Exhibit 99.6
Unaudited supplemental condensed consolidating financial information of
TEMBEC INC.
Periods ended June 29, 2013 and June 23, 2012
| TEMBEC INC. |
| SUPPLEMENTAL INFORMATION |
| June 29, 2013 |
| Supplemental condensed consolidating financial information |
The following condensed consolidating financial information is prepared in compliance with National Instrument 51-102 –Continuous Disclosure Obligations, under Canadian securities laws.
The senior secured notes (the “Notes”) of Tembec Industries Inc. (the "Subsidiary Issuer") are fully and unconditionally guaranteed on a joint and several basis by Tembec Inc. (the "Parent Company") and most of the Subsidiary Issuer’s subsidiaries located in Canada (the “Guarantor Subsidiaries”). The Subsidiary Issuer and each of the Guarantor Subsidiaries are 100% owned by the Parent Company. The Notes are not guaranteed by the Company’s other subsidiaries (the “Other Subsidiaries”).
The following supplemental condensed consolidating financial information sets forth, on an unconsolidated basis, the balance sheets as at June 29, 2013, September 29, 2012 and June 23, 2012, the statements of comprehensive earnings (loss) and the statements of cash flows for the nine-month periods ended June 29, 2013 and June 23, 2012, for the Parent Company and for the Subsidiary Issuer. It also provides the same information on a combined basis for the Guarantor Subsidiaries and the Other Subsidiaries.
The supplemental condensed consolidating financial information, which has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), reflects the investments of the Parent Company in the Subsidiary Issuer using the equity method. Investments of the Subsidiary Issuer in the Guarantor Subsidiaries and Other Subsidiaries are also accounted for using this method.
More information on the Company and its significant accounting policies are included in the audited consolidated financial statements for the year ended September 29, 2012.
| TEMBECSupplemental Information for third quarter 2013 | 1 |
| TEMBEC INC. |
| SUPPLEMENTAL INFORMATION |
| June 29, 2013 |
| Supplemental condensed consolidating financial information |
Condensed Consolidated Balance Sheets | ||||||||||||||||||
(unaudited)(in millions of Canadian dollars) | ||||||||||||||||||
| June 29, 2013 | |||||||||||||||||
| Parent | Subsidiary | Guarantor | Other | Consolidation | |||||||||||||
| Company | Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||||
Current assets: | ||||||||||||||||||
Cash and cash equivalents | $ | - | $ | - | $ | 58 | $ | 36 | $ | - | $ | 94 | ||||||
Restricted cash | - | - | - | - | - | - | ||||||||||||
Trade and other receivables | 36 | 324 | 233 | 77 | (517 | ) | 153 | |||||||||||
Inventories | - | - | 198 | 40 | - | 238 | ||||||||||||
Prepaid expenses | - | 1 | 6 | 1 | - | 8 | ||||||||||||
| 36 | 325 | 495 | 154 | (517 | ) | 493 | |||||||||||
| ||||||||||||||||||
Investments | 205 | 407 | - | - | (612 | ) | - | |||||||||||
Property, plant and equipment | - | 6 | 338 | 118 | - | 462 | ||||||||||||
Biological assets | - | - | 4 | - | - | 4 | ||||||||||||
Employee future benefits | - | - | - | - | - | - | ||||||||||||
Other long-term receivables | - | 9 | - | 2 | - | 11 | ||||||||||||
Deferred tax assets | 1 | (2 | ) | - | 3 | - | 2 | |||||||||||
| $ | 242 | $ | 745 | $ | 837 | $ | 277 | $ | (1,129 | ) | $ | 972 | |||||
| ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Current liabilities: | ||||||||||||||||||
Operating bank loans | $ | - | $ | - | $ | 57 | $ | - | $ | - | $ | 57 | ||||||
Trade, other payables and accrued charges | 70 | 168 | 411 | 53 | (517 | ) | 185 | |||||||||||
Interest payable | - | 1 | 1 | - | - | 2 | ||||||||||||
Income tax payable | - | (1 | ) | - | 6 | - | 5 | |||||||||||
Provisions | - | 6 | - | - | - | 6 | ||||||||||||
Current portion of long-term debt | 1 | - | - | 15 | - | 16 | ||||||||||||
| 71 | 174 | 469 | 74 | (517 | ) | 271 | |||||||||||
| ||||||||||||||||||
Long-term debt | 1 | 310 | 41 | 21 | (8 | ) | 365 | |||||||||||
Provisions | - | - | 12 | - | - | 12 | ||||||||||||
Employee future benefits | - | 112 | 14 | 26 | - | 152 | ||||||||||||
Other long-term liabilities | - | - | 2 | - | - | 2 | ||||||||||||
| 72 | 596 | 538 | 121 | (525 | ) | 802 | |||||||||||
| ||||||||||||||||||
Shareholders' equity: | ||||||||||||||||||
Share capital | 567 | 555 | 731 | 40 | (1,326 | ) | 567 | |||||||||||
Retained earnings (deficit) | (400 | ) | (409 | ) | (432 | ) | 113 | 728 | (400 | ) | ||||||||
Accumulated other comprehensive earnings (loss) | 3 | 3 | - | 3 | (6 | ) | 3 | |||||||||||
| 170 | 149 | 299 | 156 | (604 | ) | 170 | |||||||||||
| $ | 242 | $ | 745 | $ | 837 | $ | 277 | $ | (1,129 | ) | $ | 972 | |||||
| TEMBECSupplemental Information for third quarter 2013 | 2 |
| TEMBEC INC. |
| SUPPLEMENTAL INFORMATION |
| June 29, 2013 |
| Supplemental condensed consolidating financial information |
Condensed Consolidated Balance Sheets (continued) | ||||||||||||||||||
(unaudited)(in millions of Canadian dollars) | ||||||||||||||||||
| September 29, 2012 | |||||||||||||||||
| Parent | Subsidiary | Guarantor | Other | Consolidation | |||||||||||||
| Company | Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||||
Current assets: | ||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 1 | $ | 29 | $ | 57 | $ | - | $ | 87 | ||||||
Restricted cash | - | - | 5 | - | - | 5 | ||||||||||||
Trade and other receivables | 36 | 307 | 210 | 65 | (418 | ) | 200 | |||||||||||
Inventories | - | - | 228 | 27 | - | 255 | ||||||||||||
Prepaid expenses | - | 1 | 5 | 1 | - | 7 | ||||||||||||
| 36 | 309 | 477 | 150 | (418 | ) | 554 | |||||||||||
| ||||||||||||||||||
Investments | 102 | 372 | - | - | (474 | ) | - | |||||||||||
Property, plant and equipment | - | 6 | 379 | 100 | - | 485 | ||||||||||||
Biological assets | - | - | 4 | - | - | 4 | ||||||||||||
Employee future benefits | - | - | - | - | - | - | ||||||||||||
Other long-term receivables | - | 10 | - | 2 | - | 12 | ||||||||||||
Deferred tax assets | - | (1 | ) | - | 5 | - | 4 | |||||||||||
| $ | 138 | $ | 696 | $ | 860 | $ | 257 | $ | (892 | ) | $ | 1,059 | |||||
| ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Current liabilities: | ||||||||||||||||||
Operating bank loans | $ | - | $ | - | $ | 65 | $ | 3 | $ | - | $ | 68 | ||||||
Trade, other payables and accrued charges | 34 | 113 | 442 | 59 | (418 | ) | 230 | |||||||||||
Interest payable | - | 10 | - | - | - | 10 | ||||||||||||
Income tax payable | - | - | - | 3 | - | 3 | ||||||||||||
Provisions | - | 1 | 2 | - | - | 3 | ||||||||||||
Current portion of long-term debt | 1 | - | - | 15 | - | 16 | ||||||||||||
| 35 | 124 | 509 | 80 | (418 | ) | 330 | |||||||||||
| ||||||||||||||||||
Long-term debt | 1 | 289 | 18 | 23 | (8 | ) | 323 | |||||||||||
Provisions | - | 5 | 12 | - | - | 17 | ||||||||||||
Employee future benefits | - | 195 | 52 | 38 | - | 285 | ||||||||||||
Other long-term liabilities | - | - | 2 | - | - | 2 | ||||||||||||
| 36 | 613 | 593 | 141 | (426 | ) | 957 | |||||||||||
| ||||||||||||||||||
Shareholders' equity: | ||||||||||||||||||
Share capital | 564 | 555 | 696 | 40 | (1,291 | ) | 564 | |||||||||||
Retained earnings (deficit) | (453 | ) | (463 | ) | (429 | ) | 85 | 807 | (453 | ) | ||||||||
Accumulated other comprehensive earnings (loss) | (9 | ) | (9 | ) | - | (9 | ) | 18 | (9 | ) | ||||||||
| 102 | 83 | 267 | 116 | (466 | ) | 102 | |||||||||||
| $ | 138 | $ | 696 | $ | 860 | $ | 257 | $ | (892 | ) | $ | 1,059 | |||||
| TEMBECSupplemental Information for third quarter 2013 | 3 |
| TEMBEC INC. |
| SUPPLEMENTAL INFORMATION |
| June 29, 2013 |
| Supplemental condensed consolidating financial information |
Condensed Consolidated Balance Sheets (continued) | ||||||||||||||||||
(unaudited)(in millions of Canadian dollars) | ||||||||||||||||||
| June 23, 2012 | |||||||||||||||||
| Parent | Subsidiary | Guarantor | Other | Consolidation | |||||||||||||
| Company | Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||||
Current assets: | ||||||||||||||||||
Cash and cash equivalents | $ | - | $ | - | $ | 38 | $ | 62 | $ | - | $ | 100 | ||||||
Restricted cash | - | - | 1 | - | - | 1 | ||||||||||||
Trade and other receivables | 36 | 282 | 166 | 50 | (349 | ) | 185 | |||||||||||
Inventories | - | - | 247 | 25 | - | 272 | ||||||||||||
Prepaid expenses | - | 3 | 5 | 2 | - | 10 | ||||||||||||
| 36 | 285 | 457 | 139 | (349 | ) | 568 | |||||||||||
| ||||||||||||||||||
Investments | 159 | 450 | - | - | (609 | ) | - | |||||||||||
Property, plant and equipment | - | 6 | 393 | 99 | - | 498 | ||||||||||||
Biological assets | - | - | 4 | - | - | 4 | ||||||||||||
Employee future benefits | - | - | - | 1 | - | 1 | ||||||||||||
Other long-term receivables | - | 9 | 1 | 2 | - | 12 | ||||||||||||
Deferred tax assets | - | - | (1 | ) | 7 | - | 6 | |||||||||||
| $ | 195 | $ | 750 | $ | 854 | $ | 248 | $ | (958 | ) | $ | 1,089 | |||||
| ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Current liabilities: | ||||||||||||||||||
Operating bank loans | $ | - | $ | - | $ | 65 | $ | 3 | $ | - | $ | 68 | ||||||
Trade, other payables and accrued charges | 5 | 104 | 397 | 60 | (349 | ) | 217 | |||||||||||
Interest payable | - | 1 | - | - | - | 1 | ||||||||||||
Income tax payable | - | - | - | 2 | - | 2 | ||||||||||||
Provisions | - | 1 | 1 | - | - | 2 | ||||||||||||
Current portion of long-term debt | 2 | - | - | 14 | - | 16 | ||||||||||||
| 7 | 106 | 463 | 79 | (349 | ) | 306 | |||||||||||
| ||||||||||||||||||
Long-term debt | - | 301 | - | 23 | (6 | ) | 318 | |||||||||||
Provisions | - | 5 | 10 | - | - | 15 | ||||||||||||
Employee future benefits | - | 171 | 51 | 38 | - | 260 | ||||||||||||
Other long-term liabilities | - | - | 2 | - | - | 2 | ||||||||||||
| 7 | 583 | 526 | 140 | (355 | ) | 901 | |||||||||||
| ||||||||||||||||||
Shareholders' equity: | ||||||||||||||||||
Share capital | 564 | 555 | 668 | 40 | (1,263 | ) | 564 | |||||||||||
Retained earnings (deficit) | (368 | ) | (380 | ) | (340 | ) | 76 | 644 | (368 | ) | ||||||||
Accumulated other comprehensive earnings (loss) | (8 | ) | (8 | ) | - | (8 | ) | 16 | (8 | ) | ||||||||
| 188 | 167 | 328 | 108 | (603 | ) | 188 | |||||||||||
| $ | 195 | $ | 750 | $ | 854 | $ | 248 | $ | (958 | ) | $ | 1,089 | |||||
| TEMBECSupplemental Information for third quarter 2013 | 4 |
| TEMBEC INC. |
| SUPPLEMENTAL INFORMATION |
| June 29, 2013 |
| Supplemental condensed consolidating financial information |
Condensed Consolidated Statements of Comprehensive Earnings (Loss) | ||||||||||||||||||
(unaudited)(in millions of Canadian dollars, unless otherwise noted) | ||||||||||||||||||
| Nine months ended June 29, 2013 | |||||||||||||||||
| Parent | Subsidiary | Guarantor | Other | Consolidation | |||||||||||||
| Company | Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | ||||||||||||
Sales | $ | - | $ | 2 | $ | 1,009 | $ | 188 | $ | (17 | ) | $ | 1,182 | |||||
Freight and other deductions | - | - | 149 | 13 | (4 | ) | 158 | |||||||||||
Lumber export taxes | - | - | 2 | - | - | 2 | ||||||||||||
Cost of sales (excluding depreciation and amortization) | - | - | 794 | 111 | (13 | ) | 892 | |||||||||||
Selling, general and administrative | - | 6 | 39 | 11 | - | 56 | ||||||||||||
Share-based compensation | - | 1 | - | - | - | 1 | ||||||||||||
Depreciation and amortization | - | - | 23 | 6 | - | 29 | ||||||||||||
Other items | - | 1 | 26 | 1 | - | 28 | ||||||||||||
Operating earnings (loss) | - | (6 | ) | (24 | ) | 46 | - | 16 | ||||||||||
| ||||||||||||||||||
Interest, foreign exchange and other | 4 | (9 | ) | 11 | (3 | ) | 16 | 19 | ||||||||||
Exchange loss (gain) on long-term debt | - | 21 | - | - | - | 21 | ||||||||||||
Net finance costs (income) | 4 | 12 | 11 | (3 | ) | 16 | 40 | |||||||||||
Earnings (loss) before income taxes and share of results for equity accounting | (4 | ) | (18 | ) | (35 | ) | 49 | (16 | ) | (24 | ) | |||||||
Income tax expense (recovery) | (1 | ) | 1 | - | 16 | - | 16 | |||||||||||
Share of results for equity accounting | (37 | ) | (20 | ) | - | - | 57 | - | ||||||||||
Net earnings (loss) | (40 | ) | (39 | ) | (35 | ) | 33 | 41 | (40 | ) | ||||||||
Other comprehensive earnings (loss), net of income taxes: | ||||||||||||||||||
Defined benefit pension plans and other benefit plans | 93 | 93 | 32 | 11 | (136 | ) | 93 | |||||||||||
Foreign currency translation differences for foreign operations | 12 | 12 | - | 12 | (24 | ) | 12 | |||||||||||
Total comprehensive earnings (loss) | $ | 65 | $ | 66 | $ | (3 | ) | $ | 56 | $ | (119 | ) | $ | 65 | ||||
Basic and diluted net loss in dollars per share | $ | (0.40 | ) | |||||||||||||||
| TEMBECSupplemental Information for third quarter 2013 | 5 |
| TEMBEC INC. |
| SUPPLEMENTAL INFORMATION |
| June 29, 2013 |
| Supplemental condensed consolidating financial information |
Condensed Consolidated Statements of Comprehensive Earnings (Loss) (continued) | ||||||||||||||||||
(unaudited)(in millions of Canadian dollars, unless otherwise noted) | ||||||||||||||||||
| Nine months ended June 23, 2012 | |||||||||||||||||
| Parent | Subsidiary | Guarantor | Other | Consolidation | |||||||||||||
| Company | Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | ||||||||||||
Sales | $ | - | $ | 1 | $ | 1,029 | $ | 208 | $ | (15 | ) | $ | 1,223 | |||||
Freight and other deductions | - | - | 158 | 15 | (4 | ) | 169 | |||||||||||
Lumber export taxes | - | - | 6 | - | - | 6 | ||||||||||||
Cost of sales (excluding depreciation and amortization) | - | - | 830 | 134 | (11 | ) | 953 | |||||||||||
Selling, general and administrative | - | 4 | 46 | 4 | - | 54 | ||||||||||||
Share-based compensation | - | - | - | - | - | - | ||||||||||||
Depreciation and amortization | - | - | 29 | 4 | - | 33 | ||||||||||||
Other items | (1 | ) | 19 | (19 | ) | - | - | (1 | ) | |||||||||
Operating earnings (loss) | 1 | (22 | ) | (21 | ) | 51 | - | 9 | ||||||||||
Interest, foreign exchange and other | - | 2 | 25 | - | - | 27 | ||||||||||||
Exchange loss (gain) on long-term debt | - | - | - | - | - | - | ||||||||||||
Net finance costs | - | 2 | 25 | - | - | 27 | ||||||||||||
Earnings (loss) before income taxes and share of results for equity accounting | 1 | (24 | ) | (46 | ) | 51 | - | (18 | ) | |||||||||
Income tax expense | - | - | - | 17 | - | 17 | ||||||||||||
Share of results for equity accounting | (36 | ) | (13 | ) | - | - | 49 | - | ||||||||||
Net earnings (loss) | (35 | ) | (37 | ) | (46 | ) | 34 | 49 | (35 | ) | ||||||||
| ||||||||||||||||||
Other comprehensive earnings (loss), net of income taxes: | ||||||||||||||||||
Defined benefit pension plans and other benefit plans | - | - | - | - | - | - | ||||||||||||
Foreign currency translation differences for foreign operations | (10 | ) | (10 | ) | - | (10 | ) | 20 | (10 | ) | ||||||||
Total comprehensive earnings (loss) | $ | (45 | ) | $ | (47 | ) | $ | (46 | ) | $ | 24 | $ | 69 | $ | (45 | ) | ||
Basic and diluted net loss in dollars per share | $ | (0.35 | ) | |||||||||||||||
| TEMBECSupplemental Information for third quarter 2013 | 6 |
| TEMBEC INC. |
| SUPPLEMENTAL INFORMATION |
| June 29, 2013 |
| Supplemental condensed consolidating financial information |
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||
(unaudited)(in millions of Canadian dollars) | ||||||||||||||||||
| Nine months ended June 29, 2013 | |||||||||||||||||
| Parent | Subsidiary | Guarantor | Other | Consolidation | |||||||||||||
| Company | Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | ||||||||||||
Cash flows from operating activities: | ||||||||||||||||||
Net earnings (loss) | $ | (40 | ) | $ | (39 | ) | $ | (35 | ) | $ | 33 | $ | 41 | $ | (40 | ) | ||
Adjustments for: | ||||||||||||||||||
Depreciation and amortization | - | - | 23 | 6 | - | 29 | ||||||||||||
Net finance costs | 4 | 12 | 11 | (3 | ) | 16 | 40 | |||||||||||
Income tax expense (recovery) | (1 | ) | 1 | - | 16 | - | 16 | |||||||||||
Income tax paid | - | - | - | (13 | ) | - | (13 | ) | ||||||||||
Excess cash contributions over employee future benefits expense | - | (20 | ) | (4 | ) | (1 | ) | - | (25 | ) | ||||||||
Provisions | - | - | - | - | - | - | ||||||||||||
Impairment loss | - | - | 22 | - | - | 22 | ||||||||||||
Gain on sale of assets | - | - | - | - | - | - | ||||||||||||
Share of results for equity accounting | 37 | 20 | - | - | (57 | ) | - | |||||||||||
Other | - | (1 | ) | 1 | (3 | ) | - | (3 | ) | |||||||||
| - | (27 | ) | 18 | 35 | - | 26 | |||||||||||
Change in non-cash working capital: | ||||||||||||||||||
Trade and other receivables | - | (29 | ) | (50 | ) | (10 | ) | 112 | 23 | |||||||||
Inventories | - | - | 13 | (10 | ) | - | 3 | |||||||||||
Prepaid expenses | - | - | (1 | ) | - | - | (1 | ) | ||||||||||
Trade, other payables and accrued charges | 33 | 55 | (3 | ) | (7 | ) | (112 | ) | (34 | ) | ||||||||
| 33 | 26 | (41 | ) | (27 | ) | - | (9 | ) | |||||||||
| 33 | (1 | ) | (23 | ) | 8 | - | 17 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||
Disbursements for property, plant and equipment | - | (1 | ) | (84 | ) | (8 | ) | - | (93 | ) | ||||||||
Proceeds from sale of net assets | - | - | 99 | - | - | 99 | ||||||||||||
Investments in a subsidiary | (31 | ) | - | - | - | 31 | - | |||||||||||
Interest received | - | 36 | 3 | 1 | (40 | ) | - | |||||||||||
Other | - | 2 | - | - | - | 2 | ||||||||||||
| (31 | ) | 37 | 18 | (7 | ) | (9 | ) | 8 | |||||||||
Cash flow from financing activities: | ||||||||||||||||||
Change in operating bank loans | - | - | (8 | ) | (3 | ) | - | (11 | ) | |||||||||
Change in restricted cash | - | - | 5 | - | - | 5 | ||||||||||||
Increase in long-term debt | - | - | 28 | - | - | 28 | ||||||||||||
Repayments of long-term debt | - | - | - | (5 | ) | - | (5 | ) | ||||||||||
Proceeds from issue of share capital | - | - | 31 | - | (31 | ) | - | |||||||||||
Interest paid | (2 | ) | (37 | ) | (23 | ) | (16 | ) | 40 | (38 | ) | |||||||
Other | - | - | 1 | (1 | ) | - | - | |||||||||||
| (2 | ) | (37 | ) | 34 | (25 | ) | 9 | (21 | ) | ||||||||
| - | (1 | ) | 29 | (24 | ) | - | 4 | ||||||||||
Foreign exchange gain (loss) on cash and cash equivalents held in foreign currencies | - | - | - | 3 | - | 3 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | - | (1 | ) | 29 | (21 | ) | - | 7 | ||||||||||
| ||||||||||||||||||
Cash and cash equivalents, beginning of period | - | 1 | 29 | 57 | - | 87 | ||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | - | $ | 58 | $ | 36 | $ | - | $ | 94 | ||||||
| TEMBECSupplemental Information for third quarter 2013 | 7 |
| TEMBEC INC. |
| SUPPLEMENTAL INFORMATION |
| June 29, 2013 |
| Supplemental condensed consolidating financial information |
Condensed Consolidated Statements of Cash Flows (continued) | ||||||||||||||||||
(unaudited)(in millions of Canadian dollars) | ||||||||||||||||||
| Nine months ended June 23, 2012 | |||||||||||||||||
| Parent | Subsidiary | Guarantor | Other | Consolidation | |||||||||||||
| Company | Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | ||||||||||||
Cash flows from operating activities: | ||||||||||||||||||
Net earnings (loss) | $ | (35 | ) | $ | (37 | ) | $ | (46 | ) | $ | 34 | $ | 49 | $ | (35 | ) | ||
Adjustments for: | ||||||||||||||||||
Depreciation and amortization | - | - | 29 | 4 | - | 33 | ||||||||||||
Net finance costs | - | 2 | 25 | - | - | 27 | ||||||||||||
Income tax expense | - | - | - | 17 | - | 17 | ||||||||||||
Income tax paid | - | - | - | (13 | ) | - | (13 | ) | ||||||||||
Excess cash contributions over employee future benefits expense | - | (10 | ) | (10 | ) | (3 | ) | - | (23 | ) | ||||||||
Provisions | - | 6 | 3 | - | - | 9 | ||||||||||||
Impairment loss | - | 16 | 1 | - | - | 17 | ||||||||||||
Gain on sale of assets | (1 | ) | (3 | ) | (24 | ) | - | - | (28 | ) | ||||||||
Share of results of for equity accounting | 36 | 13 | - | - | (49 | ) | - | |||||||||||
Other | - | (1 | ) | (2 | ) | 1 | - | (2 | ) | |||||||||
| - | (14 | ) | (24 | ) | 40 | - | 2 | ||||||||||
Change in non-cash working capital: | ||||||||||||||||||
Trade and other receivables | - | 57 | 72 | (4 | ) | (146 | ) | (21 | ) | |||||||||
Inventories | - | - | (51 | ) | 2 | - | (49 | ) | ||||||||||
Prepaid expenses | - | (2 | ) | - | (2 | ) | - | (4 | ) | |||||||||
Trade, other payables and accrued charges | 3 | (87 | ) | (65 | ) | (14 | ) | 146 | (17 | ) | ||||||||
| 3 | (32 | ) | (44 | ) | (18 | ) | - | (91 | ) | ||||||||
| 3 | (46 | ) | (68 | ) | 22 | - | (89 | ) | |||||||||
Cash flows from investing activities: | ||||||||||||||||||
Disbursements for property, plant and equipment | - | (2 | ) | (57 | ) | (16 | ) | - | (75 | ) | ||||||||
Proceeds from sale of net assets | 1 | 3 | 80 | - | - | 84 | ||||||||||||
Investment in a subsidiary | - | - | - | - | - | - | ||||||||||||
Interest received | - | 27 | 2 | - | (29 | ) | - | |||||||||||
Other | - | - | 5 | 1 | - | 6 | ||||||||||||
| 1 | 28 | 30 | (15 | ) | (29 | ) | 15 | ||||||||||
Cash flow from financing activities: | ||||||||||||||||||
Change in operating bank loans | - | - | 65 | (3 | ) | - | 62 | |||||||||||
Change in restricted cash | - | - | (1 | ) | 5 | - | 4 | |||||||||||
Increase in long-term debt | - | 51 | - | 4 | - | 55 | ||||||||||||
Repayments of long-term debt | (4 | ) | - | - | (5 | ) | - | (9 | ) | |||||||||
Proceeds from issue of share capital | - | - | - | - | - | - | ||||||||||||
Interest paid | - | (33 | ) | (28 | ) | (1 | ) | 29 | (33 | ) | ||||||||
Other | - | - | - | - | - | - | ||||||||||||
| (4 | ) | 18 | 36 | - | 29 | 79 | |||||||||||
| - | - | (2 | ) | 7 | - | 5 | |||||||||||
Foreign exchange gain (loss) on cash and cash equivalents held in foreign currencies | - | - | - | (4 | ) | - | (4 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | - | - | (2 | ) | 3 | - | 1 | |||||||||||
| ||||||||||||||||||
Cash and cash equivalents, beginning of period | - | - | 40 | 59 | - | 99 | ||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | - | $ | 38 | $ | 62 | $ | - | $ | 100 | ||||||
| TEMBECSupplemental Information for third quarter 2013 | 8 |
