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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

 

MERCER INTERNATIONAL INC.
 
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands of Euros, except per share data)
     
  Three Months Ended  December 31,  Year Ended  December 31, 
   2012   2011   2012   2011 
         
Revenues        
 Pulp € 171,257 € 213,238 € 761,854 € 831,396
 Energy and chemicals  17,191  18,347  72,289  68,079
   188,448  231,585  834,143  899,475
Costs and expenses        
 Operating costs  157,582  203,288  689,052  693,825
 Operating depreciation and amortization  13,992  13,983  57,776  55,760
   16,874  14,314  87,315  149,890
 Selling, general and administrative expenses  9,622  11,357  38,310  38,771
Operating income  7,252  2,957  49,005  111,119
         
Other income (expense)        
 Interest expense  (13,725)  (14,089)  (55,805)  (58,995)
 Gain (loss) on derivative instruments  2,405  (838)  3,741  (1,418)
 Foreign exchange gain (loss) on debt   --  (97)   --  1,175
 Loss on extinguishment of debt --  (2)  (81)  (71)
 Other income (expense)  122  768  (58)  1,501
Total other income (expense)  (11,198)  (14,258)  (52,203)  (57,808)
Income (loss) before income taxes  (3,946)  (11,301)  (3,198)  53,311
Income tax benefit (provision)         
– current  (204)  2,172  (7,411)  (1,682)
– deferred  (2,182)  6,084  118  2,377
Net income (loss)   (6,332)  (3,045)  (10,491)  54,006
Less: net loss (income) attributable to noncontrolling interest  1,171  1,244  (1,694)  (3,931)
Net income (loss) attributable to common shareholders € (5,161) € (1,801) € (12,185) € 50,075
         
Net income (loss) per share attributable to common shareholders        
 Basic € (0.09) € (0.03) € (0.22) € 1.00
 Diluted € (0.09) € (0.03) € (0.22) € 0.89

 

MERCER INTERNATIONAL INC.
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands of Euros)
   
  For the Year Ended December 31,
  2012 2011 2010
Cash flows from (used in) operating activities      
Net income (loss) € (10,491) € 54,006 € 94,748
Adjustments to reconcile net income (loss) to cash flows from operating activities      
Unrealized loss (gain) on derivative instruments  (2,477)  1,418  (1,899)
Foreign exchange loss (gain) on debt  --  (1,175)  6,126
Loss on extinguishment of debt  81  71  7,494
Depreciation and amortization  58,052  56,005  56,231
Deferred income taxes  (118)  (2,377)  (9,760)
Stock compensation expense  2,039  3,310  2,394
Pension and other post-retirement expense, net of funding  284  (269)  418
Other  3,801  1,905  7,682
Changes in working capital      
Receivables  8,394  (1,604)  (40,038)
Inventories  1,342  (17,713)  (24,462)
Accounts payable and accrued expenses  (13,990)  14,252  (3,089)
Other  (944)  3,226  (4,566)
Net cash from (used in) operating activities  45,973  111,055  91,279
       
Cash flows from (used in) investing activities      
Purchase of property, plant and equipment  (36,704)  (37,809)  (38,300)
Proceeds on sale of property, plant and equipment  653  813  1,138
Purchase of marketable securities  --  (12,187)  --
Proceeds on maturity of marketable securities  12,213  --  --
Note receivable  --  2,865  1,113
Net cash from (used in) investing activities  (23,838)  (46,318)  (36,049)
       
Cash flows from (used in) financing activities      
Repayment of notes payable and debt  (27,254)  (49,193)  (234,582)
Proceeds from borrowings of note payable and debt  --  --  222,177
Repayment of capital lease obligations  (2,125)  (2,942)  (2,920)
Proceeds from (repayment of) credit facilities, net  4,559  (14,652)  (2,660)
Payment of note issuance costs  (1,933)  --  (6,095)
Proceeds from government grants  3,888  14,199  17,952
Purchase of treasury shares  --  (7,476)  --
Net cash from (used in) financing activities  (22,865)  (60,064)  (6,128)
       
Effect of exchange rate changes on cash and cash equivalents  (103)  1,377  (1,371)
       
Net increase (decrease) in cash and cash equivalents  (833)  6,050  47,731
Cash and cash equivalents, beginning of year  105,072  99,022  51,291
Cash and cash equivalents, end of year € 104,239 € 105,072 € 99,022
 
MERCER INTERNATIONAL INC.
 
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Balance Sheets
(Unaudited)
(In thousands of Euros)
 
The terms of the indenture governing our 9.5% Senior Notes require that we provide the results of operations and financial condition of Mercer International Inc. and our restricted subsidiaries under the indenture, collectively referred to as the "Restricted Group". As at and during the year ended December 31, 2012 and 2011, the Restricted Group was comprised of Mercer International Inc., certain holding subsidiaries and our Rosenthal and Celgar mills. The Restricted Group excludes the Stendal mill.
   
  December 31, 2012
  Restricted Unrestricted   Consolidated
  Group Subsidiaries Eliminations Group
ASSETS        
Current assets        
Cash and cash equivalents € 36,714 € 67,525 € -- € 104,239
Receivables  61,212  48,875  --  110,087
Inventories  74,786  43,514  --  118,300
Prepaid expenses and other  5,811  2,096  --  7,907
Deferred income tax  2,188  2,277  --  4,465
Total current assets  180,711  164,287  --  344,998
         
Long-term assets        
Property, plant and equipment  345,311  463,567  --  808,878
Deferred note issuance and other  6,607  5,555  --  12,162
Deferred income tax  9,179  8,386  --  17,565
Due from unrestricted group  102,311  --  (102,311)  --
Total assets  € 644,119 € 641,795 € (102,311) € 1,183,603
         
LIABILITIES        
Current liabilities        
Accounts payable and other € 42,106 € 47,844 € -- € 89,950
Pension and other post-retirement benefit obligations  813  --  --  813
Debt  5,662  40,000  --  45,662
Total current liabilities  48,581  87,844  --  136,425
         
Long-term liabilities        
Debt  216,214  449,527  --  665,741
Due to restricted group  --  102,311  (102,311)  --
Unrealized interest rate derivative losses  --  50,678  --  50,678
Pension and other post-retirement benefit obligations  32,141  --  --  32,141
Capital leases and other  6,073  7,863  --  13,936
Deferred income tax  5,757  --  --  5,757
Total liabilities  308,766  698,223  (102,311)  904,678
         
EQUITY        
Total shareholders' equity (deficit)  335,353  (39,548)  --  295,805
Noncontrolling deficit  --  (16,880)  --  (16,880)
Total liabilities and equity € 644,119 € 641,795 € (102,311) € 1,183,603
                 

 

MERCER INTERNATIONAL INC.
 
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Balance Sheets
(Unaudited)
(In thousands of Euros)
   
  December 31, 2011
  Restricted Unrestricted   Consolidated
  Group Subsidiaries Eliminations Group
ASSETS        
Current assets        
Cash and cash equivalents € 44,829 € 60,243 € -- € 105,072
Marketable securities  12,216  --  --  12,216
Receivables  62,697  57,790  --  120,487
Inventories  71,692  48,847  --  120,539
Prepaid expenses and other  5,019  3,143  --  8,162
Deferred income tax  5,179  1,571  --  6,750
Total current assets  201,632  171,594  --  373,226
         
Long-term assets        
Property, plant and equipment  353,925  467,049  --  820,974
Deferred note issuance and other  5,971  4,792  --  10,763
Deferred income tax  8,492  3,795  --  12,287
Due from unrestricted group  88,824  --  (88,824)  --
Total assets € 658,844 € 647,230 € (88,824) € 1,217,250
         
LIABILITIES        
Current liabilities        
Accounts payable and other € 49,815 € 49,825 € -- € 99,640
Pension and other post-retirement benefit obligations  756  --  --  756
Debt  1,088  24,583  --  25,671
Total current liabilities  51,659  74,408  --  126,067
         
Long-term liabilities        
Debt  222,384  486,031  --  708,415
Due to restricted group  --  88,824  (88,824)  --
Unrealized interest rate derivative losses  --  52,391  --  52,391
Pension and other post-retirement benefit obligations  31,197  --  --  31,197
Capital leases and other  6,604  6,449  --  13,053
Deferred income tax  2,585  --  --  2,585
Total liabilities  314,429  708,103  (88,824)  933,708
         
EQUITY        
Total shareholders' equity (deficit)  344,415  (42,299)  --  302,116
Noncontrolling deficit  --  (18,574)  --  (18,574)
Total liabilities and equity € 658,844 € 647,230 € (88,824) € 1,217,250
 
MERCER INTERNATIONAL INC.  
 
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Statements of Operations
(Unaudited)
(In thousands of Euros)
   
   
   Three Months Ended December 31, 2012 
    Restricted  Group  Unrestricted Subsidiaries   Eliminations Consolidated  Group 
Revenues        
 Pulp € 97,532  € 73,725  €  -- € 171,257
 Energy and chemicals  7,078   10,113   --  17,191
   104,610   83,838    --  188,448
Operating costs  86,053  71,529   --  157,582
Operating depreciation and amortization  7,445  6,547 --  13,992
Selling, general and administrative expenses  6,321   3,301   --  9,622
   99,819   81,377   --  181,196
Operating income  4,791   2,461 --  7,252
         
Other income (expense)        
  Interest expense  (5,671)  (9,601)  1,547  (13,725)
  Gain (loss) on derivative instruments  56  2,349 --  2,405
  Other income (expense)  1,622   47   (1,547)  122
Total other income (expense)  (3,993)   (7,205) --  (11,198)
Income (loss) before income taxes  798  (4,744) --  (3,946)
Income tax benefit (provision)  (2,177)   (209)   --  (2,386)
Net income (loss)  (1,379)  (4,953) --  (6,332)
Less: net loss attributable to noncontrolling interest --   1,171 --  1,171
Net income (loss) attributable to common shareholders € (1,379)  € (3,782)  €  -- € (5,161)
   
    Three Months Ended December 31, 2011 
    Restricted  Group  Unrestricted Subsidiaries   Eliminations Consolidated  Group 
Revenues        
 Pulp € 121,894  € 91,344  €  -- € 213,238
 Energy and chemicals  7,805   10,542   --  18,347
   129,699   101,886   --  231,585
Operating costs  110,393  92,895   --  203,288
Operating depreciation and amortization  7,462  6,521   --  13,983
Selling, general and administrative expenses  6,554   4,803   --  11,357
   124,409   104,219 --  228,628
Operating income (loss)  5,290   (2,333)    --  2,957
         
Other income (expense)        
 Interest expense  (5,684)  (9,670)  1,265  (14,089)
 Loss on derivative instruments   --  (838)   --  (838)
 Foreign exchange loss on debt  (97)    -- --  (97)
 Loss on extinguishment of debt  (2)   --   --  (2)
 Other income (expense)  1,344   689   (1,265)  768
Total other income (expense)  (4,439)   (9,819)   --  (14,258)
Income (loss) before income taxes  851  (12,152) --  (11,301)
Income tax benefit (provision)  1,327   6,929   --  8,256
Net income (loss)  2,178  (5,223) --  (3,045)
Less: net loss attributable to noncontrolling interest   --   1,244 --  1,244
Net income (loss) attributable to common shareholders € 2,178  € (3,979)  €  -- € (1,801)
 
MERCER INTERNATIONAL INC.
 
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Statements of Operations
(Unaudited)
(In thousands of Euros)
   
  Year Ended December 31, 2012
  Restricted Unrestricted   Consolidated
  Group Subsidiaries Eliminations Group
Revenues        
Pulp € 423,943 € 337,911 € -- € 761,854
Energy and chemicals  28,489  43,800  --  72,289
   452,432  381,711  --  834,143
         
Operating costs  388,966  300,086  --  689,052
Operating depreciation and amortization  31,195  26,581  --  57,776
Selling, general and administrative expenses  24,640  13,670  --  38,310
   444,801  340,337  --  785,138
Operating income  7,631  41,374  --  49,005
         
Other income (expense)        
Interest expense  (23,425)  (38,050)  5,670  (55,805)
Gain (loss) on derivative instruments  2,028  1,713  --  3,741
Loss on extinguishment of debt  (81)  --  --  (81)
Other income (expense)  5,108  504  (5,670)  (58)
Total other income (expense)  (16,370)  (35,833)  --  (52,203)
Income (loss) before income taxes  (8,739)  5,541  --  (3,198)
Income tax benefit (provision)  (5,482)  (1,811)  --  (7,293)
Net income (loss)  (14,221)  3,730  --  (10,491)
Less: net income attributable to noncontrolling interest  --  (1,694)  --  (1,694)
Net income (loss) attributable to common shareholders € (14,221) € 2,036 € -- € (12,185)
   
  Year Ended December 31, 2011
  Restricted Unrestricted   Consolidated
  Group Subsidiaries Eliminations Group
Revenues        
Pulp € 473,992 € 357,404 € -- € 831,396
Energy and chemicals  25,473  42,606  --  68,079
   499,465  400,010  --  899,475
         
Operating costs  382,555  311,270  --  693,825
Operating depreciation and amortization  29,841  25,919  --  55,760
Selling, general and administrative expenses  24,126  14,645  --  38,771
   436,522  351,834  --  788,356
Operating income  62,943  48,176  --  111,119
         
Other income (expense)        
Interest expense  (24,886)  (39,074)  4,965  (58,995)
Gain (loss) on derivative instruments  --  (1,418)  --  (1,418)
Foreign exchange gain (loss) on debt  1,175  --  --  1,175
Loss on extinguishment of debt  (71)  --  --  (71)
Other income (expense)  5,262  1,204  (4,965)  1,501
Total other income (expense)  (18,520)  (39,288)  --  (57,808)
Income (loss) before income taxes  44,423  8,888  --  53,311
Income tax benefit (provision)  (4,614)  5,309  --  695
Net income (loss)  39,809  14,197  --  54,006
Less: net income attributable to noncontrolling interest  --  (3,931)  --  (3,931)
Net income (loss) attributable to common shareholders € 39,809 € 10,266 € -- € 50,075
 
MERCER INTERNATIONAL INC.
 
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Statements of Cash Flows
(Unaudited)
(In thousands of Euros)
   
  Year Ended December 31, 2012
  Restricted Unrestricted Consolidated
  Group Subsidiaries Group
Cash flows from (used in) operating activities      
Net income (loss) € (14,221) € 3,730 € (10,491)
Adjustments to reconcile net income (loss) to cash flows from operating activities      
Unrealized loss (gain) on derivative instruments  (764)  (1,713)  (2,477)
Loss on extinguishment of debt  81  --  81
Depreciation and amortization  31,471  26,581  58,052
Deferred income taxes  5,179  (5,297)  (118)
Stock compensation expense  2,039  --  2,039
Pension and other post-retirement expense, net of funding  284  --  284
Other  1,144  2,657  3,801
Changes in working capital      
Receivables  (587)  8,981  8,394
Inventories  (3,991)  5,333  1,342
Accounts payable and accrued expenses  (7,446)  (6,544)  (13,990)
Other (1)  (15,779)  14,835  (944)
Net cash from (used in) operating activities  (2,590)  48,563  45,973
       
Cash flows from (used in) investing activities      
Purchase of property, plant and equipment  (21,937)  (14,767)  (36,704)
Proceeds on sale of property, plant and equipment  365  288  653
Proceeds on maturity of marketable securities  12,213  --  12,213
Net cash from (used in) investing activities  (9,359)  (14,479)  (23,838)
       
Cash flows from (used in) financing activities      
Repayment of notes payable and debt  (2,671)  (24,583)  (27,254)
Repayment of capital lease obligations  (735)  (1,390)  (2,125)
Proceeds from (repayment of) credit facilities, net  4,559  --  4,559
Payment of note issuance costs  (312)  (1,621)  (1,933)
Proceeds from government grants  3,096  792   3,888
Net cash from (used in) financing activities  3,937  (26,802)  (22,865)
       
Effect of exchange rate changes on cash and cash equivalents  (103)  --  (103)
       
Net increase (decrease) in cash and cash equivalents  (8,115)  7,282  (833)
Cash and cash equivalents, beginning of year  44,829  60,243  105,072
Cash and cash equivalents, end of year € 36,714 € 67,525 € 104,239
       
(1) Includes intercompany related transactions      
 
MERCER INTERNATIONAL INC.
 
RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE
Combined Condensed Statements of Cash Flows
(Unaudited)
(In thousands of Euros)
   
  Year Ended December 31, 2011
  Restricted Unrestricted Consolidated
  Group Subsidiaries Group
Cash flows from (used in) operating activities      
Net income (loss) € 39,809 € 14,197 € 54,006
Adjustments to reconcile net income (loss) to cash flows      
from operating activities      
Unrealized loss (gain) on derivative instruments  --  1,418  1,418
Foreign exchange loss (gain) on debt  (1,175)  --  (1,175)
Loss on extinguishment of debt  71  --  71
Depreciation and amortization  30,086  25,919  56,005
Deferred income taxes  2,989  (5,366)  (2,377)
Stock compensation expense  3,310  --  3,310
Pension and other post-retirement expense, net of funding  (269)  --  (269)
Other  1,413  492  1,905
Changes in working capital      
Receivables  3,255  (4,859)  (1,604)
Inventories  (10,175)  (7,538)  (17,713)
Accounts payable and accrued expenses  5,868  8,384  14,252
Other (1)  (8,503)  11,729  3,226
Net cash from (used in) operating activities  66,679  44,376  111,055
       
Cash flows from (used in) investing activities      
Purchase of property, plant and equipment  (29,513)  (8,296)  (37,809)
Proceeds on sale of property, plant and equipment  327  486  813
Purchase of marketable securities  (12,187)  --  (12,187)
Note receivable  2,865  --  2,865
Net cash from (used in) investing activities  (38,508)  (7,810)  (46,318)
       
Cash flows from (used in) financing activities      
Repayment of notes payable and debt  (26,026)  (23,167)  (49,193)
Repayment of capital lease obligations  (1,310)  (1,632)  (2,942)
Proceeds from (repayment of) credit facilities, net  (14,652)  --  (14,652)
Proceeds from government grants  14,091  108  14,199
Purchase of treasury shares  (7,476)  --  (7,476)
Net cash from (used in) financing activities  (35,373)  (24,691)  (60,064)
       
Effect of exchange rate changes on cash and cash equivalents  1,377  --  1,377
       
Net increase (decrease) in cash and cash equivalents  (5,825)  11,875  6,050
Cash and cash equivalents, beginning of year  50,654  48,368  99,022
Cash and cash equivalents, end of year € 44,829 € 60,243 € 105,072
       
(1) Includes intercompany related transactions.        
MERCER INTERNATIONAL INC.
 
COMPUTATION OF OPERATING EBITDA
(Unaudited)
(In thousands of Euros)
 
Operating EBITDA is defined as operating income (loss) plus depreciation and amortization and non-recurring capital asset impairment charges. Management uses Operating EBITDA as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Management considers it to be a meaningful supplement to operating income (loss) as a performance measure primarily because depreciation expense and non-recurring capital asset impairment charges are not an actual cash cost, and depreciation expense varies widely from company to company in a manner that management considers largely independent of the underlying cost efficiency of their operating facilities. In addition, we believe Operating EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.
     
Operating EBITDA does not reflect the impact of a number of items that affect our net income (loss), including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under GAAP, and should not be considered as an alternative to net income (loss) or income (loss) from operations as a measure of performance, nor as an alternative to net cash from operating activities as a measure of liquidity. The following tables set forth the net income (loss) attributable to common shareholders to Operating EBITDA for both the consolidated group and our Restricted Group:
     
    Three Months Ended  December 31,  Year Ended  December 31, 
   2012   2011   2012   2011 
  (in thousands) (in thousands)
Net income (loss) attributable to common shareholders € (5,161) € (1,801) € (12,185) € 50,075
Net income (loss) attributable to noncontrolling interest  (1,171)  (1,244)  1,694  3,931
Income tax provision (benefits)  2,386  (8,256)  7,293  (695)
Interest expense  13,725  14,089  55,805  58,995
Loss (gain) on derivative instruments  (2,405)  838  (3,741)  1,418
Foreign exchange loss (gain) on debt   --  97 --  (1,175)
Loss on extinguishment of debt --  2  81  71
Other expense (income)  (122)  (768)  58  (1,501)
Operating income  7,252  2,957  49,005  111,119
Add: Depreciation and amortization  14,060  14,045  58,052  56,005
Operating EBITDA € 21,312 € 17,002 € 107,057 € 167,124
     
    Three Months Ended  December 31,  Year Ended  December 31, 
   2012   2011   2012   2011 
  (in thousands) (in thousands)
Restricted Group        
Net income (loss) (1) € (1,379) € 2,178 € (14,221) € 39,809
Income tax provision (benefits)   2,177  (1,327)   5,482  4,614
Interest expense  5,671  5,684  23,425  24,886
Gain on derivative instruments  (56)   --  (2,028)   --
Foreign exchange loss (gain) on debt   --  97 --  (1,175)
Loss on extinguishment of debt --  2  81  71
Other expense (income)  (1,622)  (1,344)  (5,108)  (5,262)
Operating income  4,791  5,290  7,631  62,943
Add: Depreciation and amortization  7,513  7,524  31,471  30,086
Operating EBITDA € 12,304 € 12,814 € 39,102 € 93,029
         
(1) For the Restricted Group, net income (loss) attributable to common shareholders and net income (loss) are the same.  
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         (604) 684-1099
         
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