Sino Forest Corp Financials

8/6/2019 Sino Forest Corp Financials

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Sino-Forest Corp. (TSX:TRE) > Financials > Key Stats

In Millions of the trading currency, except per share items. Currency: Trading Currency

Order: Latest on Left

Decimals: 0

Key Financials

Currency CAD CAD CAD

Total Revenue 1,913 1,297 1,100

Growth Over Prior Year 55.35% 38.18% 25.52%

Gross Profit 668 461 449

Margin % 34.91% 35.57% 40.84%

EBITDA 1,324 941 733

Margin % 69.20% 72.59% 66.64%

EBIT 574 389 380

Margin % 29.98% 30.02% 34.53%

Earnings from Cont. Ops. 382 292 296

Margin % 19.96% 22.52% 26.93%

Net Income 393 300 281

Margin % 20.56% 23.13% 25.51%

Diluted EPS Excl. Extra Items 2 1 2

Growth Over Prior Year 16.81% 2.29% 55.95%

Currency CAD CAD CAD

Exchange Rate 0.995 1.047 1.227

Conversion Method H H H

All results are taken from the most recently filed statement for each period. When there has been more than one, earlier fili

EPS figures for forward periods are consensus mean estimates.

Growth rates for forward periods are calculated against prior period estimates or actual pro forma results as disclosed on t

Growth Rates are calculated in originally reported currency only and will not reflect any currency conversion selected abov

Current Capitalization (Millions of CAD)Currency CAD

Share Price as of Jun-03-2011 5

Shares Out. 246

Market Capitalization** 1,285

- Cash & Short Term Investments 1,217

+ Total Debt 1,863

+ Pref. Equity -

For the Fiscal Period Ending 12 monthsDec-31-2010A

12 monthsDec-31-2009A



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+ Total Minority Interest 51

= Total Enterprise Value (TEV) 1,981

Book Value of Common Equity 3,134

+ Pref. Equity -

+ Total Minority Interest 51

+ Total Debt 1,863= Total Capital 5,047

Total Liability includes Total Debt, Minori ty Interest and Pref. Equity.

Net Liability includes Total Liabili ty, net of Cash and Short Term Investments.

TEV includes Market Cap and Net Liability.

Total Capital includes Common Equity and Total Liability.

Valuation Multiples based on Current Capitalization

TEV/Total Revenue 1 1 1

TEV/EBITDA 1 1 1

TEV/EBIT - - -

P/Diluted EPS Before Extra 2 2 2

P/BV - - -

Price/Tang BV - - -

**For companies that have multiple share classes thatpublicly trade, we are incorporating the different prices tocalculate our company level market capitalization. Pleaseclick on the value to see the detailed calculation. Pricesshown on this page are the close price of the companysprimary stock class. Shares shown on this page are totalcompany as-reported share values.

For the Fiscal Period Ending 12 monthsDec-31-2013E

12 monthsDec-31-2012E

12 monthsDec-31-2011E


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Financial data provided by

Estimate data provided by


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Conversion: Historical

Units: Capital IQ (Default)

CAD CAD CAD CAD CAD CAD CAD

705 647 575 398 343 317 219

28.51% 12.60% 49.06% 24.54% 32.37% 46.20% 8.38%

239 204 160 122 84 67 48

33.88% 31.50% 27.75% 30.67% 24.42% 21.25% 22.01%

481 369 298 150 104 68 36

68.31% 57.04% 51.88% 37.67% 30.36% 21.52% 16.49%

195 157 131 93 64 49 34

27.66% 24.33% 22.83% 23.28% 18.52% 15.59% 15.62%

141 107 95 64 39 33 30

19.95% 16.60% 16.56% 15.95% 11.36% 10.26% 13.53%

150 132 95 64 39 33 30

21.33% 20.43% 16.56% 15.95% 11.36% 10.26% 13.53%

1 1 1 1

27.27% 11.86% 37.21% 34.78% 18.16% 28.57% -31.98%


0.987 1.164 1.166 1.203 1.292 1.580 1.593

H H H H H H H

ngs can be viewed on the individual statement pages.

he Estimates Consensus page.

.









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1 2

2 2

4 5

3 4




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CAD CAD CAD

190 204 143

-10.51% 52.71% 121.88%

58 57 46

30.49% 28.10% 32.40%

50 53 37

26.56% 25.72% 26.03%

49 49 37

25.64% 23.88% 25.94%

43 41 33

22.55% 19.89% 23.04%

43 41 33

22.55% 19.89% 23.04%

0.23% 18.47% 36.84%

CAD CAD CAD

1.500 1.444 1.538

H H H





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Sino-Forest Corp. (TSX:TRE) > Financials > Income Statem

Template: As Presented

Period Type: Annual

Currency: Reported CurrencyUnits: Capital IQ (Default)

Income Statement

Currency USD USD USD

Units Thousands Thousands ThousandsRevenues

Commission Income - - -

Revenues 1,923,536 1,238,185 896,045

Total Revenues - - -

Expenses

Cost of Sales (1,252,023) (797,800) (530,083)

Selling, General and Administrative Expenses (89,712) (63,980) (53,372)

Depreciation, Amortization and Depletion (5,145) (4,693) (3,206)

Impairment of Timber Holdings and Capital Assets - - -

Write-off of Other Assets - - -

Interest Expense (128,124) (70,977) (51,933)

Amortization and Write-off of Deferred Financing Costs - - -

Interest Income 10,609 9,691 12,604

Net Interest Income/expense - - -

Equity in Income (losses) of Jiangxi Investments - - -

Gain on Disposal of Jiangxi Investments - - -Write-off of Jiangxi Investments - - -

Currency Translation Gain(Loss) (3,086) (4,958) (4,735)

Currency Translation Gain(Loss) - - -

Gain/loss on Changes in Fair Value of Financial Instruments (4,419) (417) -

Other Income - - 1,946

Loss on Changes in Fair Value of Financial Instrument - - (1,839)

Other Income/expense 2,932 1,600 -

Earnings before Taxes 454,568 306,651 265,427

Taxes and Other Expenses

Provision for Income Tax (70,644) (27,864) (24,105)

Minority Interest (After Tax) 3,323 - -

Earnings of Discontinued Operations 8,179 7,583 (12,729)

Net Income (Loss) 395,426 286,370 228,593

Supplementary Info

Operating Income (Loss) 576,656 371,712 309,384

Basic EPS - Continuing Operations 2 1 1

Basic EPS - Discontinued Operations

Basic Earnings Per Share Total 2 1 1

Diluted EPS - Continuing Operations 2 1 1

For the Fiscal Period Ending 12 monthsDec-31-2010

12 monthsDec-31-2009



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Diluted EPS - Discontinued Operations

Diluted Earnings Per Share Total 2 1 1

Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as prim



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nt

Restatement: Latest Filings


Conversion: HistoricalDecimals: 0

USD USD USD USD USD USD USD

Thousands Thousands Thousands Thousands Thousands Thousands Thousands

- - - - 13,982 12,752 15,862

713,866 555,480 493,301 330,945 251,757 187,996 121,451

- - - - 265,739 200,748 137,313

(470,825) (380,508) (356,430) (229,433) (200,835) (158,089) (107,094)

(40,209) (35,852) (21,165) (22,007) (13,343) (9,747) (7,572)

(5,364) (3,975) (3,099) (2,470) (2,345) (1,625) (1,202)

(20,846) (877) - (3,646) - - -

- - - - - (74) -

(43,960) (37,340) (28,994) (15,875) (12,243) (8,632) (4,174)

- (1,819) (1,338) (4,317) (842) (199) (199)

15,184 6,486 4,179 1,366 240 792 916

- - - - - - -

- - - - - - -

- - - - - - -- - - - - - -

12,409 3,676 1,253 2,682 701 (3,060) 1,064

- - - 190 (3,840) - -

(2,996) (1,179) - - - - -

- - - - - - -

- - - - - - -

3,206 1,312 1,236 383 - - -

160,465 105,404 88,943 57,818 33,232 20,114 19,052

(18,034) (13,192) (7,256) (5,044) (3,052) 478 (479)

- - - - - - -

9,842 21,268 - - - - -

152,273 113,480 81,687 52,774 30,180 20,592 18,573

197,468 135,145 112,607 - - 31,287 21,445

1 1 1

- - - - -

1 1 - - - - -

1 1 1









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- - - - -

1 1 - - - - -

ry ADRs, per share items are ADR-equivalent.


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USD USD USD

Thousands Thousands Thousands

18,507 17,912 -

108,194 123,665 92,710

126,701 141,577 -

(88,067) (101,794) (62,675)

(6,044) (5,891) (5,898)

(104) (87) (91)

- - -

- - -

(3,920) (2,290) -

(198) (69) -

599 692 -

- - (9)

(96) (235) (430)248 - -

- (211) -

2,133 - -

- - -

- - -

- - -

- - -

- - -

31,252 31,692 23,607

(2,681) (3,537) (2,243)- - -

- - -

28,571 28,155 21,364

32,486 33,805 24,046

- - -

- - -





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- - -

- - -


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Sino-Forest Corp. (TSX:TRE) > Financials > Balance Sheet


Period Type: Annual


Balance Sheet

Dec-31-2010 Dec-31-2009 Dec-31-2008


Units Thousands Thousands ThousandsCurrent Assets

Cash and Cash Equivalents 1,223,352 1,102,366 441,171

Short-term Deposits 32,101 70,387 45,784

Convertible Bonds - 29,446 2,659

Accounts Receivables 636,626 282,306 225,753Due from Prc Cjv Partners - - -

Other Receivable S and Prepaid Expenses - - -

Due from Leizhou Forestry Bureau - - -

Inventories 61,978 45,978 43,200

Timber Holdings 3,122,517 2,183,489 1,653,306

Prepaids, Deposits and Other 125,238 54,747 21,768

Deposit for the Purchase of Logs - - -

Assets of Discontinued Operations - 1,531 31,122

Total Current Assets 2,079,295 1,586,761 811,457

Non Current Assets

Capital Assets (Net) 113,150 77,377 63,704

Jiangxi Investments - - -

Sjxt Investment - - -

Goodwill-net - - -

Intangible Assets 139,910 636 -

Deferred Financing Costs - - -

Other Assets 274,161 115,636 75,457

Deposits - - -

Total Assets 5,729,033 3,963,899 2,603,924

Current Liabilities

Accounts Payable and Accrued Liabilities 499,854 250,287 179,903

Bank Indebtedness 153,959 103,991 67,188

Current Portion of Long-term Debt 87,670 - -

Income Taxes Payable 10,602 7,346 6,383

Derivative Financial Instruments - - 5,214

Liabilities of Discontinued Operations 3,699 12,156 32,004

Total Current Liabilities 755,784 373,780 290,692

Non Current Liabilities

Long-term Debt 1,659,682 925,466 714,468

Balance Sheet as of:


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Future Income Tax Liabilities 63,906 - -

Minority Interest 51,540 - -

Derivative Financial Instruments - - -

Shareholders' Equity

Common Stock - Par Value 1,261,300 1,213,495 539,315Additional Paid in Capital 11,673 12,200 7,599Statutory Reserves 1,988 1,670 -

Retained Earnings 1,449,365 1,054,257 769,557

Accumulated Other Comprehensive Income 314,912 224,148 211,831

Cumulative Translation Adjustments - - -

Equity Portion of Convertible Senior Notes 158,883 158,883 70,462

Total Shareholders Equity 3,198,121 2,664,653 1,598,764

Total Liabilities & Shareholders Equity 5,729,033 3,963,899 2,603,924

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as pri



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Dec-31-2007 Dec-31-2006 Dec-31-2005 Dec-31-2004 Dec-31-2003 Dec-31-2002 Dec-31-2001



328,690 152,887 108,418 201,166 6,929 1,178 1,709

22,163 18,550 30,268 24,089 21,674 26,606 29,003

- - - - - - -

105,329 124,784 119,989 81,787 67,345 40,190 19,209

- - 3,842 3,890 6,688 9,072 7,250

- - - - 5,818 6,412 8,936

- - - - - 10,202 -

46,661 15,178 7,622 2,736 1,170 878 983

1,174,153 752,783 513,412 359,607 232,516 - -

24,185 19,524 7,201 6,992 - - -

- - - - 6,041 6,041 -

- 2,686 - - - - -

527,028 333,609 277,340 320,660 115,665 100,579 67,090

78,608 87,939 81,077 66,269 65,894 233,321 211,243

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

- - - - 4,230 2,445 2,644

57,708 32,924 23,442 9,513 549 550 624

- - - - - - -

1,837,497 1,207,255 895,271 756,049 418,854 336,895 281,601

107,989 68,669 85,212 54,719 22,051 10,635 11,804

55,383 70,958 41,312 28,508 39,025 48,064 37,927

- - - - 43,388 5,370 941

1,615 1,121 738 568 13,465 10,426 10,924

- - - - - - -

32,016 38,300 - - - - -

197,003 179,048 127,262 83,795 117,929 74,495 61,596

441,985 450,000 300,000 300,000 55,953 82,289 47,220


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- - - - - - -

- - - - - - -

11,211 - - - - - -

537,141 143,511 142,815 138,915 67,439 32,758 46,0243,906 4,726 1,804 3,032 - - -

- - - - - - -

540,964 397,380 311,994 230,307 177,533 147,353 126,761

105,287 32,590 - - - - -

- - 11,396 - - - -

- - - - - - -

1,187,298 578,207 468,009 372,254 244,972 180,111 172,785

1,837,497 1,207,255 895,271 756,049 418,854 336,895 281,601

ary ADRs, total share counts are ADR-equivalent.


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Dec-31-2000 Dec-31-1999 Dec-31-1998

USD USD USD


18,244 39,591 912

8,129 - -

- - -

15,118 15,926 2,643

3,169 3,275 11,748

3,467 1,819 1,929

- - -

2,404 - -

- - -

- - -

- - -

- - -

50,531 60,611 17,232

167,194 113,907 78,880

- 624 1,070

- 1,315 1,037

- 31 32

- - -

1,820 1,783 -

625 - -

- - 2,250

220,170 178,271 100,501

7,626 9,222 5,396

18,228 4,127 1,997

941 742 370

10,423 7,764 4,227

- - -

- - -

37,218 21,855 11,990

28,740 30,218 3,340


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- - -

- - -

- - -

46,024 46,273 32,989- - -- - -

108,188 79,925 52,182

- - -

- - -

- - -

154,212 126,198 85,171

220,170 178,271 100,501


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Sino-Forest Corp. (TSX:TRE) > Financials > Cash Flow


Period Type: Annual


Cash Flow


Units Thousands Thousands ThousandsOperating Activities

Net Income 395,426 286,370 228,593

Depletion of Timber Holdings Included in Cost of Sales 746,474 522,397 284,532

Depreciation, Amortization and Depletion 7,919 4,693 3,206

Amortization and Write-off of Deferred Financing Costs - - -Loss on Disposal of Capital Asset - - -

Write-off of Jiangxi Investments - - -

Gain on Disposal of Jiangxi Investments - - -

Impairment of Timber Holdings and Capital Assets - - 219

Interest on Equity Component of Exchangeable Notes - - -

Equity in Losses of Jiangxi Investments - - -

Stock based Compensation 3,573 4,601 4,276

Exchange Gain/loss - - -

Unrealized Exchange Gain/loss (2,089) 1,880 5,604

Cash Flows from (used In) Operating Activities of Discontinue (562) (826) (3,826)

Amortization of Redemption Premium on Long-term Debt - - -

Reduction in Amount Due from Cjv Partners in Exchange for - - -Interest Income from Mandra - - (1,200)

Gain/loss on Change in Fair Value of Financial Instruments 4,419 417 1,839

Net Income, (Loss) from Discontinued Operations (8,179) (7,583) 12,729

Accretion of Convertible Senior Notes 26,555 13,689 4,769

Accretion of Exchangeable Notes - - -

Others (511) (751) 2,656

Accounts Receivable - - -

Inventories - - -

Accounts Payable and Accrued Liabilities - - -

Income Taxes Payables - - -

Other Receivables and Prepaid Expenses - - -

Non-cash Working Capital (333,502) (41,196) (60,040)

Due from PRC CJV partners - - -

Due from Leizhou Forestry Bureau - - -

Cash Flow from Operating Activities 839,523 783,691 483,357

Investing Activities

Additions to Timber Holdings (1,358,878) (1,032,009) (656,727)

Purchase of Capital Assets (25,240) (11,649) (29,187)

Proceeds from Disposal of Capital Assets 296 216 8

Business Acquisitions 2,139 - (1,928)





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Short-term Deposits - - -

Non-pledged Short-term Deposits 21,872 (10,942) (5,604)

Acquisition of Convertible Bonds - (200) -

Investment in Sjxt - - -

Proceeds on Disposal of Jiangxi Investments - - -

Other Assets (43,331) (38,041) (9,554)Repayment of Advances to Sjxt - - -Other Invest. Cash Flow Items 75 - -

Proceeds from Disposal of Other Assets - - -

Cash Flow from Investing Activities (1,401,589) (1,068,505) (704,228)

Financing Activities

Issuance of Long-term Debt 624,750 460,000 345,000

Repayment of Long-term Debt (530) (150,000) -

Issuance of Exchangeable Notes, Net - - -

Issuance of Convertible Debentures - - -

Amounts Due to Related Parties - - -

Changes in Bank Indebtedness 47,962 36,534 16,031Short-term Debt, Notes Payable, Etc - - -

Issuance (repurchase) of Share Capital, Net 8,555 652,474 1,591

Proceeds from Exercise of Share Options of a Subsidiary 3,079 - -

Pledged Short-term Deposits 17,255 (13,633) (16,314)

Payments on Derivative Financial Instruments - (5,781) (4,919)

Payments on Deferred Financing Costs - - (9,135)

Deferred Financing Costs (20,328) (27,591) -

Cash Flow from Financing Activities 680,743 946,031 332,254

Other Adjustments

Foreign Exchange Rate Effect on Cash and Cash Equivalent 2,309 (22) 1,558

Cash Flows from (used In) Investing Activities of Discontinue 1,478 24,120 (1,236)

Cash Flow (Used In) Financing Activities of Discontinued Op - (5,972) (460)

Cash Flow Net Changes in Cash 120,986 661,195 112,481



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152,273 113,480 81,687 52,774 30,180 20,592 18,573

284,808 177,730 140,204 45,158 29,126 10,282 -

5,364 3,975 3,099 2,470 2,345 1,625 1,202

- 1,819 1,338 4,317 842 199 199

- 212 - - - - -

- - - - - - -

- - - - - - -

20,846 877 - 3,646 - 74 -

- - - - - - -

- - - - - - -

2,898 3,105 2,672 6,932 - - -

(1,816) - - - 3,840 3,060 (1,064)

- - - - - - -

3,856 26,169 - - - - -

- - - 2,015 2,376 - -- - - - - - -

(2,100) (300) (767) - - - -

2,996 1,179 - - - - -

(9,842) (21,268) - - - - -

- - - - - - -

- - - - 4,616 4,643 1,484

74 (150) (153) 438 - - -

- - - - (27,155) - -

- - - - (292) - -

- - - - 7,479 - -- - - - 3,039 - -

- - - - 594 - -27,000 (16,456) (31,625) 1,612 - (27,882) (7,541)

- - - - 2,384 - -

- - - - 10,202 - -

486,357 290,372 196,455 119,362 69,576 12,593 12,853

(640,257) (415,087) (265,158) (159,101) (89,194) - -

(12,571) (10,028) (16,584) (6,083) (7,365) (44,187) (45,250)

1,073 167 - - - - -

(795) - - - - - -









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USD USD USD


28,571 28,155 21,364

1,058 2,526 -

104 87 91

198 69 -

- - -

- 211 -

(248) - -

- - -

- (412) -

96 235 430

- - -

(2,133) - -

- - -

- - -

- - -- (10,134) (7,770)

- - -

- - -

- - -

- - -

1,000 1,402 -

- - -

- - -

- - -

- - -- - -

- - -(2,075) 4,913 1,202

- - -

- - -

26,571 27,052 15,317

- - -

(54,448) (27,505) (22,880)

- - -

- - -





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(8,129) - -

- - -

- - -

- (278) -

700 - -

- - -796 - -

- - -

- - -

(61,081) (27,783) (22,880)

795 24,738 -

(941) (742) -

- 13,266 -

- - -

- - -

14,101 2,130 -- - -

(557) 18 687

- - -

- - -

- - -

- - -

(235) - -

13,163 39,410 687

- - 108

- - -

- - -

(21,347) 38,679 (6,768)


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Sino-Forest Corp. (TSX:TRE) > Financials > Multiples

View: Data


Multiples Detail

For Quarter Ending Dec-31-2010 Sep-30-2010

TEV/LTM Total Revenue Average 4 3

High 4 3

Low 3 3

Close 4 3

TEV/NTM Total Revenues Average 4 3

High 4 4

Low 3 2

Close 4 3

TEV/LTM EBITDA Average 5 5

High 6 5

Low 4 4

Close 5 4

TEV/NTM EBITDA Average 5 4

High 6 5

Low 4 3

Close 5 4

TEV/LTM EBIT Average 11 10

High 12 11

Low 10 9

Close 12 10

P/LTM EPS Average 15 12

High 18 14

Low 12 11

Close 17 12

P/NTM EPS Average 12 10

High 13 11Low 10 9

Close 12 10

P/LTM Normalized EPS Average 21 18

High 23 19

Low 17 16

Close 22 17

P/BV Average 2 1


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High 2 2

Low 1 1

Close 2 1

P/Tangible BV Average 2 1

High 2 2Low 1 1

Close 2 1

TEV/LTM Unlevered FCF Average NM NM

High NM NM

Low NM NM

Close NM NM

Market Cap/LTM Levered FCF Average NM NM

High NM NM

Low NM NM

Close NM NM

Average multiples are calculated using positive close values on each trading day within the frequency periods selected. Ne

When a mismatch exists between the currency of the equity listing and the reported financial results such results are transl


Estimate data provided by

Historical Equity Pricing Data supplied by


30/94

Frequency: Quarterly

Decimals: 0

Jun-30-2010 Mar-31-2010 Dec-31-2009 Sep-30-2009 Jun-30-2009 Mar-31-2009 Dec-31-2008

3 4 4 3 2 2 2

4 5 4 4 3 2 3

3 3 3 3 2 2 1

3 4 4 3 3 2 2

2 3 - - - - -

3 3 - - - - -

2 3 - - - - -2 3 - - - - -

5 6 5 5 4 3 3

5 7 6 5 5 3 5

4 5 4 4 3 2 2

4 5 6 5 4 3 3

4 5 - - - - -

4 5 - - - - -

3 4 - - - - -

3 4 - - - - -

11 13 11 9 7 6 7

13 15 14 11 9 8 11

10 11 9 7 5 5 4

10 12 13 10 8 5 7

13 15 13 10 8 8 9

15 17 15 13 10 11 14

11 14 11 7 6 5 5

11 14 15 12 8 6 10

11 13 - - - - -14 15 - - - - -

9 12 - - - - -

9 13 - - - - -

19 21 18 14 11 10 11

21 23 21 18 13 13 18

16 19 15 10 8 7 6

16 21 21 16 11 8 11

2 2 2 1 1 1 1


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2 2 2 2 1 1 2

1 2 1 1 1 1 1

1 2 2 2 1 1 1

2 2 2 1 1 1 1

2 2 2 2 1 1 21 2 1 1 1 1 1

1 2 2 2 1 1 1

NM NM NM NM NM NM NM








ative values are excluded from the calculation. When the Multiples are not meaningful, due to negative values, then they will not be displayed

ted into the currency of the listing at the exchange rate applicable on the financial period end date.


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Sep-30-2008 Jun-30-2008 Mar-31-2008 Dec-31-2007 Sep-28-2007 Jun-29-2007 Mar-30-2007

4 5 5 6 4 3 3

5 5 6 6 6 4 3

3 4 4 5 3 3 2

3 5 4 6 6 3 3

- - - - - - -

- - - - - - -

- - - - - - -- - - - - - -

6 7 8 10 8 6 5

7 8 10 12 11 7 6

5 6 6 9 6 6 4

5 7 6 10 11 6 6

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

15 17 18 21 17 13 12

17 19 21 25 23 15 13

11 15 15 18 13 12 10

11 16 16 21 23 14 13

19 21 19 23 20 15 13

21 25 22 28 25 18 14

14 18 16 18 15 13 10

14 21 19 21 25 16 14

- - - - - - -- - - - - - -

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- - - - - - -

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27 31 31 40 36 26 21

18 23 23 26 22 19 14

18 27 24 30 36 23 20

2 3 3 4 3 3 2


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3 3 4 4 4 3 3

2 2 2 3 2 2 2

2 3 2 3 4 3 3

2 3 3 4 3 3 2

3 3 4 4 4 3 32 2 2 3 2 2 2

2 3 3 3 4 3 3









in the chart.


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Dec-29-2006 Sep-29-2006 Jun-30-2006 Mar-31-2006 Dec-30-2005 Sep-30-2005 Jun-30-2005

2 2 2 2 1 1 1

2 2 2 2 2 1 2

2 1 2 2 1 1 1

2 2 2 2 2 1 1

- - - - - - -

- - - - - - -

- - - - - - -- - - - - - -

4 3 3 4 3 3 3

5 4 4 4 4 3 4

3 3 3 3 3 3 3

5 3 4 4 3 3 3

- - - - - - -

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- - - - - - -

9 8 8 8 6 5 6

10 8 9 9 7 6 7

7 6 7 7 5 5 5

10 7 8 9 7 6 5

8 7 8 9 7 5 6

10 8 10 11 9 7 7

6 5 7 8 6 5 5

10 6 8 10 8 7 5

- - - - - - -- - - - - - -

- - - - - - -

- - - - - - -

13 10 12 13 9 8 8

15 12 14 15 12 9 10

9 8 10 10 8 7 7

15 9 12 14 11 9 7

1 1 1 2 1 1 1


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2 1 2 2 1 1 1

1 1 1 1 1 1 1

2 1 1 2 1 1 1

1 1 1 2 1 1 1

2 1 2 2 1 1 11 1 1 1 1 1 1

2 1 1 2 1 1 1










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Mar-31-2005 Dec-31-2004 Sep-30-2004 Jun-30-2004 Mar-31-2004 Dec-31-2003 Sep-30-2003

2 2 1 1 2 1 1

2 2 1 1 2 2 2

2 1 1 1 1 1 1

2 2 1 1 1 2 1

- - - - - - -

- - - - - - -

- - - - - - -- - - - - - -

5 5 4 4 6 5 6

6 5 5 5 7 6 7

4 4 3 3 4 4 5

4 5 5 4 4 6 5

- - - - - - -

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8 7 6 6 9 8 8

9 8 7 8 12 10 10

6 6 5 6 7 7 7

7 7 7 6 7 10 9

8 7 6 7 10 8 7

9 8 7 9 14 11 10

7 6 6 6 6 6 5

7 7 7 6 6 11 8

- - - - - - -- - - - - - -

- - - - - - -

- - - - - - -

11 9 8 9 18 15 15

13 11 9 12 26 19 20

9 7 7 7 11 12 11

9 10 9 7 11 19 15

1 1 1 1 1 1 1


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1 1 1 1 2 1 1

1 1 1 1 1 1 1

1 1 1 1 1 1 1

1 1 1 1 1 1 1

1 1 1 1 2 1 11 1 1 1 1 1 1

1 1 1 1 1 1 1










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1 1 1 1 1 1 1

1 1 1 1 1 1 1

1 1 1 1 1 1 1

1 1 1 1 1 1 1

- - - - - - -

- - - - - - -

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5 5 4 5 4 4 3

5 5 5 5 5 4 4

5 4 4 4 4 4 3

5 5 4 4 5 4 4

- - - - - - -

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- - - - - - -

7 6 5 5 5 4 3

7 6 6 6 6 4 4

6 5 5 5 4 4 3

7 6 5 5 6 4 4

5 4 3 3 3 3 3

6 4 3 3 4 4 3

4 3 2 3 3 3 2

6 4 3 3 3 3 3

- - - - - - -- - - - - - -

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- - - - - - -

10 8 5 5 6 5 4

12 9 6 6 7 6 5

9 6 4 5 5 5 4

12 9 6 5 6 5 5

1


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1 1

1

1

1 1

1










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1 1 1 1 1 1 1

1 1 1 1 1 1 1

1 1 1 1 1 1 1

1 1 1 1 1 1 1

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3 3 2 2 3 3 4

3 3 3 3 3 4 4

3 2 2 2 3 2 3

3 3 3 2 3 3 3

- - - - - - -

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- - - - - - -

- - - - - - -

3 3 3 3 3 3 4

3 3 3 3 4 4 4

3 2 2 2 3 3 3

3 3 3 2 3 3 3

3 3 2 2 3 4 4

3 3 3 3 4 4 5

2 2 2 2 3 3 4

2 3 3 2 3 3 4

- - - - - - -- - - - - - -

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4 4 4 4 5 5 6

5 5 5 4 6 6 7

4 4 3 3 4 5 5

4 4 4 3 4 5 6

1 1 1


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1 1 1 1 1 1 2

1 1 1 1 2 2 3

1 1 1 1 1 1 2

1 1 1 1 1 1 2

- - - - - - -

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4 4 4 3 4 4 5

4 5 4 4 5 5 7

3 4 3 3 3 3 4

3 4 4 3 4 3 5

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4 4 4 3 4 4 6

4 5 4 4 5 5 7

3 4 3 3 3 3 4

3 4 4 3 4 3 5

4 5 4 4 5 5 8

4 6 5 4 6 6 11

3 4 4 3 3 4 5

4 4 4 4 4 4 6

- - - - - - -- - - - - - -

- - - - - - -

- - - - - - -

6 7 6 5 7 7 11

6 8 7 6 9 9 13

5 6 5 5 5 5 7

6 6 5 5 7 5 9

1 1 1 - - - 2


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1 1 1 - - - 1

1 1 1 - - - 2

1 1 1 - - - 2

1 1 1 - - - 21 1 1 - - - 1

1 1 1 - - - 2

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Mar-31-1998

2

3

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5

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Sino-Forest Corp. (TSX:TRE) > Financials > Historical Capit

In Millions of the trading currency, except per share items. Frequency: Quarterly

Currency: Trading Currency


Historical Capitalization

Dec-31-2010 Sep-30-2010 Jun-30-2010

Pricing as of* Mar-15-2011 Nov-10-2010 Aug-10-2010

Currency CAD CAD CADCapitalization Detail

Share Price 22 22 17

Shares Out. 246 245 245

Market Capitalization 5,350 5,358 4,155

- Cash & Short Term Investments 1,236 872 1,044+ Total Debt 1,891 1,318 1,353

+ Pref. Equity - - -

+ Total Minority Interest 51 47 1

= Total Enterprise Value (TEV) 6,047 5,838 4,458

Book Value of Common Equity 3,181 3,080 3,001

+ Pref. Equity - - -

+ Total Minority Interest 51 47 1

+ Total Debt 1,891 1,318 1,353

= Total Capital 5,123 4,445 4,355


Historical Equity Pricing Data supplied by

Balance Sheet as of

date. For TEV calculation purposes on this page Capital IQonly uses balance sheet components from the original filingthat is publicly available as of a given pricing date and doesnot use restated balance sheet data from a later filing. In thecases where a company did not disclose balance sheetvalues for a particular period, TEV is calculated using balancesheet components from the last reported balance sheet as of this date. The table above is organized along period enddates.** For companies that have multiple share classes thatpublicly trade, we are incorporating the different prices tocalculate our company level market capitalization. Pleaseclick on the value to see the detailed calculation. Pricesshown on this page are the close price of the companysprimary stock class. Shares shown on this page are totalcompany as-reported share values.


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lization



Decimals: 0


May-12-2010 Mar-16-2010 Nov-12-2009 Aug-10-2009 May-11-2009 Mar-16-2009 Nov-13-2008


18 21 18 - - 8 -

243 242 220 220 186 183 183

4,419 5,007 3,901 - - 1,469 -

1,062 1,228 680 834 530 577 5561,261 1,078 841 920 996 967 827

- - - - - - -

1 - - - - - -

4,620 4,863 4,059 - - 1,872 -

2,759 2,791 2,291 2,349 2,063 1,962 1,594

- - - - - - -

1 - - - - - -

1,261 1,078 841 920 996 967 827

4,022 3,870 3,132 3,269 3,059 2,929 2,421


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Aug-12-2008 May-13-2008 Mar-18-2008 Nov-12-2007 Aug-13-2007 May-14-2007 Mar-19-2007


- - 17 - - - 11

183 183 183 182 181 138 138

- - 3,073 - - - 1,450

243 264 346 392 489 160 193

509 506 491 479 542 590 607

- - - - - - -

- - - - - - -

- - 3,219 - - - 1,869

1,373 1,297 1,172 1,126 1,109 713 705

- - - - - - -

- - - - - - -

509 506 491 479 542 590 607

1,882 1,802 1,663 1,605 1,651 1,303 1,312


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Mar-01-2005 Nov-01-2004 Aug-13-2004 May-05-2004 Apr-21-2004 Nov-28-2003 Aug-29-2003


4 - - - 3 - -

137 137 135 96 96 80 80

572 - - - 260 - -

271 313 98 31 37 41 33

395 418 170 176 179 210 214

- - - - - - -

- - - - - - -

701 - - - 409 - -

448 447 447 329 317 297 258

- - - - - - -

- - - - - - -

395 418 170 176 179 210 214

843 864 618 505 495 506 471


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May-28-2003 May-20-2003 Nov-26-2002 Aug-22-2002 May-29-2002 May-17-2002 Nov-28-2001


- 2 - - - 1 -

80 80 80 80 80 80 80

- 161 - - - 86 -

44 44 51 71 78 49 59

218 214 188 192 193 137 135

- - - - - - -

- - - - - - -

- 307 - - - 171 -

269 285 275 252 259 275 258

- - - - - - -

- - - - - - -

218 214 188 192 193 137 135

486 499 463 443 451 412 393


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Aug-23-2001 May-29-2001 May-17-2001 Nov-28-2000 Aug-25-2000 May-29-2000 May-24-2000


- - 1 - - - 2

80 80 80 80 80 80 81

- - 88 - - - 133

26 31 40 - - - 57

76 73 72 46 45 44 51

- - - - - - -

- - - - - - -

- - 121 - - - 127

239 244 228 216 199 187 182

- - - - - - -

- - - - - - -

76 73 72 46 45 44 51

315 318 300 263 244 231 233


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Nov-29-1999 Aug-30-1999 May-28-1999 May-18-1999 Nov-27-1998 Aug-21-1998 May-11-1998


- - - 2 - - -

81 81 81 81 74 74 74

- - - 121 - - -

- - - 1 - - 8

16 16 16 9 - - 10

- - - - - - -

- - - - - - -

- - - 128 - - -

171 158 152 131 - - 85

- - - - - - -

- - - - - - -

16 16 16 9 - - 10

187 174 168 140 - - 95


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Sino-Forest Corp. (TSX:TRE) > Financials > Capital Structur


Currency: Reported Currency

Units: Capital IQ (Default)Order: Latest on Left

Capital Structure Data

12 months Dec-31-2010 12 months

Currency USD USD

Units Millions % of Total Millions

Total Debt 1,901 36.91% 1,029

Total Common Equity 3,198 62.09% 2,665

Total Minority Interest 52 1.00% -

Total Capital 5,151 100.00% 3,694

Debt Summary Data

12 months Dec-31-2010 12 months

Currency USD USD

Units Millions % of Total Millions

Total Revolving Credit 154 8.10% 104

Total Term Loans - - -

Total Senior Bonds and Notes 1,794 94.36% 959Total Principal Due 1,948 102.46% 1,063

Total Adjustments (47) -2.46% (33)

Total Debt Outstanding 1,901 100.00% 1,029

Available Credit

Undrawn Revolving Credit 24 - 81

Total Undrawn Credit 24 - 81

Additional Totals

Total Cash & ST Investments 1,242 - 1,172

Net Debt 659 - (143)Total Senior Debt 1,948 102.46% 1,063

Total Convertible Debt 707 37.18% 659

Total Short-Term Borrowings 154 8.10% 104

Curr. Port. of LT Debt/Cap. Leases 88 4.61% -

Long-Term Debt (Incl. Cap. Leases) 1,660 87.29% 925

Total Bank Debt 154 8.10% 104

Total Secured Debt 1,241 65.28% 404

Senior Secured Loans 154 8.10% 104

Senior Secured Bonds and Notes 1,087 57.18% 300

In Millions of the reported currency, except ratios and % of Total values.

For the Fiscal Period Ending

For the Fiscal Period Ending


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Total Senior Secured Debt 1,241 65.28% 404

Total Unsecured Debt 707 37.18% 659

Senior Unsecured Bonds and Notes 707 37.18% 659

Fixed Rate Debt 1,901 99.98% 1,003

Variable Rate Debt - - -

Credit Ratios

Net Debt/EBITDA - NM

Total Debt/EBITDA 1 - 1

Total Senior Debt/EBITDA 1 - 1

Total Senior Secured/EBITDA 1 -Net Debt/(EBITDA-CAPEX) NM - NM

Total Debt/(EBITDA-CAPEX) NM - NM

Total Senior Debt/(EBITDA-CAPEX) NM - NM

Total Senior Secured/(EBITDA-CAPEX) NM - NM

Fixed Payment Schedule

LT Debt (Incl. Cap. Leases) Due +1 88 4.61% -LT Debt (Incl. Cap. Leases) Due +2 156 8.23% 43

LT Debt (Incl. Cap. Leases) Due +3 156 8.23% 43



LT Debt (Incl. Cap. Leases) Due, Next 5 Yrs 786 41.33% 567

LT Debt (Incl. Cap. Leases) Due, After 5 Yrs 962 50.58% 358

Operating Lease Commitment Due +1 28 - 4





Operating Lease Commitment Due, Next 5 Yrs 67 - 14

Operating Lease Commitment Due, After 5 Yrs 177 - 72

Contractual Obligations Due +1 293 - 28

Contractual Obligations Due + 2 19 - 11

Contractual Obligations Due + 3 19 - 11

Contractual Obligations Due, Next 5 Yrs 331 - 51

Total Contractual Obligations 331 - 51

Interest Rate Data

Filing Date Mar-15-2011 - Mar-15-2011



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39.24% 367 46.98% 55 11.14% 71 13.62%

64.00% 427 54.68% 450 90.48% 450 86.38%

64.00% 277 35.49% 300 60.32% 300 57.59%

97.46% 612 78.29% 355 71.45% 371 71.21%

- 150 19.19% 150 30.16% 150 28.79%

- 1 - - 1 -

- 1 - 1 - 2 -

- 1 - 1 - 2 -

- 1 - - -

- NM - NM - NM -

- NM - NM - NM -

- NM - NM - NM -

- NM - NM - NM -

- - - - - - -4.21% 222 28.39% - - - -

4.21% 222 28.39% 38 7.54% - -

23.33% 135 17.31% 404 81.33% 38 7.20%

23.33% 135 17.31% - - 413 79.18%

55.08% 714 91.40% 442 88.86% 450 86.38%

34.82% - - - - - -

- 3 - 23 - 2 -

- 3 - 2 - 1 -

- 2 - 2 - 1 -

- 2 - 2 - 1 -

- 2 - 2 - 1 -

- 13 - 30 - 7 -

- 43 - 38 - 35 -

- - - - - - -

- - - - - - -

- - - - - - -- - - - - - -

- - - - - - -

- Mar-16-2010 - Mar-17-2009 - Mar-18-2008 -


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12 months Dec-31-2005 12 months Dec-31-2004 12 months Dec-31-2003 12 months

USD USD USD USD

Millions % of Total Millions % of Total Millions % of Total Millions

341 42.17% 329 46.88% 138 36.10% 136468 57.83% 372 53.12% 245 63.90% 180

- - - - - - -809 100.00% 701 100.00% 383 100.00% 316

12 months Dec-31-2005 12 months Dec-31-2004 12 months Dec-31-2003 12 months

USD USD USD USD

Millions % of Total Millions % of Total Millions % of Total Millions

41 12.10% 29 8.68% 39 28.20% 480.00% - - 67 48.55% 59

300 87.90% 300 91.32% 30 21.80% 28341 100.00% 329 100.00% 136 98.55% 136

- - - - 2 1.45% -341 100.00% 329 100.00% 138 100.00% 136

13 - 10 - 22 - 313 - 10 - 22 - 3

133 - 225 - 29 - 28209 - 103 - 110 - 108341 100.00% 329 100.00% 136 98.55% 136

- - - - 30 21.80% 2841 12.10% 29 8.68% 39 28.20% 48

- - - - 43 31.36% 5300 87.90% 300 91.32% 56 40.44% 82

41 12.10% 29 8.68% 106 76.75% 10741 12.10% 29 8.68% 77 56.01% 8741 12.10% 29 8.68% 77 56.01% 87

- - - - - - -


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41 12.10% 29 8.68% 77 56.01% 87300 87.90% 300 91.32% 59 42.55% 48300 87.90% 300 91.32% 30 21.80% 28300 87.90% 300 91.32% 12 8.87% 28

0.00% - - 62 44.93% 59

1 - 1 - 1 - 21 - 3 - 2 - 31 - 3 - 2 - 3

- - 1 - 2NM - NM - NM - NMNM - NM - NM - NMNM - NM - NM - NMNM - NM - NM - NM

- - - - 43 31.36% 5- - - - 14 9.81% 36- - - - 12 8.91% 12- - - - 11 8.00% 12- - - - 11 8.00% 12- - - - 91 66.08% 77

300 87.90% 0.09% 8 5.71% 10

2 - 2 - - 1 - 1 - - 1 - 1 - - 1 - 1

- - 1 - 1 - - 6 - 5 - 2 - 1

30 - 29 - 21 - 19

- - - - - - -- - - - - - -- - - - - - -- - - - - - -- - - - - - -

May-04-2007 - Mar-30-2006 - Mar-01-2005 - Apr-21-2004


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ec-31-2002 12 months Dec-31-2001 12 months Dec-31-2000 12 months Dec-31-1999

USD USD USD

% of Total Millions % of Total Millions % of Total Millions % of Total

42.97% 86 33.25% 48 23.70% 35 21.75%

57.03% 173 66.75% 154 76.30% 126 78.25%

- - - - - - -100.00% 259 100.00% 202 100.00% 161 100.00%

ec-31-2002 12 months Dec-31-2001 12 months Dec-31-2000 12 months Dec-31-1999

USD USD USD

% of Total Millions % of Total Millions % of Total Millions % of Total

35.41% 38 44.06% - - - -43.67% 38 43.77% - - - -

20.91% 10 12.17% - - - -

100.00% 86 100.00% - - - -

- - - - - - -

100.00% 86 100.00% 48 100.00% 35 100.00%

- 11 - - - - -

- 11 - - - - -

- 31 - 26 - 40 -- 55 - 22 - (5) -

100.00% 86 100.00% - - - -

20.91% 10 12.17% - - - -

35.41% 38 44.06% 18 38.05% 4 11.76%

3.96% 1 1.09% 1 1.96% 1 2.11%

60.63% 47 54.85% 29 59.99% 30 86.12%

79.09% 76 87.83% - - - -

64.45% 59 68.31% - - - -

64.45% 59 68.31% - - - -

- - - - - - -


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64.45% 59 68.31% - - - -

35.55% 27 31.69% - - - -

20.91% 10 12.17% - - - -

20.91% 10 12.17% - - - -

43.67% 38 43.77% - - - -

- 2 - 1 - NM -

- 4 - 1 - 1 -

- 4 - - - - -

- 3 - - - - -

- NM - NM - NM -

- NM - NM - 4 -

- NM - - - - -

- NM - - - - -

3.96% 1 1.09% 1 1.96% 1 2.11%

26.75% 3 2.93% 1 1.96% 1 2.11%

8.76% 14 15.85% 1 1.96% 1 2.11%

8.76% 7 7.58% - - 1 2.11%

8.76% 7 7.58% - - - -

56.98% 30 35.04% 3 5.89% 3 8.46%

7.60% 18 20.91% - - - -

- - - -- - - -

- - - - -

- - - - - -- - - - - -

- 1 - - -

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -- - - - - - -

- May-20-2003 - May-17-2002 - May-17-2001 -


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- -- -- -- -- -

-

-

- -- -4 -5 -- -- -

6.48%

1 12.97%1 12.97%1 12.97%1 12.97%3 58.35%- -

- -

- -

- -- - -- -

- -- -- -- -- -

May-24-2000 -


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Sino-Forest Corp. (TSX:TRE) > Financials > Capital Structure Det

Period Type: Annual Source:

Currency: Reported Currency Conversion:

Units: Capital IQ (Default) Decimals:

FY 2010 (Dec-31-2010) Capital Structure As Reported Details

Description Type Coupon Rate MaturityBonds and Notes 400 10.250% Jul-28-2014

Bonds and Notes 380 4.250% Dec-15-2016

Bonds and Notes 303 5.000% Aug-01-2013


Bonds and Notes 600 6.250% Oct-21-2017


Bank Loan Facilities Revolving Credit 47 4.100% Dec-31-2010

Trust Receipt Loan Facilities Revolving Credit 107 4.100% Dec-31-2010

FY 2009 (Dec-31-2009) Capital Structure As Reported Details

Description Type Coupon Rate MaturityBonds and Notes 212 10.250% Jul-28-2014

Bonds and Notes 369 4.250% Dec-15-2016



Bank Loan Facilities Revolving Credit 60 4.100% Dec-31-2010

Trust Receipt Loan Facilities Revolving Credit 44 4.100% Dec-31-2010


Principal Due in Millions of the reported currency.

Principal Due(USD)

10.25% New Guaranteed Senior NotesDue 20144.25% Convertible Guaranteed Senior Notes mature on December 15, 20165.0% Convertible Guaranteed Senior Notes mature on August 1, 20135.0% Greenheart Group ConvertibleNotes mature on August 17, 20156.25% Non-Convertible GuaranteedSenior Notes mature on October 21,9.125% Non Convertible GuaranteedSenior Notes mature on August 17, 2011

Principal Due(USD)

10.25% New Guaranteed Senior NotesDue 20144.25% Convertible Guaranteed Senior Notes mature on December 15, 20165.0% Convertible Guaranteed Senior Notes mature on August 1, 20139.125% Non Convertible GuaranteedSenior Notes mature on August 17, 2011


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ils

A 2010 filed Mar-15-2011

Historical

0

Seniority Secured ConvertibleSenior Yes No USD

Senior No Convertible USD



Senior Yes No USD

Senior Yes No USD

Senior Yes No USD

Senior Yes No USD

Seniority Secured ConvertibleSenior Yes No USD



Senior Yes No USD

Senior Yes No USD

Senior Yes No USD

RepaymentCurrency

RepaymentCurrency


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Sino-Forest Corp. (TSX:TRE) > Financials > Ratios



Ratios

Profitability

Return on Assets % 7.44% 7.07% 8.71%

Return on Capital % 8.15% 7.65% 9.51%

Return on Equity % 12.98% 13.08% 17.32%

Return on Common Equity % 13.21% 13.08% 17.32%

Margin Analysis

Gross Margin % 34.91% 35.57% 40.84%

SG&A Margin % 4.66% 5.17% 5.96%EBITDA Margin % 69.20% 72.59% 66.64%

EBITA Margin % 29.98% 30.02% 34.53%

EBIT Margin % 29.98% 30.02% 34.53%

Earnings from Cont. Ops Margin % 19.96% 22.52% 26.93%

Net Income Margin % 20.56% 23.13% 25.51%

Net Income Avail. for Common Margin % 20.13% 22.52% 26.93%

Normalized Net Income Margin % 14.91% 15.48% 18.51%

Levered Free Cash Flow Margin % -27.40% -28.97% -35.42%

Unlevered Free Cash Flow Margin % -23.24% -25.39% -31.80%

Asset Turnover

Total Asset Turnover Fixed Asset Turnover 1 1 1

Accounts Receivable Turnover 4 5 5

Inventory Turnover 23 18 12

Short Term Liquidity

Current Ratio 3 4 3

Quick Ratio 2 4 2

Cash from Ops. to Curr. Liab. 1 2 2

Avg. Days Sales Out. 87 75 68

Avg. Days Inventory Out. 16 20 31

Avg. Days Payable Out. 68 50 34

Avg. Cash Conversion Cycle 35 45 65

Long Term Solvency

Total Debt/Equity 58.51% 38.63% 48.89%

Total Debt/Capital 36.91% 27.87% 32.84%

LT Debt/Equity 51.07% 34.73% 44.69%

LT Debt/Capital 32.22% 25.05% 30.01%

Total Liabilities/Total Assets 43.28% 32.78% 38.60%

EBIT / Interest Exp. 5 5 6





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EBITDA / Interest Exp. 10 13 11

(EBITDA-CAPEX) / Interest Exp. NM NM NM

Total Debt/EBITDA 1 1 1

Net Debt/EBITDA NM 1

Total Debt/(EBITDA-CAPEX) NM NM NM

Net Debt/(EBITDA-CAPEX) NM NM NM

Altman Z Score 2 NA NA

Growth Over Prior Year

Total Revenue 55.35% 38.18% 25.52%

Gross Profit 52.48% 20.34% 51.31%

EBITDA 48.09% 50.52% 22.45%

EBITA 55.14% 20.15% 56.68%

EBIT 55.14% 20.15% 56.68%

Earnings from Cont. Ops. 37.71% 15.52% 69.43%

Net Income 38.08% 25.28% 50.12%

Normalized Net Income 49.68% 15.53% 49.16%Diluted EPS before Extra 16.81% 2.29% 55.95%

Accounts Receivable 125.51% 25.05% 114.33%

Inventory 34.80% 6.43% -7.42%

Net PP&E 43.12% 31.67% 37.60%

Total Assets 44.53% 52.23% 41.71%

Tangible Book Value 14.80% 66.63% 35.22%

Common Equity 20.02% 66.67% 34.66%

Cash from Ops. 7.12% 62.14% -0.62%

Capital Expenditures 32.62% 52.16% 5.07%

Levered Free Cash Flow NM NM NM

Unlevered Free Cash Flow NM NM NM

Dividend per Share NA NA NA

Compound Annual Growth Rate Over Two Years

Total Revenue 46.52% 31.70% 27.01%

Gross Profit 35.46% 34.94% 44.62%

EBITDA 49.30% 35.76% 37.28%

EBITA 36.52% 37.20% 51.30%

EBIT 36.52% 37.20% 51.30%


Net Income 31.52% 37.14% 41.93%Normalized Net Income 31.50% 31.28% 58.03%Diluted EPS before Extra 9.31% 26.30% 40.88%

Accounts Receivable 67.93% 63.71% 34.50%

Inventory 19.78% -0.73% 68.71%

Net PP&E 37.28% 34.61% 43.29%

Total Assets 48.33% 46.88% 46.86%


Common Equity 41.43% 49.81% 66.28%


68/94

Cash from Ops. 31.79% 26.94% 29.02%





Compound Annual Growth Rate Over Three Years

Total Revenue 39.15% 30.63% 22.01%

Gross Profit 40.55% 36.03% 38.80%

EBITDA 39.75% 41.56% 32.64%

EBITA 42.94% 40.11% 40.06%

EBIT 42.94% 40.11% 40.06%


Net Income 37.45% 36.15% 40.92%

Normalized Net Income 37.14% 42.36% 43.97%

Diluted EPS before Extra 23.05% 26.63% 30.46%

Accounts Receivable 82.16% 31.28% 23.45%Inventory 9.92% 44.69% 78.29%

Net PP&E 37.39% 39.31% 42.77%

Total Assets 46.09% 48.63% 42.74%


Common Equity 39.14% 66.41% 50.61%

Cash from Ops. 19.96% 39.23% 35.00%





Compound Annual Growth Rate Over Five Years

Total Revenue 31.28% 30.20% 27.52%

Gross Profit 37.45% 34.11% 41.33%

EBITDA 39.07% 48.45% 49.23%

EBITA 38.63% 36.99% 44.44%

EBIT 38.63% 36.99% 44.44%


Net Income 37.08% 40.25% 49.92%

Normalized Net Income 38.85% 37.91% 51.52%

Diluted EPS before Extra 21.55% 25.52% 32.64%

Accounts Receivable 39.62% 26.93% 24.98%Inventory 52.07% 75.83% 105.81%

Net PP&E 40.55% 39.93% 42.38%

Total Assets 44.95% 39.29% 44.12%


Common Equity 46.87% 48.24% 45.52%

Cash from Ops. 33.71% 45.70% 47.35%




69/94





70/94

Period Type: Annual

Decimals: 0

8.11% 8.03% 8.52% 8.20% 8.14% 6.32% 5.34%

8.87% 8.85% 9.32% 8.88% 8.80% 6.80% 5.81%

16.13% 17.63% 19.44% 17.10% 14.20% 11.67% 11.36%

16.13% 17.63% 19.44% 17.10% 14.20% 11.67% 11.36%

33.88% 31.50% 27.75% 30.67% 24.42% 21.25% 22.01%

5.47% 6.45% 4.29% 6.65% 5.02% 4.86% 5.51%

68.31% 57.04% 51.88% 37.67% 30.36% 21.52% 16.49%

27.66% 24.33% 22.83% 23.28% 18.52% 15.59% 15.62%

27.66% 24.33% 22.83% 23.28% 18.52% 15.59% 15.62%

19.95% 16.60% 16.56% 15.95% 11.36% 10.26% 13.53%

21.33% 20.43% 16.56% 15.95% 11.36% 10.26% 13.53%

19.95% 16.60% 16.56% 15.95% 11.36% 10.26% 13.53%

15.58% 11.96% 11.27% 11.61% 7.82% 6.29% 8.67%

-33.81% -32.92% -21.17% -20.03% -15.61% -27.96% -29.65%

-29.96% -28.52% -17.33% -16.22% -12.53% -25.21% -27.66%

1 1 1 1 1 1

1 1 1 1 1 1 1

6 5 5 4 4 5 6

15 33 69 117 196 170 63

3 2 2 4 1 1 1

2 2 2 4 1 1 1

2 2 2 1 1

59 80 76 88 85 69 5924 11 5 3 2 2 6

29 49 32 41 30 26 3453 43 49 51 57 45 32

41.89% 90.10% 72.93% 88.25% 56.48% 75.36% 49.82%

29.52% 47.40% 42.17% 46.88% 36.10% 42.97% 33.25%

37.23% 77.83% 64.10% 80.59% 22.84% 45.69% 27.33%

26.24% 40.94% 37.07% 42.81% 14.60% 26.05% 18.24%

35.39% 52.11% 47.72% 50.76% 41.51% 46.54% 38.64%

4 3 4 4 4 4 5









71/94

11 8 8 6 6 5 5


1 2 1 3 2 3 4

1 1 1 1 2 2



NA 4 3 2 3 2 2

28.51% 12.60% 49.06% 24.54% 32.37% 46.20% 8.38%

38.23% 27.84% 34.83% 56.40% 52.15% 41.17% -21.78%

53.90% 23.81% 105.28% 54.50% 86.80% 90.73% -32.69%

46.12% 20.01% 46.18% 56.52% 57.30% 45.89% -33.99%

46.12% 20.01% 46.18% 56.52% 57.30% 45.89% -33.99%

54.46% 12.88% 54.79% 74.86% 46.56% 10.87% -34.99%

34.18% 38.92% 54.79% 74.86% 46.56% 10.87% -34.99%

67.43% 19.49% 44.71% 84.95% 64.61% 5.96% -38.55%27.27% 11.86% 37.21% 34.78% 18.16% 28.57% -31.98%

-15.59% 4.00% 40.05% 15.73% 50.28% 86.18% 44.69%

207.43% 99.13% 178.58% 133.85% 33.26% -10.68% -59.11%

49.21% 41.73% 40.00% 43.60% 28.56% 10.43% 23.65%

52.20% 34.85% 18.41% 80.50% 24.33% 19.64% 27.90%

106.07% 23.77% 26.03% 53.23% 37.11% 4.04% 9.12%

105.34% 23.55% 25.72% 51.96% 36.01% 4.24% 12.04%

67.49% 47.81% 64.59% 71.56% 452.50% -2.02% -51.63%

53.57% 50.89% 70.56% 71.07% 118.52% -2.35% -16.89%



NA NA NA NA NA NA NA

20.30% 29.56% 36.25% 28.40% 39.11% 25.87% -1.52%

32.93% 31.29% 45.22% 54.26% 46.55% 5.08% -12.85%

38.04% 59.43% 78.09% 69.89% 88.75% 13.30% -21.14%

32.42% 32.45% 51.26% 56.91% 51.49% -1.86% -20.35%

32.42% 32.45% 51.26% 56.91% 51.49% -1.86% -20.35%

32.05% 32.19% 64.52% 60.09% 27.47% -15.10% -18.78%

36.53% 46.64% 64.52% 60.09% 27.47% -15.10% -18.78%41.44% 31.50% 63.60% 74.49% 32.07% -19.31% -22.72%19.32% 23.89% 35.99% 26.20% 23.26% -6.48% -17.43%

-6.31% 20.68% 27.31% 31.88% 67.27% 64.13% 17.39%

147.42% 135.53% 155.24% 76.53% 9.10% -39.57% NA

45.42% 40.86% 41.79% 35.87% 19.15% 16.85% 34.72%

43.26% 26.36% 46.20% 49.81% 21.96% 23.70% 25.68%

59.70% 24.89% 38.96% 44.94% 19.44% 6.55% 15.49%

59.28% 24.63% 38.22% 43.76% 19.07% 8.07% 17.01%


72/94


73/94


NA NA NA NA NA NA NA


74/94

10.19% 15.16% 17.34%

11.17% 16.76% 19.07%

20.38% 26.64% 29.43%

20.38% 26.64% 29.43%

30.49% 28.10% 32.40%

4.77% 4.16% 6.36%

26.56% 25.72% 26.03%

25.64% 23.88% 25.94%

25.64% 23.88% 25.94%

22.55% 19.89% 23.04%

22.55% 19.89% 23.04%

22.55% 19.89% 23.04%

15.29% 14.08% 15.91%

-29.54% -1.77% -7.11%

-27.51% -0.73% -7.07%

1 1 1

1 1 1

7 13 28

NA NA NA

1 3 1

1 3 1

1 1 1

54 28 13NA NA NA

NA 26 NANA NA NA

31.07% 27.80% 6.70%

23.70% 21.75% 6.28%

18.64% 23.94% 3.92%

14.22% 18.74% 3.68%

29.96% 29.21% 15.25%

8 14 NM





75/94

8 15 NM

NM 4 21

1 1

1 NM

NM 4 5

NM NM 4

3 4 7

-10.51% 52.71% 121.88%

-2.89% 32.46% 23.19%

-7.61% 50.88% 27.28%

-3.90% 40.58% 31.79%

-3.90% 40.58% 31.79%

1.48% 31.79% 34.34%

1.48% 31.79% 39.66%

-2.82% 35.14% 32.98%0.23% 18.47% 36.84%

-4.76% 626.49% -34.53%

NA NA NA

46.78% 44.41% 63.25%

23.50% 77.38% 37.98%

22.23% 48.19% 41.95%

22.20% 48.17% 41.92%

-1.78% 76.61% 5.15%

97.96% 20.21% -20.92%

NM NM NM

NM NM NM

NA NA NA

16.90% 84.08% 69.08%

13.42% 27.74% 27.58%

18.07% 38.58% 28.55%

16.23% 36.12% 31.37%

16.23% 36.12% 31.37%

15.64% 33.06% 35.47%

15.64% 35.67% 61.84%14.60% 34.06% 32.26%

8.97% 27.33% 36.28%

163.04% 118.09% -9.37%

NA NA NA

45.59% 53.54% 82.96%

48.01% 56.44% 20.15%

34.58% 45.04% 41.01%

34.56% 45.01% 40.98%


76/94

31.71% 36.27% 11.00%

54.26% -2.50% 26.72%

NM NM NM

NM NM NM

NA NA NA

44.74% 63.44% 50.09%

16.58% 29.19% 34.91%

21.06% 35.60% 36.29%

21.20% 34.37% 40.11%

21.20% 34.37% 40.11%

21.57% 34.23% 36.00%

23.15% 51.13% 69.93%

20.43% 33.21% 40.60%

17.57% 30.06% 29.40%

65.46% 81.38% 0.46%544.02% NA NA

51.25% 69.08% 99.14%

44.59% 36.81% 47.14%

37.00% 43.37% 84.06%

36.97% 43.34% 83.92%

22.18% 29.59% 25.62%

23.46% 24.51% 247.13%

NM NM NM

NM NM NM

NA NA NA

35.81% 47.21% NA

25.86% 39.57% NA

28.68% 44.73% NA

30.02% 50.99% NA

30.02% 50.99% NA

27.46% 44.83% NA

45.68% 56.39% NA

29.56% 48.50% NA

20.80% 30.95% NA

47.64% 48.97% NA64.43% NA NA

75.69% 46.16% NA

47.49% 42.25% NA

62.39% 71.74% NA

62.31% 71.60% NA

28.02% 60.58% NA

150.96% 115.27% NA

NM NA NA


77/94

NM NA NA

NA NA NA


78/94

Sino-Forest Corp. (TSX:TRE) > Financials > Supplemental

In Millions of the reported currency, except per share items. Restatement: Latest Filings

Currency: Reported Currency

Order: Latest on LeftDecimals: 0

Supplemental

Currency USD USD USDOptions Outstanding

Options Out. at the Beginning of the Period 4 3 4

Options Granted During the Period 1

Options Exercised During the Period 1 - 1

Options Cancelled During the Period - -

Options Out. at the End of the Period 3 4 3

Options Outstanding - Class A

Options Out. at the Beginning of the Period - - -

Options Granted During the Period - - -

Options Exercised During the Period - - -

Options Cancelled During the Period - - -

Options Out. at the End of the Period - - -

W/Avg. Strike Price of Out. at the End of the Period - - -

W/Avg. Strike Price of Granted - - -

Options Outstanding - All ClassesOptions Out. at the Beginning of the Period 4 3 4

Options Granted During the Period 1

Options Exercised During the Period 1 - 1

Options Cancelled During the Period - -

Options Out. at the End of the Period 3 4 3

Stock Based Compensation

Stock Options Comp. Exp., Before Tax 3 5 4

Stock Based Comp. Exp., Before Tax 4 5 4

Loss Carry Forward Related Items

NOL C/F, Current Year 13 8 -

NOL C/F, Current Year + 1 13 7 -




NOL C/F, After Five Years 88 63 -

Total NOL C/F 192 115 -

Max. Year for NOL C/F 2030 2029 -

Capitalized Interest Data





79/94

Interest Capitalized - - -

Fair Value Measurements

Fair Value Change Included in Earnings (4) (2)

Filing Date Mar-15-2011 Mar-15-2011 Mar-16-2010



80/94

Period Type: Annual




6 4 3 1 - -

2 2 2 3 - -

3 - 1 - -

- - - - -

4 6 4 3 - -

- - - - - 1 1

- - - - - - -

- - - - - -

- - - - -

- - - - - 1 1

- - - - - - -

- - - - - - -

6 4 3 1 1 1

2 2 2 3 - -

3 - 1 -

- - -

4 6 4 3 1 1

3 3 1 1 - - -

3 3 3 7 - - -

7 7 2 1 - -

7 7 2 2 1 - -

7 7 1 2 1 - -

6 7 1 1 1 - -

6 7 1 1 1 - -

56 49 49 12 1 - -

90 83 56 19 4 - -

2027 2017 2013 2012 2009 - -









81/94


82/94

USD USD USD

- - -

- - -

- - -

- - -

- - -

1 -

1 - -

- -

- - -

1 -

$2 $2 -

$2 - -

1 -

1 - -

- -

- - -

1 -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -





83/94

- - -

May-17-2002 May-17-2001 May-24-2000


84/94

Sino-Forest Corp. (TSX:TRE) > Financials > Segments

In Millions of the reported currency. View By: Line Items

Period Type: Annual


Business Segments

Currency USD USD USDRevenues

Plantation Fibre 1,401 954 685

Other Fibre 454 238 154

Manufacturing 67 46 57

Greenheart 1 - -

Wood-Based - - -

Wood Chips and Logs - - -

Total Revenues 1,924 1,238 896

Operating Profit Before Tax

Plantation Fibre 620 412 343

Other Fibre 16 7 7

Manufacturing (9) (10) (16)

Greenheart (7) - -

Corporate (44) (37) (25)

Wood-Based - - -

Wood Chips and Logs - - -Total Operating Profit Before Tax 577 372 309

Interest Expense

Plantation Fibre (1) (1) (1)

Other Fibre (2) (2) (2)


Greenheart (1) - -

Corporate (123) (68) (48)

Wood-Based - - -

Total Interest Expense (128) (71) (52)

Tax ExpensePlantation Fibre 63 26 19

Other Fibre 5 2 4

Manufacturing 1 1

Greenheart 1 - -

Corporate 1 (1) -

Wood-Based - - -

Total Tax Expense 71 28 24

Assets


Reclassified12 months

Dec-31-2009


Dec-31-2008


85/94

Plantation Fibre 3,891 2,478 1,914

Other Fibre 329 215 385

Manufacturing 257 197 251

Greenheart 296 - -

Corporate 956 1,075 54

Wood-Based - - -Wood Chips and Logs - - -

Total Assets 5,729 3,964 2,604

Depreciation & Amortization

Plantation Fibre 747 522 282

Other Fibre

Manufacturing 6 4 5

Greenheart - -

Corporate 1

Wood-Based - - -

Total Depreciation & Amortization 754 527 288

Capital Expenditure

Plantation Fibre (1,658) (1,053) (673)

Other Fibre (1)


Greenheart (215) - -

Corporate (2) (1)

Wood-Based - - -

Total Capital Expenditure (1,907) (1,072) (702)

Filing Date Mar-15-2011 Mar-15-2011 Mar-16-2010

Geographic Segments

Currency USD USD USDRevenues

Other Countries 51 9 6

People's Republic of China (PRC) 1,782 1,230 895

Total Revenues 1,834 1,239 901

Operating Profit Before TaxPeople's Republic of China (PRC) - - -

Total Operating Profit Before Tax - - -

Interest Expense

People's Republic of China (PRC) - - -

Total Interest Expense - - -

Net Profit Before Tax

People's Republic of China (PRC) - - -

Total Net Profit Before Tax - - -



Dec-31-2009


Dec-31-2008


86/94


87/94





521 353 481 263 203 145 90

154 179 - - - - -

38 24 12 - - - -

- - - - - - -- - - 68 63 55 47

- - - - - - -

714 555 493 331 266 201 137

230 165 133 91 59 33 21

3 4 - - - - -

(14) (8) (6) - - - -

- - - - - - -

(21) (26) (15) (9) (3) - -

- - - (9) (7) (2) 1

- - - - - - -

197 135 113 73 49 31 21

(1) (1) (1) (2) (1) -

(4) (3) - - - - -

(1) - - - -

- - - - - - -

(39) (34) (27) (13) (9) - -

- - - (1) (1) (7) -

(44) (37) (29) (16) (12) (9) -

18 13 7 5 3 (2) -

- - - - -

- - - -- - - - - - -

- - - -

- - - 1 -

18 13 7 5 3 -


Dec-31-2007

Restated12 months

Dec-31-200612 months

Dec-31-2005


Dec-31-2004




Dec-31-2001


88/94

1,309 856 691 442 294 229 190

52 65 - - - - -

252 141 122 - - - -

- - - - - - -

224 144 82 181 9 - -

- - - 133 116 108 92- - - - - - -

1,837 1,207 895 756 419 337 282

285 178 140 45 29 10 -

- - - - -

5 4 3 - - - -

- - - - - - -

- -

- - - 2 3 2 -

290 182 143 48 31 12 -

(648) (396) (284) (174) (89) (37) -

- - - - -

(11) (9) (16) - - - -

- - - - - - -

- -

- - - (5) (7) (7) -

(660) (405) (300) (179) (97) (44) -

Mar-17-2009 Mar-18-2008 May-04-2007 Mar-30-2006 Mar-01-2005 Apr-21-2004 May-20-2003


- - - - -

714 555 493 317 266 201 137

714 555 493 317 266 201 137

197 - 113 - - 31 21

197 - 113 - - 31 21

(44) - (29) - (12) (9) -

(44) - (29) - (12) (9) -

160 - 89 - 33 20 -

160 - 89 - 33 20 -


Dec-31-2007

Restated12 months


Dec-31-2005


Dec-31-2004




Dec-31-2001


89/94

18 - 7 - 3 -

18 - 7 - 3 -

152 - 82 - 30 21 -

152 - 82 - 30 21 -

- 181 - - - - -

1,837 1,026 895 756 419 337 282

- - - - - - -

1,837 1,207 895 756 419 337 282

290 - 143 - 31 12 -

290 - 143 - 31 12 -

(653) - (282) - (97) (44) -

(653) - (282) - (97) (44) -

Mar-17-2009 Mar-18-2008 May-04-2007 Mar-30-2006 Mar-01-2005 Apr-21-2004 May-20-2003


90/94

USD USD USD

- - -

- - -

- - -

- - -30 37 12

97 104 81

127 142 93

- - -

- - -

- - -

- - -

- - -

3 5 3

29 28 21

32 34 24

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -- - -

- - -

- - -

- - -

Restated12 months

Dec-31-2000



Dec-31-1998


91/94

- - -

- - -

- - -

- - -

- - -

69 32 16151 146 85

220 178 101

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

May-17-2002 May-17-2001 May-24-2000

USD USD USD

- - -

127 142 93

127 142 93

32 34 24

32 34 24

- - -

- - -

- - -

- - -

Restated12 months

Dec-31-2000



Dec-31-1998


92/94

- - -

- - -

- - -

- - -

- - -

220 178 101

- - -

220 178 101

- - -

- - -

- - -

- - -

May-17-2002 May-17-2001 May-24-2000


93/94

Percent Change In Sino-Forest Accounts Since 2000

Today Dec-09 Dec-08 Dec-07 Dec-06 Dec-05 Dec-03 Dec-04 Dec-03 Dec-02Inventories 61,978 45,978 43,200 46,661 15,178 7,622 2,736 1,170 878 983

Timber Holding 3,122,517 2,183,489 1,653,306 1,174,153 752,783 513,412 359,607 232,516 (- ) (- )

Other Assets 274,161 115,636 75,457 57,708 32,924 23,442 9,513 549 550 624

Revenues 1,923,536 1,238,185 896,045 713,866 555,480 493,301 330,945 251,757 187,996 121,451

Inventories 35% 6% -7% 207% 99% 179% 134% 33% -11% -59%

Other Assets 137% 53% 31% 75% 40% 146%Timber Holding 43% 32% 41% 56% 47% 43% 55%Revenues 55% 38% 26% 29% 13% 49% 31% 34% 55% 12%

Today

Dec-09

Dec-08

Dec-07

Dec-06

Dec-05

Dec-03

D0

-100%

-50%

0%

50%

100%

150%

200%

250%

Percent Change In Sino-Fore

Data

Perce

ntChange


94/94

Dec-01 Dec-00 Dec-992,404 (- ) (- )

(- ) (- ) (- )

625 - -

108,194 123,665 92,710

-13% 33%

t Accounts Since 2000

InventoriesTimber HoldingsRevenuesOther Assets

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Sino Forest Corp Financials

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