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Mercer International Inc. Reports Record Annual Pulp Production, Pulp Sales Volumes And Energy Sales And 2012 Fourth Quarter And Year End Results

Restricted Group

The following table is a summary of selected financial information for the Restricted Group (which, under the indenture for our 2017 9.5% Senior Notes, is comprised of Mercer International Inc., certain holding subsidiaries and our Rosenthal and Celgar mills) as at the dates indicated:
     Year Ended December 31, 
    2012    2011   
  (in thousands)
Financial Position      
Cash and cash equivalents  € 36,714  € 44,829  
Marketable securities   184  12,372 (1)
Working capital   132,130  149,973  
Total assets   644,119  658,844  
Long-term liabilities   260,185  262,770  
Total equity   335,353  344,415  
       
(1) Principally comprised of German federal government bonds with a maturity of less than one year.        

Earnings Release Call

In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for Thursday, February 14, 2013 at 10:00 AM (Eastern Daylight Time). Listeners can access the conference call live and archived through March 16, 2013, over the Internet at http://investor.shareholder.com/media/eventdetail.cfm?eventid=125198&CompanyID=MERC&e=1&mediaKey=1AE35D7DABC3ECD95E2779DA87354812 or through a link on our home page at http://www.mercerint.com. Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software.

Mercer International Inc. is a global pulp manufacturing company. To obtain further information on the company, please visit its web site at http://www.mercerint.com .

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Words such as "expects", "anticipates", "projects", "intends", "designed", "will", "believes", "estimates", "may", "could" and variations of such words and similar expressions are intended to identify such forward-looking statements. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

    
MERCER INTERNATIONAL INC.
 
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands of Euros)
     
  December 31,
  2012 2011
ASSETS    
Current assets    
Cash and cash equivalents € 104,239 € 105,072
Marketable securities  --  12,216
Receivables  110,087  120,487
Inventories  118,300  120,539
Prepaid expenses and other  7,907  8,162
Deferred income tax  4,465  6,750
Total current assets  344,998  373,226
     
Long-term assets    
Property, plant and equipment  808,878  820,974
Deferred note issuance and other  12,162  10,763
Deferred income tax  17,565  12,287
   838,605  844,024
Total assets € 1,183,603 € 1,217,250
     
LIABILITIES    
Current liabilities    
Accounts payable and other € 89,950 € 99,640
Pension and other post-retirement benefit obligations  813  756
Debt  45,662  25,671
Total current liabilities  136,425  126,067
     
Long-term liabilities    
Debt  665,741  708,415
Unrealized interest rate derivative losses  50,678  52,391
Pension and other post-retirement benefit obligations  32,141  31,197
Capital leases and other  13,936  13,053
Deferred income tax  5,757  2,585
   768,253  807,641
Total liabilities  904,678  933,708
     
EQUITY    
Shareholders' equity    
Share capital  248,371  247,642
Paid-in capital  (3,547)    (4,857)
Retained earnings  25,800  37,985
Accumulated other comprehensive income  25,181  21,346
Total shareholders' equity  295,805  302,116
Noncontrolling deficit  (16,880)  (18,574)
Total equity  278,925  283,542
Total liabilities and equity € 1,183,603 € 1,217,250
         
         

 

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