NEW YORK, Nov. 1, 2012 (GLOBE NEWSWIRE) -- Mercer International Inc. MERC MRI today reported results for the third quarter ended September 30, 2012. Operating EBITDA* in the third quarter of 2012 was €22.3 million ($27.9 million), compared to €49.2 million ($69.5 million) in the third quarter of 2011 and €32.9 million ($42.2 million) in the second quarter of 2012.
For the third quarter of 2012, we had a net loss of €9.7 million ($12.1 million), or €0.17 ($0.21) per basic share, compared to net income of €8.4 million ($11.9 million), or €0.15 ($0.21) per basic share, in the third quarter of 2011 and net income of €1.5 million ($1.9 million), or €0.03 ($0.04) per basic share, for the second quarter of 2012.
Summary Financial Highlights
| Q3 | Q2 | Q3 | YTD | YTD | |
| 2012 | 2012 | 2011 | 2012 | 2011 | |
| (in millions of Euros, other than per share amounts) | |||||
| Pulp revenues | € 205.1 | € 186.0 | € 190.4 | € 590.6 | € 618.2 |
| Energy and chemical revenues | 18.2 | 18.0 | 16.6 | 55.1 | 49.7 |
| Operating income | 7.2 | 18.3 | 35.3 | 41.8 | 108.2 |
| Operating EBITDA | 22.3 | 32.9 | 49.2 | 85.7 | 150.1 |
| Gain (loss) on derivative instruments | (0.9) | 1.3 | (10.5) | 1.3 | (0.6) |
| Foreign exchange gain (loss) on debt | -- | -- | (0.2) | -- | 1.3 |
| Income tax benefit (provision) | (1.9) | (2.3) | (3.1) | (4.9) | (7.6) |
| Net income (loss)(1) | (9.7) | 1.5 | 8.4 | (7.0) | 51.9 |
| Net income (loss) per share(1) | |||||
| Basic | € (0.17) | € 0.03 | € 0.15 | € (0.13) | € 1.07 |
| Diluted | € (0.17) | € 0.03 | € 0.15 | € (0.13) | € 0.92 |
| Common shares outstanding at period end (000s) | 55,816 | 55,816 | 55,779 | 55,816 | 55,779 |
| (1) Attributable to common shareholders. | |||||
Summary Operating Highlights
| Q3 | Q2 | Q3 | YTD | YTD | ||||||
| 2012 | 2012 | 2011 | 2012 | 2011 | ||||||
| Pulp production ('000 ADMTs) | 373.4 | 365.0 | 362.3 | 1,118.8 | 1,088.8 | |||||
| Scheduled production downtime ('000 ADMTs) | 10.2 | 22.6 | 8.3 | 32.8 | 24.5 | |||||
| Pulp sales ('000 ADMTs) | 404.3 | 349.2 | 321.3 | 1,138.3 | 1,027.9 | |||||
| Average NBSK pulp list price in Europe ($/ADMT)(1) | 777 | 837 | 980 | 817 | 986 | |||||
| Average NBSK pulp list price in Europe (€/ADMT) | 620 | 652 | 694 | 637 | 701 | |||||
| Average pulp sales realizations (€/ADMT)(2) | 501 | 526 | 584 | 512 | 592 | |||||
| (1) Source: RISI pricing report. | ||||||||||
| (2) Average realized pulp prices for the periods indicated reflect customer discounts and pulp price movements between the order and shipment date. | ||||||||||
| * Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States ("GAAP") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See page 12 of the financial tables included in this press release for a reconciliation of net income (loss) attributable to common shareholders to Operating EBITDA. | ||||||||||
| Q3 | Q2 | Q3 | YTD | YTD | ||||||
| 2012 | 2012 | 2011 | 2012 | 2011 | ||||||
| Energy production ('000 MWh) | 436.5 | 425.4 | 402.5 | 1,298.2 | 1,230.9 | |||||
| Energy sales ('000 MWh) | 181.3 | 182.7 | 149.3 | 546.4 | 483.1 | |||||
| Average spot currency exchange rates: | ||||||||||
| € / $(3) | 0.7999 | 0.7795 | 0.7084 | 0.7807 | 0.7110 | |||||
| C$ / $(3) | 0.9954 | 1.0102 | 0.9803 | 1.0022 | 0.9778 | |||||
| C$ / €(4) | 1.2452 | 1.2959 | 1.3835 | 1.2847 | 1.3752 | |||||
| (3) Average Federal Reserve Bank of New York noon spot rate over the reporting period. | ||||||||||
| (4) Average Bank of Canada noon spot rate over the reporting period. | ||||||||||
President's Comments
Mr. Jimmy S.H. Lee, President and Chairman, stated: "During the third quarter of 2012, NBSK pulp prices remained generally weak. Despite this, we generated Operating EBITDA of €22.3 million, primarily as a result of strong pulp sales volumes and energy sales in the quarter."
Mr. Lee continued: "During the third quarter, pulp prices declined due to traditionally slower demand in the summer months and continued global economic uncertainty. Overall, on average, list prices in Europe were down by approximately 7% and 21% from the prior and comparative quarter, respectively. At the end of the recent quarter, list prices were approximately $760, $830 and $640 per ADMT in Europe, North America and China, respectively. During the current quarter, pulp sales volumes hit record levels and were approximately 83,000 ADMTs higher than the same quarter of 2011. Both our Celgar and Stendal mills realized upon increased demand from China in the latter part of the current quarter and re-balanced their inventory levels. We currently anticipate a gradual improvement in NBSK pulp prices in the medium term as a result of improving demand and the relatively low level of current NBSK inventories globally."
Mr. Lee added: "During the third quarter of 2012, energy sales volumes increased by 21% to 181,332 MWh in 2012 from 149,276 MWh in 2011. Additionally, we continue to implement Project Blue Mill, which is designed to increase our Stendal mill's annual energy production by 109,000 MWh and annual pulp production by 30,000 ADMTs."
Mr. Lee continued: "On average, our per unit fiber costs declined by approximately 9% in the current quarter from the same quarter of 2011, primarily because of lower costs at our German mills. Overall, we currently anticipate our fiber costs will increase marginally in the fourth quarter of 2012."
Mr. Lee concluded: "Although NBSK pulp markets remain generally weak, we expect pulp prices to gradually strengthen in the fourth quarter and into 2013. We believe that our continued focus on renewable energy and strong mill operating performance positions us well to realize upon higher pulp prices."
Three Months Ended September 30, 2012 Compared to Three Months Ended September 30, 2011
Total revenues for the three months ended September 30, 2012 increased to €223.3 million ($279.6 million) from €207.1 million ($292.4 million) in the same period in 2011. Pulp revenues for the three months ended September 30, 2012 increased to €205.1 million from €190.4 million in the comparative period of 2011, primarily due to record pulp sales volumes and a stronger U.S. dollar relative to the Euro, partially offset by lower average pulp realizations.
Energy and chemical revenues increased by approximately 10% in the third quarter to €18.2 million from €16.6 million in the same quarter last year, as a result of higher sales volumes at all of our mills.
Pulp production increased to 373,369 ADMTs in the current quarter from 362,330 ADMTs in the same quarter of 2011, due to increased production at our Rosenthal and Stendal mills. We took seven days (approximately 10,200 ADMTs) of scheduled maintenance downtime at our Celgar mill in the third quarter of 2012.
Pulp sales volumes increased by approximately 26% and 16% to a record 404,301 ADMTs in the current quarter from 321,338 ADMTs and 349,177 ADMTs in the comparative and prior quarters, respectively, primarily as a result of significantly higher sales to China. During the current quarter, our Celgar and Stendal mills ramped up sales volumes to realize upon increased demand from China in the latter part of the quarter and re-balanced their inventory levels. Average pulp sales realizations decreased by 14% to €501 ($627) per ADMT in the third quarter of 2012, compared to €584 ($824) per ADMT in the same period last year, due to lower pulp prices, partially offset by a stronger U.S. dollar relative to the Euro.
Costs and expenses in the third quarter of 2012 increased by 26% to €216.1 million from €171.8 million in the comparative period of 2011, primarily due to a 26% increase in sales volumes.
On average, our per unit fiber costs in the current quarter decreased by approximately 9% from the same period in 2011, due to lower fiber costs in Germany caused by reduced demand from other residual fiber users. Fiber costs at our Celgar mill were slightly higher, primarily due to increased demand for fiber. As we move into the fourth quarter, we currently expect fiber prices for our German mills to increase slightly because of seasonal demand and to decline slightly at our Celgar mill due to increased regional sawmill activity.
Selling, general and administrative expenses increased to €10.0 million in the third quarter of 2012, compared to €8.8 million in the third quarter of 2011, primarily as a result of higher stock compensation and selling costs.
For the third quarter of 2012, operating income decreased to €7.2 million from €35.3 million in the comparative quarter of 2011, primarily due to lower average pulp realizations, partially offset by a stronger U.S. dollar relative to the Euro and lower fiber costs.
Interest expense in the third quarter of 2012 and 2011 was unchanged at €14.1 million.
Our Stendal mill recorded an unrealized loss of €1.2 million on the interest rate derivative in the current quarter, compared to an unrealized loss of €10.5 million in the same quarter of last year. We also recorded a gain of approximately €0.3 million related to a fixed price pulp swap contract entered into in the second quarter of 2012.
In the third quarter of 2012, the noncontrolling shareholder's interest in the Stendal mill's income was €0.6 million, compared to a loss of €0.8 million in the same quarter last year.
In the third quarter of 2012, Operating EBITDA decreased to €22.3 million from €49.2 million in the third quarter of 2011. Operating EBITDA is defined as operating income (loss) plus depreciation and amortization and non-recurring capital asset impairment charges. Operating EBITDA has significant limitations as an analytical tool and should not be considered in isolation or as a substitute for our results as reported under GAAP. See page 12 of the financial tables included in the press release for a reconciliation of net income (loss) attributable to common shareholders to Operating EBITDA.
We reported a net loss attributable to common shareholders of €9.7 million, or €0.17 per basic and diluted share, for the third quarter of 2012, compared to net income of €8.4 million, or €0.15 per basic and diluted share, in the third quarter of 2011.
Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011
Total revenues for the nine months ended September 30, 2012 decreased to €645.7 million ($827.9 million) from €667.9 million ($939.5 million) in the same period of 2011. Pulp revenues for the nine months ended September 30, 2012 decreased to €590.6 million from €618.2 million in the comparative period of 2011, primarily due to lower pulp prices, partially offset by higher sales volumes and a stronger U.S. dollar relative to the Euro.
Energy and chemical revenues increased by approximately 11% in the nine months ended September 30, 2012 to a record €55.1 million from €49.7 million in the same period last year, as a result of strong production at all of our mills.
Pulp sales volumes increased by approximately 11% to 1,138,304 ADMTs in the nine months ended September 30, 2012 from 1,027,918 ADMTs in the comparative period of 2011, primarily as a result of a significant increase in sales to China. During the third quarter of 2012, our Celgar and Stendal mills ramped up sales volumes to take advantage of increased demand from China in the latter part of the third quarter and re-balanced their inventory levels.
Costs and expenses in the nine months ended September 30, 2012 increased by approximately 8% to €603.9 million, compared to €559.7 million in the same period of 2011, primarily due to an 11% increase in sales volumes, partially offset by reduced fiber costs.
On average, our per unit fiber costs in the nine months ended September 30, 2012 decreased by approximately 6% from the same period of 2011, primarily due to lower fiber costs in Germany caused by decreased demand.
For the nine months ended September 30, 2012, operating income decreased to €41.8 million from €108.2 million in the comparative period of 2011, primarily due to lower pulp prices, partially offset by a stronger U.S. dollar relative to the Euro and lower fiber costs.
Interest expense in the nine months ended September 30, 2012 decreased to €42.1 million from €44.9 million in the comparative period of 2011, primarily due to lower debt levels associated with the Stendal mill and the conversion of our remaining convertible notes in 2011.
In the nine months ended September 30, 2012, Operating EBITDA decreased to €85.7 million from €150.1 million in the same period of 2011.(1)
We reported a net loss attributable to common shareholders of €7.0 million, or €0.13 per basic and diluted share, for the nine months ended September 30, 2012, which included a total non-cash unrealized gain of €0.8 million on the pulp price and Stendal interest rate derivatives, more than offset by a non-cash charge for stock compensation of €1.8 million. In the nine months ended September 30, 2011, we reported net income attributable to common shareholders of €51.9 million, or €1.07 per basic and €0.92 per diluted share, which included a non-cash unrealized loss of €0.6 million on the Stendal interest rate derivative, a €1.3 million non-cash foreign exchange gain on certain of our foreign currency denominated debt and a non-cash charge for stock compensation of €2.8 million.
_________________________
(1) See page 12 of the financial tables included in the press release for our definition of Operating EBITDA, limitations on its use as an analytical tool and a reconciliation of net income (loss) attributable to common shareholders to Operating EBITDA.
Liquidity and Capital Resources
The following table is a summary of selected financial information as at the dates indicated:
| As at September 30, | As at December 31, | ||||
| 2012 | 2011 | ||||
| (in thousands) | |||||
| Financial Position | |||||
| Cash and cash equivalents | € 126,169 | € 105,072 | |||
| Marketable securities | 190 | 12,372 | (1) | ||
| Working capital | 220,480 | 247,159 | |||
| Property, plant and equipment | 815,661 | 820,974 | |||
| Total assets | 1,220,739 | 1,217,250 | |||
| Long-term liabilities | 775,041 | 807,641 | |||
| Total equity | 288,784 | 283,542 | |||
| (1) Principally comprised of German federal government bonds with a maturity of less than one year. | |||||
As at September 30, 2012, we had approximately €26.4 million and C$36.3 million available under our Rosenthal and Celgar facilities, respectively. As at September 30, 2012, approximately €452.9 million was outstanding under our Stendal mill's loan facility, compared to €477.5 million as at December 31, 2011.
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:
| As at September 30, | As at December 31, | ||||
| 2012 | 2011 | ||||
| (in thousands) | |||||
| Financial Position | |||||
| Cash and cash equivalents | € 55,023 | € 44,829 | |||
| Marketable securities | 190 | 12,372 | (1) | ||
| Working capital | 135,654 | 149,973 | |||
| Property, plant and equipment | 356,302 | 353,925 | |||
| Total assets | 671,448 | 658,844 | |||
| Long-term liabilities | 265,923 | 262,770 | |||
| Total equity | 340,974 | 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 Friday, November 2, 2012 at 10:00 AM (Eastern Daylight Time). Listeners can access the conference call live and archived through December 2, 2012, over the Internet at http://investor.shareholder.com/media/eventdetail.cfm?eventid=119185&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", "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. | ||
| INTERIM CONSOLIDATED BALANCE SHEETS | ||
| (Unaudited) | ||
| (In thousands of Euros) | ||
| September 30, | December 31, | |
| 2012 | 2011 | |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | € 126,169 | € 105,072 |
| Marketable securities | -- | 12,216 |
| Receivables | 118,631 | 120,487 |
| Inventories | 113,355 | 120,539 |
| Prepaid expenses and other | 10,203 | 8,162 |
| Deferred income tax | 9,036 | 6,750 |
| Total current assets | 377,394 | 373,226 |
| Long-term assets | ||
| Property, plant and equipment | 815,661 | 820,974 |
| Deferred note issuance and other | 11,924 | 10,763 |
| Deferred income tax | 15,760 | 12,287 |
| 843,345 | 844,024 | |
| Total assets | € 1,220,739 | € 1,217,250 |
| LIABILITIES | ||
| Current liabilities | ||
| Accounts payable and other | € 115,037 | € 99,640 |
| Pension and other post-retirement benefit obligations | 789 | 756 |
| Debt | 41,088 | 25,671 |
| Total current liabilities | 156,914 | 126,067 |
| Long-term liabilities | ||
| Debt | 670,792 | 708,415 |
| Unrealized interest rate derivative losses | 53,027 | 52,391 |
| Pension and other post-retirement benefit obligations | 32,388 | 31,197 |
| Capital leases and other | 13,399 | 13,053 |
| Deferred income tax | 5,435 | 2,585 |
| 775,041 | 807,641 | |
| Total liabilities | 931,955 | 933,708 |
| EQUITY | ||
| Shareholders' equity | ||
| Share capital | 248,371 | 247,642 |
| Paid-in capital | (3,954) | (4,857) |
| Retained earnings | 30,961 | 37,985 |
| Accumulated other comprehensive income | 29,115 | 21,346 |
| Total shareholders' equity | 304,493 | 302,116 |
| Noncontrolling deficit | (15,709) | (18,574) |
| Total equity | 288,784 | 283,542 |
| Total liabilities and equity | € 1,220,739 | € 1,217,250 |
| MERCER INTERNATIONAL INC. | ||||
| INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (Unaudited) | ||||
| (In thousands of Euros, except per share data) | ||||
| Three Months Ended | Nine Months Ended | |||
| September 30, | September 30, | |||
| 2012 | 2011 | 2012 | 2011 | |
| Revenues | ||||
| Pulp | € 205,122 | € 190,426 | € 590,597 | € 618,158 |
| Energy and chemicals | 18,153 | 16,639 | 55,098 | 49,732 |
| 223,275 | 207,065 | 645,695 | 667,890 | |
| Costs and expenses | ||||
| Operating costs | 191,083 | 149,172 | 531,470 | 490,537 |
| Operating depreciation and amortization | 14,972 | 13,832 | 43,784 | 41,777 |
| 17,220 | 44,061 | 70,441 | 135,576 | |
| Selling, general and administrative expenses | 10,006 | 8,754 | 28,688 | 27,414 |
| Operating income | 7,214 | 35,307 | 41,753 | 108,162 |
| Other income (expense) | ||||
| Interest expense | (14,084) | (14,117) | (42,080) | (44,906) |
| Gain (loss) on derivative instruments | (883) | (10,484) | 1,336 | (580) |
| Foreign exchange gain (loss) on debt | -- | (181) | -- | 1,272 |
| Other income (expense) | 517 | 201 | (261) | 664 |
| Total other income (expense) | (14,450) | (24,581) | (41,005) | (43,550) |
| Income (loss) before income taxes | (7,236) | 10,726 | 748 | 64,612 |
| Income tax benefit (provision) | ||||
| Current | (870) | (1,557) | (7,207) | (3,854) |
| Deferred | (1,040) | (1,567) | 2,300 | (3,707) |
| Net income (loss) | (9,146) | 7,602 | (4,159) | 57,051 |
| Less: net loss (income) attributable to noncontrolling interest | (566) | 838 | (2,865) | (5,175) |
| Net income (loss) attributable to common shareholders | € (9,712) | € 8,440 | € (7,024) | € 51,876 |
| Net income (loss) per share attributable to common shareholders | ||||
| Basic | € (0.17) | € 0.15 | € (0.13) | € 1.07 |
| Diluted | € (0.17) | € 0.15 | € (0.13) | € 0.92 |
| MERCER INTERNATIONAL INC. | ||||
| INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
| (Unaudited) | ||||
| (In thousands of Euros) | ||||
| Three Months Ended | Nine Months Ended | |||
| September 30, | September 30, | |||
| 2012 | 2011 | 2012 | 2011 | |
| Cash flows from (used in) operating activities | ||||
| Net income (loss) attributable to common shareholders | € (9,712) | € 8,440 | € (7,024) | € 51,876 |
| Adjustments to reconcile net income (loss) attributable to common shareholders to cash flows from operating activities | ||||
| Loss (gain) on derivative instruments | 883 | 10,484 | (1,336) | 580 |
| Foreign exchange loss (gain) on debt | -- | 181 | -- | (1,272) |
| Depreciation and amortization | 15,054 | 13,893 | 43,992 | 41,960 |
| Noncontrolling interest | 566 | (838) | 2,865 | 5,175 |
| Deferred income taxes | 1,040 | 1,567 | (2,300) | 3,707 |
| Stock compensation expense | 891 | 305 | 1,753 | 2,844 |
| Pension and other post-retirement expense, net of funding | (73) | (95) | (128) | (102) |
| Other | 1,412 | 260 | 2,278 | 2,622 |
| Changes in current assets and liabilities | ||||
| Receivables | (14,122) | (9,452) | 901 | 3,248 |
| Inventories | 5,834 | (23,776) | 9,276 | (27,862) |
| Accounts payable and accrued expenses | 9,692 | 318 | 13,146 | 24,873 |
| Other | (2,239) | (752) | (901) | 92 |
| Net cash from (used in) operating activities | 9,226 | 535 | 62,522 | 107,741 |
| Cash flows from (used in) investing activities | ||||
| Purchase of property, plant and equipment | (9,152) | (10,297) | (27,455) | (26,122) |
| Proceeds on sale of property, plant and equipment | 48 | 1,564 | 387 | 1,944 |
| Purchase of marketable securities | -- | (4,018) | -- | (4,018) |
| Proceeds on maturity of marketable securities | 10,213 | -- | 12,221 | -- |
| Note receivable | -- | 2,064 | -- | 2,835 |
| Net cash from (used in) investing activities | 1,109 | (10,687) | (14,847) | (25,361) |
| Cash flows from (used in) financing activities | ||||
| Repayment of notes payable and debt | (15,544) | (12,160) | (27,254) | (42,511) |
| Repayment of capital lease obligations | (508) | (776) | (1,567) | (2,269) |
| Repayment of credit facilities, net | -- | -- | -- | (14,652) |
| Payment of note issuance costs | -- | -- | (1,621) | -- |
| Proceeds from government grants | 778 | 4,470 | 3,100 | 13,419 |
| Purchase of treasury shares | -- | (7,477) | -- | (7,477) |
| Net cash from (used in) financing activities | (15,274) | (15,943) | (27,342) | (53,490) |
| Effect of exchange rate changes on cash and cash equivalents | 221 | 2,058 | 764 | (154) |
| Net increase (decrease) in cash and cash equivalents | (4,718) | (24,037) | 21,097 | 28,736 |
| Cash and cash equivalents, beginning of period | 130,887 | 151,795 | 105,072 | 99,022 |
| Cash and cash equivalents, end of period | € 126,169 | € 127,758 | € 126,169 | € 127,758 |
| 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 three and nine months ended September 30, 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. |
||||
| September 30, 2012 | ||||
|
Restricted Group |
Unrestricted Subsidiaries |
Eliminations |
Consolidated Group |
|
| ASSETS | ||||
| Current assets | ||||
| Cash and cash equivalents | € 55,023 | € 71,146 | € -- | € 126,169 |
| Receivables | 62,313 | 56,318 | -- | 118,631 |
| Inventories | 69,838 | 43,517 | -- | 113,355 |
| Prepaid expenses and other | 7,730 | 2,473 | -- | 10,203 |
| Deferred income tax | 5,301 | 3,735 | -- | 9,036 |
| Total current assets | 200,205 | 177,189 | -- | 377,394 |
| Long-term assets | ||||
| Property, plant and equipment | 356,302 | 459,359 | -- | 815,661 |
| Deferred note issuance and other | 6,077 | 5,847 | -- | 11,924 |
| Deferred income tax | 8,873 | 6,887 | -- | 15,760 |
| Due from unrestricted group | 99,991 | -- | (99,991) | -- |
| Total assets | € 671,448 | € 649,282 | € (99,991) | €1,220,739 |
| LIABILITIES | ||||
| Current liabilities | ||||
| Accounts payable and other | € 62,674 | € 52,363 | € -- | € 115,037 |
| Pension and other post-retirement benefit obligations | 789 | -- | -- | 789 |
| Debt | 1,088 | 40,000 | -- | 41,088 |
| Total current liabilities | 64,551 | 92,363 | -- | 156,914 |
| Long-term liabilities | ||||
| Debt | 221,733 | 449,059 | -- | 670,792 |
| Due to restricted group | -- | 99,991 | (99,991) | -- |
| Unrealized interest rate derivative losses | -- | 53,027 | -- | 53,027 |
| Pension and other post-retirement benefit obligations | 32,388 | -- | -- | 32,388 |
| Capital leases and other | 6,367 | 7,032 | -- | 13,399 |
| Deferred income tax | 5,435 | -- | -- | 5,435 |
| Total liabilities | 330,474 | 701,472 | (99,991) | 931,955 |
| EQUITY | ||||
| Total shareholders' equity (deficit) | 340,974 | (36,481) | -- | 304,493 |
| Noncontrolling deficit | -- | (15,709) | -- | (15,709) |
| Total liabilities and equity | € 671,448 | € 649,282 | € (99,991) | € 1,220,739 |
| MERCER INTERNATIONAL INC. | ||||
| RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE | ||||
| Combined Condensed Balance Sheets | ||||
| (Unaudited) | ||||
| (In thousands of Euros) | ||||
| December 31, 2011 | ||||
|
Restricted Group |
Unrestricted Subsidiaries |
Eliminations |
Consolidated 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 September 30, 2012 | ||||
|
Restricted Group |
Unrestricted Subsidiaries |
Eliminations |
Consolidated Group |
|
| Revenues | ||||
| Pulp | € 112,777 | € 92,345 | € -- | € 205,122 |
| Energy and chemicals | 6,960 | 11,193 | -- | 18,153 |
| 119,737 | 103,538 | -- | 223,275 | |
| Operating costs | 109,815 | 81,268 | -- | 191,083 |
| Operating depreciation and amortization | 8,303 | 6,669 | -- | 14,972 |
| Selling, general and administrative expenses | 6,392 | 3,614 | -- | 10,006 |
| 124,510 | 91,551 | -- | 216,061 | |
| Operating income (loss) | (4,773) | 11,987 | -- | 7,214 |
| Other income (expense) | ||||
| Interest expense | (6,010) | (9,473) | 1,399 | (14,084) |
| Gain (loss) on derivative instruments | 353 | (1,236) | -- | (883) |
| Other income (expense) | 1,665 | 251 | (1,399) | 517 |
| Total other income (expense) | (3,992) | (10,458) | -- | (14,450) |
| Income (loss) before income taxes | (8,765) | 1,529 | -- | (7,236) |
| Income tax provision | (1,192) | (718) | -- | (1,910) |
| Net income (loss) | (9,957) | 811 | -- | (9,146) |
| Less: net income attributable to noncontrolling interest | -- | (566) | -- | (566) |
| Net income (loss) attributable to common shareholders | € (9,957) | € 245 | € -- | € (9,712) |
| Three Months Ended September 30, 2011 | ||||
|
Restricted Group |
Unrestricted Subsidiaries |
Eliminations |
Consolidated Group |
|
| Revenues | ||||
| Pulp | € 111,634 | € 78,792 | € -- | € 190,426 |
| Energy and chemicals | 6,121 | 10,518 | -- | 16,639 |
| 117,755 | 89,310 | -- | 207,065 | |
| Operating costs | 85,962 | 63,210 | -- | 149,172 |
| Operating depreciation and amortization | 7,364 | 6,468 | -- | 13,832 |
| Selling, general and administrative expenses | 6,080 | 2,674 | -- | 8,754 |
| 99,406 | 72,352 | -- | 171,758 | |
| Operating income | 18,349 | 16,958 | -- | 35,307 |
| Other income (expense) | ||||
| Interest expense | (5,496) | (9,869) | 1,248 | (14,117) |
| Gain (loss) on derivative instruments | -- | (10,484) | -- | (10,484) |
| Foreign exchange loss on debt | (181) | -- | -- | (181) |
| Other income (expense) | 1,265 | 184 | (1,248) | 201 |
| Total other income (expense) | (4,412) | (20,169) | -- | (24,581) |
| Income (loss) before income taxes | 13,937 | (3,211) | -- | 10,726 |
| Income tax provision | (2,566) | (558) | -- | (3,124) |
| Net income (loss) | 11,371 | (3,769) | -- | 7,602 |
| Less: net loss attributable to noncontrolling interest | -- | 838 | -- | 838 |
| Net income (loss) attributable to common shareholders | € 11,371 | € (2,931) | € -- | € 8,440 |
| MERCER INTERNATIONAL INC. | ||||
| RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE | ||||
| Combined Condensed Statements of Operations | ||||
| (Unaudited) | ||||
| (In thousands of Euros) | ||||
| Nine Months Ended September 30, 2012 | ||||
|
Restricted Group |
Unrestricted Subsidiaries |
Eliminations |
Consolidated Group |
|
| Revenues | ||||
| Pulp | € 326,411 | € 264,186 | € -- | € 590,597 |
| Energy and chemicals | 21,411 | 33,687 | -- | 55,098 |
| 347,822 | 297,873 | -- | 645,695 | |
| Operating costs | 302,913 | 228,557 | -- | 531,470 |
| Operating depreciation and amortization | 23,750 | 20,034 | -- | 43,784 |
| Selling, general and administrative expenses | 18,319 | 10,369 | -- | 28,688 |
| 344,982 | 258,960 | -- | 603,942 | |
| Operating income | 2,840 | 38,913 | -- | 41,753 |
| Other income (expense) | ||||
| Interest expense | (17,754) | (28,449) | 4,123 | (42,080) |
| Gain (loss) on derivative instruments | 1,972 | (636) | -- | 1,336 |
| Other income (expense) | 3,405 | 457 | (4,123) | (261) |
| Total other income (expense) | (12,377) | (28,628) | -- | (41,005) |
| Income (loss) before income taxes | (9,537) | 10,285 | -- | 748 |
| Income tax provision | (3,305) | (1,602) | -- | (4,907) |
| Net income (loss) | (12,842) | 8,683 | -- | (4,159) |
| Less: net income attributable to noncontrolling interest | -- | (2,865) | -- | (2,865) |
| Net income (loss) attributable to common shareholders | € (12,842) | € 5,818 | € -- | € (7,024) |
| Nine Months Ended September 30, 2011 | ||||
|
Restricted Group |
Unrestricted Subsidiaries |
Eliminations |
Consolidated Group |
|
| Revenues | ||||
| Pulp | € 352,098 | € 266,060 | € -- | € 618,158 |
| Energy and chemicals | 17,668 | 32,064 | -- | 49,732 |
| 369,766 | 298,124 | -- | 667,890 | |
| Operating costs | 272,162 | 218,375 | -- | 490,537 |
| Operating depreciation and amortization | 22,379 | 19,398 | -- | 41,777 |
| Selling, general and administrative expenses | 17,572 | 9,842 | -- | 27,414 |
| 312,113 | 247,615 | -- | 559,728 | |
| Operating income | 57,653 | 50,509 | -- | 108,162 |
| Other income (expense) | ||||
| Interest expense | (19,202) | (29,404) | 3,700 | (44,906) |
| Gain (loss) on derivative instruments | -- | (580) | -- | (580) |
| Foreign exchange gain on debt | 1,272 | -- | -- | 1,272 |
| Other income (expense) | 3,849 | 515 | (3,700) | 664 |
| Total other income (expense) | (14,081) | (29,469) | -- | (43,550) |
| Income (loss) before income taxes | 43,572 | 21,040 | -- | 64,612 |
| Income tax provision | (5,941) | (1,620) | -- | (7,561) |
| Net income (loss) | 37,631 | 19,420 | -- | 57,051 |
| Less: net income attributable to noncontrolling interest | -- | (5,175) | -- | (5,175) |
| Net income (loss) attributable to common shareholders | € 37,631 | € 14,245 | € -- | € 51,876 |
| MERCER INTERNATIONAL INC. | |||
| RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE | |||
| Combined Condensed Statements of Cash Flows | |||
| (Unaudited) | |||
| (In thousands of Euros) | |||
| Three months ended September 30, 2012 | |||
|
Restricted Group |
Unrestricted Subsidiaries |
Consolidated Group |
|
| Cash flows from (used in) operating activities | |||
| Net income (loss) attributable to common shareholders | € (9,957) | € 245 | € (9,712) |
| Adjustments to reconcile net income (loss) attributable to common shareholders to cash flows from operating activities | |||
| Loss (gain) on derivative instruments | (353) | 1,236 | 883 |
| Depreciation and amortization | 8,385 | 6,669 | 15,054 |
| Noncontrolling interest | -- | 566 | 566 |
| Deferred income taxes | 1,040 | -- | 1,040 |
| Stock compensation expense | 891 | -- | 891 |
| Pension and other post-retirement expense, net of funding | (73) | -- | (73) |
| Other | 543 | 869 | 1,412 |
| Changes in current assets and liabilities | |||
| Receivables | (6,130) | (7,992) | (14,122) |
| Inventories | 1,693 | 4,141 | 5,834 |
| Accounts payable and accrued expenses | 9,800 | (108) | 9,692 |
| Other(1) | (4,225) | 1,986 | (2,239) |
| Net cash from (used in) operating activities | 1,614 | 7,612 | 9,226 |
| Cash flows from (used in) investing activities | |||
| Purchase of property, plant and equipment | (6,380) | (2,772) | (9,152) |
| Proceeds on sale of property, plant and equipment | 37 | 11 | 48 |
| Proceeds on maturity of marketable securities | 10,213 | -- | 10,213 |
| Net cash from (used in) investing activities | 3,870 | (2,761) | 1,109 |
| Cash flows from (used in) financing activities | |||
| Repayment of notes payable and debt | (544) | (15,000) | (15,544) |
| Repayment of capital lease obligations | (234) | (274) | (508) |
| Proceeds from government grants | -- | 778 | 778 |
| Net cash from (used in) financing activities | (778) | (14,496) | (15,274) |
| Effect of exchange rate changes on cash and cash equivalents | 221 | -- | 221 |
| Net increase (decrease) in cash and cash equivalents | 4,927 | (9,645) | (4,718) |
| Cash and cash equivalents, beginning of period | 50,096 | 80,791 | 130,887 |
| Cash and cash equivalents, end of period | € 55,023 | € 71,146 | € 126,169 |
| (1) Includes intercompany working capital related transactions. | |||
| MERCER INTERNATIONAL INC. | |||
| RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE | |||
| Combined Condensed Statements of Cash Flows | |||
| (Unaudited) | |||
| (In thousands of Euros) | |||
| Three months ended September 30, 2011 | |||
|
Restricted Group |
Unrestricted Subsidiaries |
Consolidated Group |
|
| Cash flows from (used in) operating activities | |||
| Net income (loss) attributable to common shareholders | € 11,371 | € (2,931) | € 8,440 |
| Adjustments to reconcile net income (loss) attributable to common shareholders to cash flows from operating activities | |||
| Loss (gain) on derivative instruments | -- | 10,484 | 10,484 |
| Foreign exchange loss on debt | 181 | -- | 181 |
| Depreciation and amortization | 7,425 | 6,468 | 13,893 |
| Noncontrolling interest | -- | (838) | (838) |
| Deferred income taxes | 1,567 | -- | 1,567 |
| Stock compensation expense | 305 | -- | 305 |
| Pension and other post-retirement expense, net of funding | (95) | -- | (95) |
| Other | 110 | 150 | 260 |
| Changes in current assets and liabilities | |||
| Receivables | (12,224) | 2,772 | (9,452) |
| Inventories | (14,899) | (8,877) | (23,776) |
| Accounts payable and accrued expenses | (1,704) | 2,022 | 318 |
| Other(1) | (4,020) | 3,268 | (752) |
| Net cash from (used in) operating activities | (11,983) | 12,518 | 535 |
| Cash flows from (used in) investing activities | |||
| Purchase of property, plant and equipment | (7,859) | (2,438) | (10,297) |
| Proceeds on sale of property, plant and equipment | 76 | 1,488 | 1,564 |
| Purchase of marketable securities | (4,018) | -- | (4,018) |
| Note receivable | 2,064 | -- | 2,064 |
| Net cash from (used in) investing activities | (9,737) | (950) | (10,687) |
| Cash flows from (used in) financing activities | |||
| Repayment of notes payable and debt | (3,576) | (8,584) | (12,160) |
| Repayment of capital lease obligations | (270) | (506) | (776) |
| Proceeds from government grants | 4,470 | -- | 4,470 |
| Purchase of treasury shares | (7,477) | -- | (7,477) |
| Net cash from (used in) financing activities | (6,853) | (9,090) | (15,943) |
| Effect of exchange rate changes on cash and cash equivalents | 2,058 | -- | 2,058 |
| Net increase (decrease) in cash and cash equivalents | (26,515) | 2,478 | (24,037) |
| Cash and cash equivalents, beginning of period | 86,941 | 64,854 | 151,795 |
| Cash and cash equivalents, end of period | € 60,426 | € 67,332 | € 127,758 |
| (1) Includes intercompany working capital related transactions. | |||
| MERCER INTERNATIONAL INC. | |||
| RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE | |||
| Combined Condensed Statements of Cash Flows | |||
| (Unaudited) | |||
| (In thousands of Euros) | |||
| Nine months ended September 30, 2012 | |||
|
Restricted Group |
Unrestricted Subsidiaries |
Consolidated Group |
|
| Cash flows from (used in) operating activities | |||
| Net income (loss) attributable to common shareholders | € (12,842) | € 5,818 | € (7,024) |
| Adjustments to reconcile net income (loss) attributable to common shareholders to cash flows from operating activities | |||
| Loss (gain) on derivative instruments | (1,972) | 636 | (1,336) |
| Depreciation and amortization | 23,958 | 20,034 | 43,992 |
| Noncontrolling interest | -- | 2,865 | 2,865 |
| Deferred income taxes | 2,956 | (5,256) | (2,300) |
| Stock compensation expense | 1,753 | -- | 1,753 |
| Pension and other post-retirement expense, net of funding | (128) | -- | (128) |
| Other | 66 | 2,212 | 2,278 |
| Changes in current assets and liabilities | |||
| Receivables | (407) | 1,308 | 901 |
| Inventories | 3,946 | 5,330 | 9,276 |
| Accounts payable and accrued expenses | 12,180 | 966 | 13,146 |
| Other(1) | (12,213) | 11,312 | (901) |
| Net cash from (used in) operating activities | 17,297 | 45,225 | 62,522 |
| Cash flows from (used in) investing activities | |||
| Purchase of property, plant and equipment | (19,413) | (8,042) | (27,455) |
| Proceeds on sale of property, plant and equipment | 274 | 113 | 387 |
| Proceeds on maturity of marketable securities | 12,221 | -- | 12,221 |
| Net cash from (used in) investing activities | (6,918) | (7,929) | (14,847) |
| Cash flows from (used in) financing activities | |||
| Repayment of notes payable and debt | (2,671) | (24,583) | (27,254) |
| Repayment of capital lease obligations | (600) | (967) | (1,567) |
| Payment of note issuance costs | -- | (1,621) | (1,621) |
| Proceeds from government grants | 2,322 | 778 | 3,100 |
| Net cash from (used in) financing activities | (949) | (26,393) | (27,342) |
| Effect of exchange rate changes on cash and cash equivalents | 764 | -- | 764 |
| Net increase (decrease) in cash and cash equivalents | 10,194 | 10,903 | 21,097 |
| Cash and cash equivalents, beginning of period | 44,829 | 60,243 | 105,072 |
| Cash and cash equivalents, end of period | € 55,023 | € 71,146 | € 126,169 |
| (1) Includes intercompany working capital related transactions. | |||
| MERCER INTERNATIONAL INC. | |||
| RESTRICTED GROUP SUPPLEMENTAL DISCLOSURE | |||
| Combined Condensed Statements of Cash Flows | |||
| (Unaudited) | |||
| (In thousands of Euros) | |||
| Nine months ended September 30, 2011 | |||
|
Restricted Group |
Unrestricted Subsidiaries |
Consolidated Group |
|
| Cash flows from (used in) operating activities | |||
| Net income (loss) attributable to common shareholders | € 37,631 | € 14,245 | € 51,876 |
| Adjustments to reconcile net income (loss) attributable to common shareholders to cash flows from operating activities | |||
| Loss (gain) on derivative instruments | -- | 580 | 580 |
| Foreign exchange gain on debt | (1,272) | -- | (1,272) |
| Depreciation and amortization | 22,562 | 19,398 | 41,960 |
| Noncontrolling interest | -- | 5,175 | 5,175 |
| Deferred income taxes | 3,707 | -- | 3,707 |
| Stock compensation expense | 2,844 | -- | 2,844 |
| Pension and other post-retirement expense, net of funding | (102) | -- | (102) |
| Other | 1,234 | 1,388 | 2,622 |
| Changes in current assets and liabilities | |||
| Receivables | 2,007 | 1,241 | 3,248 |
| Inventories | (12,534) | (15,328) | (27,862) |
| Accounts payable and accrued expenses | 11,979 | 12,894 | 24,873 |
| Other(1) | (7,889) | 7,981 | 92 |
| Net cash from (used in) operating activities | 60,167 | 47,574 | 107,741 |
| Cash flows from (used in) investing activities | |||
| Purchase of property, plant and equipment | (19,860) | (6,262) | (26,122) |
| Proceeds on sale of property, plant and equipment | 95 | 1,849 | 1,944 |
| Purchase of marketable securities | (4,018) | -- | (4,018) |
| Note receivable | 2,835 | -- | 2,835 |
| Net cash from (used in) investing activities | (20,948) | (4,413) | (25,361) |
| Cash flows from (used in) financing activities | |||
| Repayment of notes payable and debt | (19,344) | (23,167) | (42,511) |
| Repayment of capital lease obligations | (1,131) | (1,138) | (2,269) |
| Repayment of credit facilities, net | (14,652) | -- | (14,652) |
| Proceeds from government grants | 13,311 | 108 | 13,419 |
| Purchase of treasury shares | (7,477) | -- | (7,477) |
| Net cash from (used in) financing activities | (29,293) | (24,197) | (53,490) |
| Effect of exchange rate changes on cash and cash equivalents | (154) | -- | (154) |
| Net increase (decrease) in cash and cash equivalents | 9,772 | 18,964 | 28,736 |
| Cash and cash equivalents, beginning of period | 50,654 | 48,368 | 99,022 |
| Cash and cash equivalents, end of period | € 60,426 | € 67,332 | € 127,758 |
| (1) Includes intercompany working capital 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 September 30, |
Nine Months Ended September 30, |
||
| 2012 | 2011 | 2012 | 2011 | |
| (in thousands) | (in thousands) | |||
| Net income (loss) attributable to common shareholders | € (9,712) | € 8,440 | € (7,024) | € 51,876 |
| Net income (loss) attributable to noncontrolling interest | 566 | (838) | 2,865 | 5,175 |
| Income tax provision | 1,910 | 3,124 | 4,907 | 7,561 |
| Interest expense | 14,084 | 14,117 | 42,080 | 44,906 |
| Loss (gain) on derivative instruments | 883 | 10,484 | (1,336) | 580 |
| Foreign exchange loss (gain) on debt | -- | 181 | -- | (1,272) |
| Other expense (income) | (517) | (201) | 261 | (664) |
| Operating income | 7,214 | 35,307 | 41,753 | 108,162 |
| Add: Depreciation and amortization | 15,054 | 13,893 | 43,992 | 41,960 |
| Operating EBITDA | € 22,268 | € 49,200 | € 85,745 | € 150,122 |
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||
| 2012 | 2011 | 2012 | 2011 | |
| (in thousands) | (in thousands) | |||
| Restricted Group | ||||
| Net income (loss)(1) | € (9,957) | € 11,371 | € (12,842) | € 37,631 |
| Income tax provision | 1,192 | 2,566 | 3,305 | 5,941 |
| Interest expense | 6,010 | 5,496 | 17,754 | 19,202 |
| Gain on derivative instruments | (353) | -- | (1,972) | -- |
| Foreign exchange loss (gain) on debt | -- | 181 | -- | (1,272) |
| Other expense (income) | (1,665) | (1,265) | (3,405) | (3,849) |
| Operating income (loss) | (4,773) | 18,349 | 2,840 | 57,653 |
| Add: Depreciation and amortization | 8,385 | 7,425 | 23,958 | 22,562 |
| Operating EBITDA | € 3,612 | € 25,774 | € 26,798 | € 80,215 |
|
(1) For the Restricted Group, net income (loss) attributable to common shareholders and net income (loss) are the same. |
||||
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