000	353,000	1,110,000	27,838	-386,838	387,000	325,000	8,000	-26,000	129,000	1,729,000	-382,000	-307,000	960,000	343,000	527,000
loss on early extinguishment of debt																				30,368,000
foreign exchange transaction gains																-3,828,000				-8,606,000				-6,144,000
acquisition
purchase of amortizable intangible assets												-16,000	-426,000	-44,000	35,000	-60,000	-925,000	108,000	73,000	-641,000	-617,000	59,000	349,000	-438,000
gain on sale of investments																					-2,097,000
acquisitions, net of cash acquired													763,000
purchase of investments
proceeds from sale of investments																					5,370,000
insurance proceeds																6,410,000	20,010,000	-18,518,000
acquisitions
repurchase of common shares																								-162,000
acquisition of mercer mass timber
payment of note issuance costs																																													-19,577,000				-2,061,000
loss on settlement of debt																																21,515,000				10,696,000
stock compensation recovery																								-46,000
payment of interest rate derivative liability
effect of exchange rate changes on cash, cash equivalents and restricted cash																													-5,464,000	11,002,000	-10,370,000	535,000	6,821,000	-2,021,000	5,398,000	518,000
net increase in cash, cash equivalents and restricted cash																													-192,950,000	-83,213,000	303,088,000	-247,172,000	305,143,000	58,021,000	-90,391,000	47,069,000
cash, cash equivalents and restricted cash, beginning of year
cash, cash equivalents and restricted cash, end of year
purchase of intangible assets																										-36,000	137,000	-316,000	-437,000	-10,000	14,000	-167,000	-1,383,000	-229,000	75,000	-240,000	-1,636,000	208,000	104,000	-520,000	-2,804,000	12,000	-144,000	-873,000	-3,641,000	-420,000	1,025,000	-1,740,000
supplemental cash flow disclosure
supplemental schedule of non-cash investing and financing activities
leased production equipment
defined benefit pension plan and other post-retirement benefit plan expense																														-9,000	-7,000	439,000	1,630,000	9,000	14,000	526,000	1,509,000	48,000	-78,000	476,000
defined benefit pension plan and other post-retirement benefit plan contributions																														41,000	-15,000	-45,000	-1,573,000	-139,000	213,000	-532,000	-1,895,000	37,000	-32,000	-426,000
acquisition of friesau facility
cash, cash equivalents and restricted cash, beginning of period																														55,916,000	-247,172,000	460,738,000		-43,322,000	47,069,000	140,896,000
cash, cash equivalents and restricted cash, end of period																														-27,297,000	55,916,000	213,566,000		14,699,000	-43,322,000	187,965,000
proceeds from issuance of notes																																				250,000,000
repurchase of notes and repayment of debt
repurchase of notes																																				-234,945,000				-23,079,000
proceeds from revolving credit facility
foreign exchange gain on intercompany debt																																				-14,000
unrealized loss on derivative instruments																																								210,000	231,000	633,000	-815,000	524,000		-898,000	679,000	-3,228,000	-19,096,000
foreign exchange loss on intercompany debt																																					1,161,000	-293,000	827,000	-555,000	5,286,000	2,218,000	-8,808,000	6,610,000
proceeds from issuance of shares																																													53,943,000	-54,026,000
payment-in-kind note issued to acquire noncontrolling interest
deferred income taxes																																						-1,158,000	55,000	4,446,000	13,725,000	1,012,000	-3,135,000	5,913,000	8,289,000	-33,458,000	1,425,000	1,728,000	11,597,000	-548,000	-3,705,000	4,138,000	-3,944,000	-573,000			-378,000				-5,933,000	1,818,000	1,143,000	-3,031,000	8,120,000	-14,066,000	6,718,000	1,204,000	2,185,000	12,972,000	3,252,000	39,878,000	42,567,000	20,782,000
decrease in restricted cash
dividend payment																																								-7,418,000
gain on settlement of debt																																													28,494,000
restricted cash
repayment of debt and repurchase of notes
proceeds from issuance of notes and borrowings of debt																																																	34,865,000
repayment of capital lease obligations																																									-1,834,000	-16,000	16,000	-578,000	-1,885,000	-48,000	128,000	-660,000	-2,197,000	5,000	299,000	-700,000	-2,166,000	-138,000	217,000	-855,000	-2,282,000	-637,397	1,003,397	-1,004,000	-2,268,000	-374,000	146,000	-682,000	-3,612,000	494,000	444,000	-638,000	-1,340,000	-2,576,000	-1,184,000	-3,263,000	-2,431,000	-561,000
proceeds from sale and lease-back transactions																																												466,000				1,047,000
defined benefit pension plan and post-retirement benefit plan expense
defined benefit pension plan and post-retirement benefit plan contributions
receivables																																										23,684,000	-3,440,000	-9,621,000	-10,674,000	-28,956,000	31,849,000	-17,332,000	14,689,000	-22,445,000	31,453,000	-9,704,000	7,848,000	-14,975,000	-1,654,000	7,177,000	-59,629,000	19,619,798	17,115,202	-17,144,000	27,650,000	-273,000	-15,681,000	20,409,000	-33,163,000	25,197,000	-3,012,000	-3,833,000	7,424,000	-26,721,000	-21,732,000	-14,936,000	-13,486,000	-4,603,000
repayment of debt																																																-30,541,000				-20,545,000
pension and other post-retirement expense																																											-324,000	709,000																		5,000	6,000	331,000	1,484,000	6,000	-24,000	515,000	440,000	955,000
defined pension plan and post-retirement benefit plan contributions																																											37,000	-475,000
proceeds from (repayment of) credit facilities																																												953,000					6,586,000	-19,212,000						-14,652,000	1,397,000
unrealized gain on derivative instruments																																																			-986,000	-4,695,000
foreign exchange loss on debt																																																							769,000	-1,111,000
defined pension plan contributions
proceeds on maturity of marketable securities
pension and other post-retirement expense, net of funding																																														-721,000	3,000	211,000	524,000	-88,000	91,000	121,000	-174,000	-102,000	21,000	-14,000	322,000	95,862	-193,862	194,000
proceeds from borrowings of debt																																																			-3,000,000	10,000,000
purchase of marketable securities																																																					-8,169,000
note receivable																																																					801,000	1,689,000	-21,000	396,000															268,000
repayment of debt and purchase of notes																																																	-34,242,000
purchase of treasury shares																																																					1,000
proceeds from credit facilities																																																				5,968,000
foreign exchange gain on debt																																																					-1,356,000
loss on extinguishment of debt
repayment of notes payable and debt																																																					-37,033,000			-30,351,000	-228,387,000			-8,250,000	-2,522,000			-13,800,000	-16,891,000			-16,891,000	146,000	-13,453,000	-17,431,000	-80,906,000	-375,000	-4,802,000
proceeds from borrowings of note payable and debt
net income attributable to common shareholders
adjustments to reconcile net income attributable to common shareholders to cash flows from operating activities
gain on derivative instruments																																																					-9,066,000					-489,462	-6,541,538	6,546,000
gain on extinguishment of debt																																																					2,000
accretion expense																																																					765,000	-457,000	-181,000	470,000	1,381,000
noncontrolling interest																																																					4,769,000	-2,304,000	-3,081,000	4,547,000	3,353,000	5,112,446	3,672,554	-3,669,000	-7,999,000	-1,940,000	9,264,000	-9,261,000
changes in current assets and liabilities
cash, restricted																																																													9,469,000			9,469,000	0
proceeds from borrowings of notes payable and debt																																																													1,642,000			10,000,000							5,210,000	77,300,000	48,634,000	42,163,000
repayment of credit facilities
supplemental disclosure of cash flow information
cash paid during the year for
interest																																																																								75,996,000
income taxes																																																								301,000														615,000		310,000
acquisition of production and other equipment under capital lease obligations																																																																								3,465,000
decrease (increase) in accounts payable relating to investing activities
increase in accounts receivable and other current assets relating to investing activities
loss on derivative instruments																																																							14,582,000	-12,243,000
cash paid during the period for
decrease in accounts payable relating to investing activities																																																								55,000
inventory provisions																																																																4,587,000
payment of deferred note issuance costs
foreign exchange (gain) loss on debt																																																										-9,936,371	-5,221,629	5,231,000	1,087,000	1,391,000	-9,586,000	4,416,000
gain on extinguishment of convertible notes																																																												929,000
notes receivable																																																										215,421	84,579	-84,000		213,000	-1,000	121,000						4,731,000
accretion income																																																											-430,486	431,000
proceeds from government investment grants
issuance of common shares
cash paid (received) during the period for
increase in accounts payable relating to investing activities
cash flows from (used in) operating activities:
unrealized (gain) loss on derivative instruments																																																														10,778,000	-22,464,000	15,013,000
gain on sale of assets																																																														-18,000	93,000	-59,000			1,086,000	-1,022,000				-359,000
operating depreciation and amortization																																																														-154,000	138,000	13,401,000	41,451,000	519,000	-607,000	14,121,000	14,397,000	27,719,000	13,729,000
non-operating amortization																																																														-3,000	-1,000	66,000	208,000	0	-1,000	71,000	64,000	128,000	63,000
pension and other post-retirement benefit funding																																																														316,000	3,000	-347,000	-2,337,000	274,000	-227,000	-449,000	-820,000	-833,000
cash flows from (used in) investing activities:
cash flows from (used in) financing activities:
proceeds from investment grants																																																																								383,000
unrealized loss on derivatives																																																																	17,013,000			7,850,000
unrealized foreign exchange loss on debt																																																																								-11,469,000	-12,173,000
loss on sale of assets																																																																	-942,000
minority interest																																																																	-9,785,000	-6,726,000	6,619,000	-3,183,000	466,000	43,000	-1,048,000	-6,874,000	-898,000	-449,000
income from equity investee
proceeds from available-for-sale securities
proceeds from minority shareholders																																																																								5,463,000
decrease in construction costs payable																																																																							-907,000	-270,000	-212,000
supplemental disclosure of cash flow information:
cash paid during the period for:
property, plant and equipment on acquisition of 7% interest in stendal
acquisition of notes receivable on sale of paper assets
cash flows from operating activities:
cash flows from investing activities:
cash flows from financing activities:
unrealized gains on derivatives																																																																						-17,852,000
unrealized foreign exchange gain on debt																																																																			5,793,000	-6,031,000		-2,603,000	-1,254,000			-6,113,000
cash restricted																																																																						12,000,000	12,000,000	-25,388,000	-40,817,000	-41,223,000
cash flows (used in) from investing activities:
net cash (used in) from investing activities																																																																				-2,042,000
unrealized losses on derivatives																																																																							248,000	-71,032,000	-85,505,000	-44,377,000
impairment of investments
acquisition of celgar pulp mill
purchases of available-for-sale securities
net cash (used in) from financing activities																																																																						-15,724,000	-14,066,000
common shares issued on acquisition of celgar mill
issuance of shares of common stock																																																																						305,000	246,000	145,000	69,000
cash flows (used in) from operating activities:
net cash (used in) from operating activities																																																																						-13,255,000	-17,491,000
cash flows (used in) from financing activities:
common shares issued in satisfaction of floating rate note																																																																						6,728,000	6,728,000
proceeds from sale of properties
deferred acquisition costs
advances to equity method investments
increase in construction costs payable																																																																										-153,000
impairment of investments and securities
proceeds from sale of assets																																																																								5,000,000
realized losses on derivatives																																																																										3,562,000
sale of properties
sale of available-for-sale securities
issuance of shares of beneficial interest

Mercer International Inc(NASDAQ:MERC)

Mercer International Inc
(NASDAQ:MERC)