CALGARY, ALBERTA (TSX: FDG.UN) (NYSE: FDG) today announced its
fourth quarter 2007 results. Cash available for distribution for
the quarter was $75 million ($0.50 per unit) compared with $147
million ($1.00 per unit) in the fourth quarter of 2006. For the
year, cash available for distribution was $349 million ($2.36 per
unit) compared with $618 million ($4.20 per unit) in 2006.
Distributions to unitholders for the quarter were $0.53 per unit
compared with $0.95 per unit in the fourth quarter of 2006. For the
year, distributions were $2.43 per unit compared with $4.15 per
unit in 2006.
Net income from continuing operations was $49 million for the
quarter compared with $115 million in the fourth quarter of 2006.
Net income from continuing operations before unusual items, future
income taxes and unrealized gains or losses on foreign exchange
forward contracts was $75 million for the quarter compared with
$116 million in the fourth quarter of 2006. The decline primarily
resulted from lower realized coal prices. For the year, net income
from continuing operations was $323 million in 2007 compared with
$543 million in 2006. Net income from continuing operations before
unusual items, future income taxes and unrealized gains or losses
on foreign exchange forward contracts was $357 million in 2007
compared with $584 million in 2006. The decline was primarily due
to lower realized coal prices.
"We are pleased with our results in the fourth quarter," said
Boyd Payne, President of Fording Canadian Coal Trust. "Looking
ahead, the global metallurgical coal market is tight and recent
flooding in Australia has further challenged the market. This
provides opportunities for Elk Valley Coal for 2008; however, we
will need a significant increase in the number of trains we have
been receiving just to meet our current customer obligations. We
will also need more trains hauling more coal to take advantage of
the opportunities that exist due to the tightness in the
market."
Highlights:
- The average realized coal price in the fourth quarter of 2007
was $92 per tonne (US$93), which was down from $123 per tonne
(US$106) in the fourth quarter of 2006. For the year, the average
realized coal price was $105 per tonne (US$98), which was down from
$133 per tonne (US$113) in 2006. The decreases in realized prices
reflect successive decreases in U.S. dollar coal prices for the
2006 and 2007 coal years and the effects of the stronger Canadian
dollar relative to the U.S. dollar in 2007. The average realized
coal prices in 2006 included realized gains on our foreign exchange
forward contracts. In 2007, the realized gains on the contracts
were recorded as non-operating income under new accounting
standards. If the realized gains had been included in revenue in
2007, the average realized sales prices would have been $104 per
tonne for the fourth quarter and $110 per tonne for the year.
- The significant strengthening of the Canadian dollar relative
to the U.S. dollar during 2007 had a negative impact on the
business of Elk Valley Coal. This was mitigated somewhat since the
Trust uses foreign exchange forward contracts to fix the rate at
which its anticipated U.S. dollar cash flows are exchanged for
Canadian dollars. All of the contracts will mature during the first
quarter of 2008 and the Trust will become fully exposed to the
stronger Canadian dollar on April 1, 2008.
- Coal sales volumes of 3.6 million tonnes (Trust's share) for
the quarter were slightly higher than in the fourth quarter of
2006. Sales volumes for the year of 13.6 million tonnes were
unchanged from 2006.
- Elk Valley Coal's unit cost of product sold increased by 10%
to $40.00 per tonne for the quarter compared with $36.40 per tonne
in the fourth quarter of 2006. For the year, the unit cost of
product sold increased by 5% to $41.30 per tonne compared with
$39.20 per tonne in 2006.
- Elk Valley Coal's unit transportation costs decreased by 10%
to $33.00 per tonne for the quarter compared with $36.80 per tonne
in the fourth quarter of 2006. For the year, unit transportation
costs decreased by 5% to $35.10 per tonne compared with $36.90 per
tonne in 2006.
- In December 2007, the Trust announced that independent
committees had been formed to explore and make recommendations
regarding strategic alternatives for the Trust to maximize value
for its unitholders. The mandate of these committees is to consider
a wide range of alternatives including an acquisition of all the
Trust's outstanding units by a third party, a sale of its assets,
including its interest in Elk Valley Coal, a combination,
reorganization or similar form of transaction, or continuing with
its current business plan.
Guidance Update
Please refer to the Outlook section of this news release for
partial guidance information for 2008.
Important Information Regarding News Release
The financial information in this news release is unaudited and
has not been reviewed by the Trust's auditors. The Trust's
management's discussion and analysis and audited consolidated
financial statements for the year ended December 31, 2007 will be
filed with regulators in March 2008. The Trust reports its
financial information in Canadian dollars and all monetary amounts
set forth herein are expressed in Canadian dollars unless otherwise
stated.
This news release should be read in conjunction with the Trust's
management's discussion and analysis and consolidated financial
statements for the year ended December 31, 2006, and other public
disclosure documents of the Trust.
This news release contains forward-looking information within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 relating, but not limited to, the Trust's
expectations, intentions, plans and beliefs. Forward-looking
information can often be identified by forward-looking words such
as "anticipate", "believe", "expect", "goal", "plan", "intend",
"estimate", "maximize", "may", and "will" or similar words
suggesting future outcomes, or other expectations, beliefs, plans,
objectives, assumptions, intentions or statements about future
events or performance. This news release contains forward-looking
information, included in, but not limited to, the sections titled
'Highlights', 'Results of Operations', 'Liquidity and Capital
Resources', and 'Outlook'.
Unitholders and prospective investors are cautioned not to place
undue reliance on forward-looking information. By its nature,
forward-looking information involves numerous assumptions, known
and unknown risks and uncertainties, of both a general and specific
nature, that could cause actual results to differ materially from
those suggested by the forward-looking information or contribute to
the possibility that predictions, forecasts or projections will
prove to be materially inaccurate. For a further discussion of the
assumptions, risks and uncertainties relating to the
forward-looking statements contained in this news release, please
refer to the section entitled Caution Regarding Forward-Looking
Statements.
Fording Canadian Coal Trust
The Trust is an open-ended mutual fund trust. It was created
pursuant to a declaration of trust and is governed by the laws of
Alberta. The Trust does not carry on any active business. The Trust
directly and indirectly owns all of the interests of Fording LP,
which holds a 60% interest in Elk Valley Coal Partnership. Until
June 2007, the Trust owned all of the interests of NYCO, which is
accounted for as a discontinued operation. The Trust uses the cash
it receives from its investments to make quarterly distributions to
its unitholders.
References to "we" and "our" in this news release are to the
Trust and its subsidiaries. References to Elk Valley Coal refer, as
the context requires, to Elk Valley Coal Partnership or to the
Trust's 60% indirect interest in Elk Valley Coal Partnership and
certain financial transactions of our subsidiaries that relate to
the business, such as foreign exchange forward contracts and
mineral taxes.
Elk Valley Coal
Elk Valley Coal is a general partnership between Fording LP and
affiliates of Teck Cominco Limited (Teck Cominco). Teck Cominco is
the managing partner of Elk Valley Coal and is responsible for
managing its business and affairs, subject to certain matters that
require the agreement of the Trust and Teck Cominco. Our
consolidated financial statements reflect our proportionate
interest in Elk Valley Coal.
Elk Valley Coal is the second largest supplier of seaborne hard
coking coal in the world. Hard coking coal is a type of
metallurgical coal that is used primarily for making coke by
integrated steel mills, which account for approximately two-thirds
of worldwide steel production and substantially all global
production of primary (i.e. unrecycled) steel. The seaborne hard
coking coal market is characterized by the global nature of
international steel making, the relative concentration of quality
metallurgical coal deposits in Australia, Canada and the United
States and the comparatively low cost of seaborne
transportation.
Elk Valley Coal has an interest in six active mining operations.
The Fording River, Coal Mountain, Line Creek and Cardinal River
operations are wholly owned. The Greenhills operation is a joint
venture in which Elk Valley Coal has an 80% interest and is
accounted for on a proportionate basis. The Elkview operation is a
limited partnership in which Elk Valley Coal owns, directly and
indirectly, a 95% general partnership interest. The Elkview
operation is consolidated into the accounts of Elk Valley Coal.
Non-GAAP Financial Measures
This news release refers to certain financial measures, such as
distributable cash, cash available for distribution, sustaining
capital expenditures, and net income from continuing operations
before unusual items, future income taxes and unrealized gains or
losses on foreign exchange forward contracts, that are not measures
recognized under generally accepted accounting principles (GAAP) in
Canada or the United States, and do not have standardized meanings
prescribed by GAAP. These measures may differ from those made by
other issuers and, accordingly, may not be comparable to such
measures as reported by other trusts or corporations. We discuss
these measures, which have been derived from our financial
statements and applied on a consistent basis, because we believe
that they are of assistance in the understanding of the results of
our operations and financial position and are meant to provide
further information about the ability of the Trust to earn and
distribute cash to unitholders.
Cash available for distribution is the term used by us to
describe the cash that is available for distribution to
unitholders. Actual distributions of cash to unitholders are made
after being declared by the Trustees in accordance with our
distribution policy.
Sustaining capital expenditures refers to expenditures in
respect of capital asset additions, replacements or improvements
required to maintain business operations. The determination of what
constitutes sustaining capital expenditures requires the judgment
of management.
Net income from continuing operations before unusual items,
future income taxes and unrealized gains or losses on foreign
exchange forward contracts (in total and on a per unit basis) is a
non-GAAP measure of earnings. It adds back to net income from
continuing operations in accordance with GAAP the impact of
non-cash future taxes and unrealized gains or losses on foreign
exchange forward contracts, which are non-cash and subject to
significant change until realized, as well as unusual items that
are significant and not expected to be recurring.
Committees Formed to Explore Strategic Alternatives
In December 2007 the Trust announced that independent committees
had been formed to explore and make recommendations regarding
strategic alternatives for the Trust to maximize value for its
unitholders. The mandate of these committees is to consider a wide
range of alternatives including an acquisition of all the Trust's
outstanding units by a third party, a sale of its assets, including
its interest in Elk Valley Coal, a combination, reorganization or
similar form of transaction, or continuing with its current
business plan. The initiative is considered timely, given the
pending change in the taxable status of the Trust in 2011, as well
as the continuing consolidation in the trust sector and the metals
and mining sector. The Trust anticipates it will make no further
announcements regarding the strategic review unless and until the
Trustees determine that disclosure of a material change is
required.
Overview
The table below summarizes our financial results from continuing
operations.
Three months ended Year ended
December 31 December 31
(millions of Canadian dollars, -------------------- -------------------
except as noted) 2007 2006 2007 2006
----------------------------------------------------------------------------
Revenue $ 327.5 $ 424.9 $ 1,427.3 $ 1,798.2
Income from operations $ 42.8 $ 149.8 $ 308.2 $ 682.9
Net income from continuing operations $ 48.8 $ 114.6 $ 322.5 $ 542.9
Add (deduct):
Change in accounting rules for
in-process inventory - - - 31.7
Decrease (increase) in unrealized
gains on foreign exchange forward
contracts(1) 37.3 - (38.7) -
Future income tax expense (reversal) (11.2) 1.7 73.0 9.2
-------------------- -------------------
Net income from continuing operations
before unusual items, future income
taxes and unrealized gains or
losses on foreign exchange forward
contracts $ 74.9 $ 116.3 $ 356.8 $ 583.8
-------------------- -------------------
-------------------- -------------------
Per unit amounts:
Net income from continuing
operations $ 0.33 $ 0.78 $ 2.18 $ 3.69
Net income from continuing operations
before unusual items, future income
taxes and unrealized gains or losses
on foreign exchange forward
contracts $ 0.51 $ 0.79 $ 2.41 $ 3.97
(1) Unrealized gains or losses on foreign exchange forward contracts were
not recorded in 2006 under previous accounting standards
Fourth Quarter
Our fourth quarter net income from continuing operations
decreased by 57% to $49 million and our income from operations
decreased by 71% to $43 million. Lower U.S. dollar prices for the
2007 coal year, which commenced April 1, 2007, combined with the
stronger Canadian dollar relative to the U.S. dollar, had a
negative impact on the business of Elk Valley Coal and are
reflected in our income from operations for the quarter.
Major items impacting net income from continuing operations in
the fourth quarter were the decrease of $37 million in the
unrealized gains on our foreign exchange forward contracts, which
resulted from the maturity of contracts and realization of the
gains during the quarter, and non-cash future income tax reversals
of $11 million, which relate primarily to a legislated reduction in
the federal income tax rates that will apply to the Trust beginning
in 2011.
Net income from continuing operations before unusual items,
future income taxes and unrealized gains or losses on foreign
exchange forward contracts was $75 million in the fourth quarter
compared with $116 million in the fourth quarter of 2006 and
primarily reflects lower U.S. dollar coal prices for the 2007 coal
year and a stronger Canadian dollar.
Year
Net income from continuing operations decreased by 41% from the
prior year to $323 million and income from operations decreased by
55% to $308 million. The decrease in operating income reflects
successive decreases in U.S. dollar prices for the 2006 and 2007
coal years as well as the significant strengthening of the Canadian
dollar during 2007.
Major items impacting net income from continuing operations in
2007 were the unrealized gains on our foreign exchange forward
contracts of $39 million, and non-cash future income tax expense of
$73 million related primarily to the new tax legislation for income
trusts.
Net income from continuing operations before unusual items,
future income taxes and unrealized gains or losses on foreign
exchange forward contracts was $357 million in 2007 compared with
$584 million in 2006, primarily due to lower U.S. dollar coal
prices and a stronger Canadian dollar.
Cash Available for Distribution
The cash available for distribution from our investments in the
quarter was $75 million ($0.50 per unit) compared with $147 million
($1.00 per unit) in the fourth quarter of 2006. Distributions
declared for the quarter were $0.53 per unit compared with $0.95
per unit for the fourth quarter of 2006.
For the year, cash available for distribution was $349 million
($2.36 per unit) compared with $618 million ($4.20 per unit) in
2006. Distributions declared were $2.43 per unit for the year
compared with $4.15 per unit for 2006.
Distributions for 2007 exceeded the cash available for
distribution that was generated from our investments. The
cumulative under-distributed cash available for distribution since
the formation of the Trust of $16 million, or $0.11 per unit, at
the end of 2006 was reduced to $6 million, or $0.04 per unit, at
the end of 2007.
Financial Position
Our net working capital position increased by $65 million from
$127 million at December 31, 2006 to $192 million at December 31,
2007. Current assets at December 31, 2007 include the fair value of
our outstanding foreign exchange forward contracts of $39 million
whereas at December 31, 2006 these forward contracts were not
recorded on our balance sheet under the previous accounting
standards. Under the new accounting standards for financial
instruments that became effective on January 1, 2007, our
outstanding foreign exchange forward contracts, which are not
designated as hedges under the new standards, are carried on our
balance sheet at fair value with changes in fair value recorded as
unrealized gains or losses in the income statement.
During the fourth quarter, Elk Valley Coal completed a review of
its asset retirement obligations and revised its estimates of
certain future environmental reclamation costs to reflect the
significant increases in costs that have occurred in the mining
sector. This resulted in an increase in the asset retirement
obligation of $49 million (Trust's share) being recorded in the
fourth quarter. Substantially all of the increase in the asset
retirement obligation was recorded as an addition to capital
assets.
Results of Operations
Elk Valley Coal (Trust's 60% share)
Three months ended Year ended
December 31 December 31
(millions of Canadian dollars, -------------------- -------------------
except as noted) 2007 2006 2007 2006
----------------------------------------------------------------------------
Statistics
Coal production (millions of tonnes) 3.3 3.3 13.5 13.1
Coal sales (millions of tonnes) 3.6 3.5 13.6 13.6
Average sales price (US$ per tonne) $ 92.70 $ 106.30 $ 97.70 $ 113.10
Operations (per tonne)
Average sales price (1) $ 91.50 $ 122.60 $ 104.90 $ 132.50
Cost of product sold $ 40.00 $ 36.40 $ 41.30 $ 39.20
Transportation $ 33.00 $ 36.80 $ 35.10 $ 36.90
Income from operations
Revenue $ 327.5 $ 424.9 $ 1,427.3 $ 1,798.2
Cost of product sold 143.7 126.2 562.0 532.3
Transportation 118.7 127.4 478.0 500.3
Selling, general and administration 7.1 5.5 20.0 23.4
Depreciation and depletion 12.5 12.7 49.8 49.2
-------------------- -------------------
Income from operations $ 45.5 $ 153.1 $ 317.5 $ 693.0
-------------------- -------------------
-------------------- -------------------
(1) The amounts for 2006 include the effects of our foreign exchange forward
contracts of approximately $1.40 per tonne for the fourth quarter and
$4.20 per tonne for the year ended December 31, 2006
Coal sales volumes of 3.6 million tonnes for the quarter were
slightly higher than in the fourth quarter of 2006. Sales volumes
for the year of 13.6 million tonnes were unchanged from 2006.
Average U.S. dollar coal prices for the quarter decreased by 13%
to US$92.70 per tonne as a result of lower prices for the 2007 coal
year, which commenced April 1, 2007. Average U.S. dollar coal
prices for the year decreased by 14% to US$97.70 per tonne as a
result of successive decreases in prices for the 2006 and 2007 coal
years.
Average realized Canadian dollar coal prices decreased by 25% to
$91.50 per tonne for the quarter and by 21% to $104.90 per tonne
for the year. The decreases in average realized Canadian dollar
sales prices were greater than the percentage decreases in the
average U.S. dollar prices because the Canadian dollar has
strengthened significantly against the U.S. dollar and because of
the change in accounting for our foreign exchange forward
contracts. Our forward contracts are not designated as hedges under
the new accounting standards for financial instruments that became
effective on January 1, 2007 and, accordingly, realized gains or
losses on the contracts are no longer included in revenue or in the
average Canadian dollar sales price. Realized gains on the forward
contracts were $44 million in the fourth quarter of 2007 and $75
million for the year, which were recorded as non-operating income.
If these realized gains had been included in revenue in 2007, the
average realized sales prices would have been $103.70 per tonne for
the fourth quarter and $110.40 per tonne for the year.
The revenue variances for the quarter and the year are summarized in the
following table:
(millions of Canadian dollars) Fourth Quarter 2007
----------------------------------------------------------------------------
Revenue for the period ended December 31, 2006 $ 425 $ 1,798
Variance attributed to coal sales volumes 15 6
Realized gains on foreign exchange forward
contracts included in revenue in 2006 (5) (58)
Variance attributed to lower U.S. dollar coal
prices (48) (225)
Variance attributed to the change in the
U.S./Canadian dollar exchange rate (59) (94)
---------------- ----------
Revenue for the period ended December 31, 2007 $ 328 $ 1,427
---------------- ----------
---------------- ----------
The significant strengthening of the Canadian dollar against the
U.S. dollar that occurred during 2007 highlights the sensitivity of
our results to fluctuations in the U.S./Canadian dollar exchange
rate. Lower U.S. dollar prices combined with the stronger Canadian
dollar had a negative impact on the business of Elk Valley Coal and
are reflected in our income from operations. This was mitigated
somewhat since the Trust uses foreign exchange forward contracts to
fix the rate at which its anticipated U.S. dollar cash flows are
exchanged for Canadian dollars. The Trust has outstanding forward
contracts until March 31, 2008 and will become fully exposed to the
stronger Canadian dollar on April 1, 2008.
Elk Valley Coal's unit cost of product sold increased by 10% to
$40.00 per tonne for the fourth quarter of 2007 compared with
$36.40 per tonne in the fourth quarter of 2006 due primarily to a
35% increase in diesel fuel costs as well as higher costs for
contractor services, tires and other consumables. Production
levels, strip ratios and haul distances in the fourth quarter of
2007 were similar to those in the fourth quarter of 2006.
The unit cost of product sold increased by 5% to $41.30 per
tonne for the year compared with $39.20 per tonne in 2006. By the
end of 2007, Elk Valley Coal had generally recovered from the
unusually high unit costs experienced in the first quarter of 2007
as a result of rail transportation problems, which caused unplanned
shutdowns and interruptions of production in the first quarter.
Coal production for the year of 13.5 million tonnes (Trust's share)
was slightly higher than 2006 levels. The 5% increase in unit costs
for the year is primarily due to higher input costs such as diesel
fuel, contractor services, tires and other consumables. The benefit
of lower strip ratios in 2007 was partially offset by longer haul
distances.
For the quarter, unit transportation costs decreased by 10% to
$33.00 per tonne compared with $36.80 in the fourth quarter of
2006. For the year, unit transportation costs decreased by 5% to
$35.10 per tonne compared with $36.90 per tonne in 2006. Lower unit
transportation costs for the quarter and the year were due
primarily to lower average selling prices. Certain of our rail and
port costs are variable, in part, with average selling prices. The
benefit of lower rail and port costs was partially offset by an
increase in vessel demurrage costs due to longer vessel wait times
and higher demurrage rates. Port inventories were at low levels
during 2007 due to shortfalls in rail shipments, which have
resulted in longer vessel wait times and increased demurrage
costs.
NYCO - Discontinued Operation
The sale of NYCO was completed in June 2007. NYCO is presented
as a discontinued operation in the accompanying financial
statements.
Other Income and Expenses
Three months ended Year ended
December 31 December 31
-------------------- -------------------
(millions of Canadian dollars) 2007 2006 2007 2006
----------------------------------------------------------------------------
Interest expense $ (7.1) $ (5.1) $ (21.4) $ (18.8)
-------------------- -------------------
-------------------- -------------------
Net foreign exchange gains (losses) on
revaluation of U.S. dollar-denominated
cash, accounts receivable and
long-term debt $ 2.5 $ (14.7) $ 31.0 $ (9.1)
Realized gains on foreign exchange
forward contracts 44.0 - 74.5 -
Increase (decrease) on foreign exchange
in unrealized gains forward contracts (37.3) - 38.7 -
Change in accounting policy for
in-process inventory - - - (31.7)
Other (0.5) 3.3 3.2 4.0
-------------------- -------------------
$ 8.7 $ (11.4) $ 147.4 $ (36.8)
-------------------- -------------------
-------------------- -------------------
In 2007, other income and expense items for the fourth quarter
and for the year include realized gains of $44 million and $75
million, respectively, on the foreign exchange forward contracts
that matured during the periods. Prior to 2007, realized gains and
losses on the forward contracts were included in revenue.
Unrealized gains or losses on foreign exchange forward contracts
were not recorded in 2006 under the previous accounting
standards.
The significant strengthening of the Canadian dollar relative to
the U.S. dollar during 2007 resulted in unrealized foreign exchange
gains of $47 million being recorded on our U.S. dollar-denominated
long-term debt. These unrealized gains were partially offset by
foreign exchange losses recorded on our U.S. dollar cash and
accounts receivable balances, resulting in net foreign exchange
gains of $31 million for the year compared with a net loss of $9
million in 2006. For the quarter, net foreign exchange gains were
only $3 million as the U.S./Canadian dollar exchange rate was
relatively stable during this period. Net foreign exchange losses
of $14 million in the fourth quarter of 2006 resulted from the
weakening of the Canadian dollar relative to the U.S. dollar during
that period.
Income Taxes
On June 22, 2007, the Federal Government of Canada enacted new
tax legislation that resulted in the taxation of existing income
and royalty trusts, other than certain real estate investment
trusts, at effective rates similar to Canadian corporations
commencing in 2011. Non-cash charges to income tax expense of $81
million were recorded in 2007 as a result of the change in tax
legislation.
In December 2007, the Federal Government of Canada announced a
general reduction in corporate tax rates, which resulted in a
reduction in the future tax liability related to federal income
taxes, and a non-cash federal income tax reversal, of $10 million
in the fourth quarter.
The future tax liability is based on estimated gross temporary
differences of approximately $253 million that are expected to
reverse after 2010, which, using an effective tax rate of 28%,
results in a future tax liability of $71 million at year end. The
temporary differences relate primarily to the difference between
the net book value of our capital assets for accounting purposes
and their tax basis. The estimates of temporary differences and the
timing of their reversal after 2010 are complex and require
significant judgment by management. These estimates may change in
the future and the future tax liability and income tax expense may
fluctuate as a result of changes in these estimates.
Income tax expense also includes British Columbia mineral taxes
and Alberta Crown royalties assessed on the cash flows of Elk
Valley Coal. These taxes amounted to $7 million for the fourth
quarter and $38 million for the year, compared with $19 million and
$85 million, respectively, in 2006. The decreases in British
Columbia mineral taxes and Alberta Crown royalties correspond to
the reduction in the taxable cash flows of Elk Valley Coal due
primarily to lower U.S. dollar sales prices and the effect of the
stronger Canadian dollar.
Cash Available for Distribution
Cash available for distribution is the term used by us to
describe the cash that is available for distribution to
unitholders. Cash available for distribution is not a term
recognized by GAAP in Canada and it is not a term that has a
standardized meaning. Accordingly, cash available for distribution
when used in this document and our other disclosures may not be
comparable with similarly named measures presented by other trusts.
Actual distributions of cash to unitholders are made after being
declared by the Trustees in accordance with the distribution policy
of the Trust.
Generally, cash available for distribution refers to all of the
cash received by the Trust from its investments in Elk Valley Coal
and, prior to its sale, NYCO, less specified costs and unit
redemptions. Cash available for distribution is derived from cash
flows from the operations of the Trust's subsidiaries, including
its proportionate interest in Elk Valley Coal, before changes in
non-cash working capital, less sustaining capital expenditures to
the extent not funded by debt or equity, principal repayments on
debt obligations and any amount allocated to reserves. Sustaining
capital expenditures refer to expenditures in respect of capital
asset additions, replacements or improvements required to maintain
business operations. The determination of what constitutes
sustaining capital expenditures requires the judgment of
management. Reserves, which are a discretionary decision of the
Trust and its subsidiaries, and of Elk Valley Coal, may be
established that would reduce cash available for distribution, in
order to meet any short-term or long-term need for cash. Such
reserves established at the Elk Valley Coal level have the effect
of reducing amounts distributed by Elk Valley Coal to its partners;
however, such reserves must be authorized by special resolution of
the partners and Elk Valley Coal is required to make reasonable use
of its operating lines for working capital purposes.
The cash available for distribution from the Trust's investments and the
distributions made by the Trust are set forth in the table below.
Three months ended Year ended
December 31 December 31
-------------------- -------------------
(millions of Canadian dollars) 2007 2006 2007 2006
----------------------------------------------------------------------------
Cash from operating activities $ 92.2 $ 149.0 $ 387.1 $ 690.4
Add (deduct):
Increase (decrease) in non-cash
working capital (1.1) 4.2 (17.9) (40.6)
Sustaining capital expenditures (15.5) (6.6) (46.5) (26.0)
Capital lease payments (0.4) (0.5) (1.6) (1.8)
Proceeds from the sale of NYCO, net
of taxes paid and payable - - 30.5 -
Other (0.4) 0.4 (2.7) (4.2)
-------------------- -------------------
Cash available for distribution and
distributable cash $ 74.8 $ 146.5 $ 348.9 $ 617.8
-------------------- -------------------
-------------------- -------------------
Distributions declared $ 78.6 $ 139.7 $ 358.8 $ 610.2
-------------------- -------------------
-------------------- -------------------
Per unit amounts:
Cash available for distribution $ 0.50 $ 1.00 $ 2.36 $ 4.20
Distributions declared $ 0.53 $ 0.95 $ 2.43 $ 4.15
As of December 31, 2007, the cumulative cash available for
distribution since the formation of the Trust has exceeded total
distributions declared by approximately $6 million, or $0.04 per
unit.
Liquidity and Capital Resources
Cash and cash equivalents were $152 million at December 31,
2007, up from $141 million at December 31, 2006. Our net working
capital position increased by $65 million from $127 million at
December 31, 2006 to $192 million at December 31, 2007. Current
assets at December 31, 2007 include the fair value of our
outstanding foreign exchange forward contracts of $39 million. The
Trust does not hold any investments in asset-backed commercial
paper.
Accounts receivable decreased by $56 million, or 44%, since
December 31, 2006 due primarily to the decrease in revenues caused
by lower U.S. dollar sales prices for the 2007 coal year and the
stronger Canadian dollar. During 2007, Elk Valley Coal increased
its sales of accounts receivable under a facility that allows it to
sell certain of its U.S. dollar accounts receivable on a
non-recourse basis. This facility is renewed annually and during
2007 the maximum amount available under this facility was increased
from US$75 million to US$100 million. Elk Valley Coal sold a total
of US$1.3 billion of its accounts receivable during 2007 compared
with US$1.1 billion in 2006. The accounts receivable sold by Elk
Valley Coal and outstanding under this facility were US$10 million
at December 31, 2007 compared with US$13 million at December 31,
2006.
Our operating cash flows are significantly lower in 2007 than in
2006. Cash flows from operating activities are largely influenced
by the cash flows of Elk Valley Coal, which have decreased in 2007
due primarily to lower U.S. dollar sales prices and the effect of
the stronger Canadian dollar relative to the U.S. dollar. Cash
flows from operating activities include changes in working capital
that can fluctuate from period to period.
Capital spending increased to $16 million and $49 million for
the fourth quarter and the year, respectively, due primarily to
planned sustaining capital projects. The following table summarizes
our capital spending for our continuing operations (excluding
NYCO):
Three months ended Year ended
December 31 December 31
-------------------- -------------------
(millions of Canadian dollars) 2007 2006 2007 2006
----------------------------------------------------------------------------
Sustaining capital $ 15.5 $ 6.6 $ 46.5 $ 26.0
Expansion capital - - 2.5 3.2
-------------------- -------------------
$ 15.5 $ 6.6 $ 49.0 $ 29.2
-------------------- -------------------
-------------------- -------------------
U.S. dollar-denominated long-term debt increased due to
additional borrowings of US$15 million (Trust's share) by Elk
Valley Coal under its bank credit facility in the third quarter of
2007 to meet working capital requirements, as well as the
conversion by Elk Valley Coal of $18 million (Trust's share) of
revolving banker's acceptances, which were denominated in Canadian
dollars, into US$18 million of LIBOR rate loans under the bank
credit facility.
Total long-term debt, excluding capital leases, decreased by $29
million from $309 million at December 31, 2006 to $280 million at
December 31, 2007 due to the significant strengthening of the
Canadian dollar against the U.S. dollar-denominated debt.
Other uses of bank facilities include letters of credit or
guarantees, of which our share was $47 million, leaving our share
of unused bank facilities at $193 million as of December 31,
2007.
During the fourth quarter, Elk Valley Coal completed a review of
its asset retirement obligations and revised its estimates of
certain future environmental reclamation costs to reflect the
significant increases in costs that have occurred in the mining
sector in recent years. This resulted in an increase in the asset
retirement obligation of $49 million (Trust's share) being recorded
in the fourth quarter. Substantially all of the increase in the
asset retirement obligation was recorded as an addition to capital
assets.
At December 31, 2007, the total estimated undiscounted cost to
settle the asset retirement obligation is $225 million (Trust's
share), which is up from $143 million reported in 2006 as a result
of the increases in estimated future costs. Asset retirement
obligations are funded from general cash resources at the time
reclamation work is completed. There have been no significant
changes since December 31, 2006 with regard to other purchase
commitments and obligations.
During the first quarter of 2007, we implemented a Distribution
Reinvestment Plan. The plan allows eligible unitholders of the
Trust to reinvest their distributions in additional units. For the
fourth quarter of 2007, unitholders representing approximately 17%
of our outstanding units elected to participate in the plan.
Approximately 380,000 units were issued in January 2008 in lieu of
cash distributions of $14 million. Through February 11, 2007,
approximately 1,630,000 units have been issued in lieu of cash
distributions of $53 million.
To help manage exposure to currency fluctuations and their
effect on unitholder distributions, foreign exchange forward
contracts are used to fix the rate at which certain future
anticipated flows of U.S. dollars are exchanged into Canadian
dollars. The Trust enters into foreign exchange forward contracts
when sales contracts for the coal year are settled. The forward
contracts mature throughout the coal year in order to fix the rate
at which our share of anticipated receipts of U.S. dollars from
coal sales, net of U.S. dollar expenditures, are exchanged into
Canadian dollars. At December 31, 2007, the Trust had US$256
million of foreign exchange forward contracts outstanding at an
average U.S./Canadian dollar exchange rate of US$0.88. All of these
contracts will mature prior to March 31, 2008. The Trust has not
hedged any anticipated cash flows past March 31, 2008.
Outlook
At the present time, the outlook for metallurgical coal is
strong for the coal year commencing April 1, 2008. The seaborne
metallurgical coal market was in tight supply at the end of 2007
because of growing demand and lower than expected growth in exports
from Australian suppliers. Since that time, supply has been further
reduced as a result of mid-January flooding in Australia that has
disrupted production for several metallurgical coal producers.
Elk Valley Coal believes that the global metallurgical coal
markets have entered a period of unprecedented volatility. While
U.S. dollar prices are expected to increase significantly for the
2008 coal year due to short-term supply constraints, a deep U.S.
recession that alters the rapid economic development in China,
India or other important growth areas could adversely impact the
metallurgical coal markets.
Elk Valley Coal will not see the benefit of higher 2008 coal
year prices until possibly the third quarter of calendar 2008. It
is anticipated that a substantial portion of Elk Valley Coal's
sales in the second quarter of 2008 will be at 2007 pricing due to
the carryover of tonnes from the 2007 coal year. Carryover tonnage
has increased as a result of the shortfall in rail shipments.
Further, the winter months typically present challenging shipping
conditions for Elk Valley Coal that could potentially impact first
quarter results and further increase the amount of carryover. In
addition, the foreign exchange forward contracts that the Trust
currently has in place expire by March 31, 2008, which will fully
expose the Trust to the higher value of the Canadian dollar
relative to the U.S. dollar as of April 1, 2008.
Sales volumes for Elk Valley Coal for the 2008 calendar year are
expected to be 23-25 million tonnes. Elk Valley Coal is dependent
on rail shipments in order to deliver its product to its customers.
The frequency and timeliness of rail shipments in the fourth
quarter of 2007 and into early 2008 fell well short of Elk Valley
Coal's requirements, resulting in a decline in coal inventories at
the Vancouver ports and large increases in inventories at the mine
sites. This has led to reduced plant production at certain mine
sites where on-site coal storage has reached capacity. If rail
shipments do not increase, it will continue to adversely affect
production and sales levels and could lead to unscheduled plant
shutdowns, which could increase unit costs. In addition, Elk Valley
Coal will incur substantial vessel demurrage costs in 2008 if rail
shipments do not increase.
Cost of product sold for the 2008 calendar year is expected to
be in the range of $45 to $47 per tonne, which represents an
increase of approximately 10-15% over 2007 levels. The increase
reflects inflation in input costs, including a significant increase
in the price of diesel fuel, as well as higher strip ratios and
longer haul distances.
Transportation costs are dependent, in part, on average selling
prices. Guidance for 2008 calendar year transportation costs will
be provided after prices for the 2008 coal year are settled.
Capital spending at Elk Valley Coal in 2008 is planned to be
approximately $200 million (Trust's share - $120 million), which is
more than double its capital spending levels in recent years. All
of the planned expenditures are sustaining in nature. The increase
in sustaining capital expenditures reflects normal variability in
capital requirements associated with the aging of mining fleets and
increased equipment requirements resulting from changes in mining
conditions. A tight labour market, contractor availability, and
delivery times for equipment purchases may influence actual capital
spending. The Trust expects Elk Valley Coal's sustaining capital
requirements over the next few years to be at these higher levels.
Expenditures by Elk Valley Coal in 2008 in excess of approximately
$80 million will be financed by the Trust and Teck Cominco in
proportion to their ownership interests in Elk Valley Coal. The
Trust will finance its share of the funding to Elk Valley Coal by
utilizing proceeds from its distribution reinvestment plan and
available lines of credit, which will limit the impact on
distributable cash.
Number of Units Outstanding
There were approximately 148 million trust units outstanding on
December 31 and approximately 149 million outstanding on February
11, 2007. Approximately 22,000 options were outstanding under the
exchange option plan on December 31 and approximately 19,000 were
outstanding on February 11, 2007.
Risk Factors
Unitholders should refer to the 'Risk and Uncertainties' section
in the Trust's 2006 Management's Discussion and Analysis, and the
'Risk Factors' section in the 2006 Annual Information Form for
other factors that could potentially impact the Trust's financial
performance and its ability to meet its targets.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking information within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 relating, but not limited to, the Trust's
expectations, intentions, plans and beliefs. Forward-looking
information can often be identified by forward-looking words such
as "anticipate", "believe", "expect", "goal", "plan", "intend",
"estimate", "maximize", "may", and "will" or similar words
suggesting future outcomes, or other expectations, beliefs, plans,
objectives, assumptions, intentions or statements about future
events or performance. This news release contains forward-looking
information, included in, but not limited to, the sections titled
'Highlights', 'Results of Operations', 'Liquidity and Capital
Resources', and 'Outlook'.
Unitholders and prospective investors are cautioned not to place
undue reliance on forward-looking information. By its nature,
forward-looking information involves numerous assumptions, known
and unknown risks and uncertainties, of both a general and specific
nature, that could cause actual results to differ materially from
those suggested by the forward-looking information or contribute to
the possibility that predictions, forecasts, or projections will
prove to be materially inaccurate.
These factors include, but are not limited to: the dependency of
the Trust on cash distributions from Elk Valley Coal; interest rate
fluctuations and other factors affecting yield; the potential
liability of the Trust for income tax; potential changes in the
taxation of income trusts; the nature of the Trust's units,
particularly that distributions on the Trust's units are not fixed;
dilution resulting from the issuance of additional units; the
magnitude of capital expenditures incurred by Elk Valley Coal or
the Trust; the negative impact of paying for unfunded liabilities
such as pension, post-retirement benefits or asset retirement
obligations; restrictions on potential growth resulting from the
payout of available cash to unitholders; the availability of credit
facilities for capital expenditure requirements, limitations
imposed by credit facilities restricting the ability of the Trust
or Elk Valley Coal to incur debt, dispose of assets or pay
distributions; conflicts of interest between the Trust, Elk Valley
Coal and the managing partner of Elk Valley Coal; operational risks
affecting funds available to the Trust for distribution to
unitholders; operational issues at minesites; disruption or delays
in construction at minesites; shortage and quality of mining
equipment and related operating supplies, including haul truck
tires; cost increases for mining equipment and services; increasing
mining and energy costs; foreign currency exchange rate
fluctuations; risks inherent in the use of derivative instruments;
dependency on major customers; the ability of Elk Valley Coal to
attract and retain skilled personnel; changes in environmental laws
which could have a negative impact on Elk Valley Coal's operations
and profitability; uncertainties surrounding applications for
permits and permitting processes; accuracy of liability accruals;
and assertion of aboriginal rights claims.
Additional factors include changes in commodity prices; changes
in steel-making methods and other technological changes; the
strength of the various economies that purchase significant amounts
of coking coal or steel products; difficulties and uncertainties
inherent in operating and selling products in foreign countries;
changes in regulations relating to the use of metallurgical coal;
the magnitude of the Trust's interest in Elk Valley Coal; the
effectiveness of the managing partner of Elk Valley Coal in
managing the partnership's affairs; the effects of competition and
pricing pressures in the metallurgical coal market; risks inherent
in the mining industry and the inability of Elk Valley Coal or the
Trust to insure against certain of these risks; the oversupply of,
or lack of demand for, metallurgical coal; events which could
disrupt operations and/or the transportation of products, including
labour stoppages related to industrial accidents, work stoppages,
renegotiation of collective agreements and/or severe or abnormal
weather conditions or natural disasters; demand for, adequacy of,
availability of, and pricing of rail, port and other transportation
services; management's ability to anticipate and manage the risks
to which Elk Valley Coal and/or the Trust are exposed; uncertainty
involving the geology of mineral deposits; uncertainty of estimates
of the size or composition of mineral deposits; uncertainty of
estimates of reserves and resources; uncertainty of projections
relating to costs of production and transportation, lack of
effective alternatives and competitive pricing for rail services or
estimates of market prices for the mineral; the possibility of
delays in mining activities; changes in plans with respect to
exploration, development projects or capital expenditures; risks
relating to health, safety and environmental matters; and general
economic, business and market conditions.
The forward-looking statements contained in this news release
are based, in part, upon certain assumptions made by the Trust,
including, but not limited to, the following: no material
disruption in production; no material variation in anticipated coal
sales volumes, coal prices or cost of product sold; no material
variation in the forecasted yields, strip ratios, haul distances
and productivity for each mine in which the Trust has an interest;
no material increases in the global supply of hard coking coal
other than what is currently projected by management; significant
quantities of weaker coking coals will not be substituted for hard
coking coal beyond current levels of substitution; continued
strength in global steel markets; no material disruption in
construction or operations at minesites; no variation in
availability or allocation of haul truck tires to Elk Valley Coal
in 2008; an absence of labour disputes in the forecast period; no
material increase in the cost of labour; no material variations in
markets and pricing of metallurgical coal other than anticipated
variations; no material variation in anticipated mining, energy or
transportation costs; adequacy and availability of, and no material
disruption in, rail service and port facilities; no material delays
in the current timing for completion of ongoing projects; financing
will be available on terms favourable to the Trust and Elk Valley
Coal; no material variation in the operations of Elk Valley Coal
customers which could impact coal purchases; no material variation
in historical coal purchasing practices of customers; coal sales
contracts will be entered into with new customers; existing
inventories will not result in decreased sales volumes; parties
execute and deliver contracts currently under negotiation; and no
material variations in the current tax regulatory environment.
The Trust cautions that the list of factors and assumptions set
forth above is not exhaustive. Some of the risks, uncertainties and
other factors which negatively affect the reliability of
forward-looking information are discussed in the Trust's public
filings with the Canadian and United States securities regulatory
authorities, including its most recent consolidated financial
statements, management's discussion and analysis, management
information circular, annual information form, quarterly reports,
material change reports and news releases. Copies of the Trust's
Canadian public filings are available on SEDAR at www.sedar.com.
The Trust's U.S. public filings, including the Trust's most recent
annual report of form 40-F as supplemented by its filings on form
6-K, are available at www.sec.gov. The Trust further cautions that
information contained on, or accessible through, these websites is
current only as of the date of such information and may be
superseded by subsequent events or filings. The Trust undertakes no
obligation to update publicly or otherwise revise any information,
including any forward-looking information, whether as a result of
new information, future events or other such factors that affect
this information except as required by law.
Conference Call and Webcast
A conference call to discuss these results will be held Tuesday,
February 12 at 7:30 a.m. Mountain time, 9:30 a.m. Eastern time. To
participate in the conference call, please dial 1-866-540-8136 or
416-641-6132 approximately 10 minutes prior to the call. A live and
archived audio webcast and podcast of the conference call will also
be available on the Trust's website www.fording.ca.
About Fording Canadian Coal Trust
Fording Canadian Coal Trust is an open-ended mutual fund trust
and one of the largest royalty trusts in Canada. The Trust makes
quarterly distributions to unitholders using the funds it receives
from its 60% interest in the metallurgical coal operations of the
Elk Valley Coal Partnership. The Elk Valley Coal Partnership is the
world's second largest exporter of metallurgical coal, supplying
high-quality coal products to the international steel industry. The
Trust's shares are traded on the Toronto Stock Exchange under the
ticker symbol FDG.UN and on the New York Stock Exchange under the
symbol FDG.
FORDING CANADIAN COAL TRUST
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(unaudited)
Three months ended Year ended
December 31 December 31
(millions of Canadian dollars, -------------------- -------------------
except per unit amounts) 2007 2006 2007 2006
----------------------------------------------------------------------------
Revenues $ 327.5 $ 424.9 $1,427.3 $1,798.2
Expenses
Cost of product sold 143.7 126.3 562.0 532.3
Transportation 118.7 127.3 478.0 500.3
Selling, general and administration 9.3 8.7 28.3 33.3
Depreciation and depletion 13.0 12.8 50.8 49.4
-------------------- -------------------
284.7 275.1 1,119.1 1,115.3
-------------------- -------------------
Income from operations 42.8 149.8 308.2 682.9
Other income (expense)
Interest expense (7.1) (5.1) (21.4) (18.8)
Other items, net 8.7 (11.4) 147.4 (36.8)
-------------------- -------------------
Income before taxes 44.4 133.3 434.2 627.3
Income tax expense (reversal) (4.4) 18.7 111.7 84.4
-------------------- -------------------
Net income from continuing
operations 48.8 114.6 322.5 542.9
Income (loss) from discontinued
operation - NYCO - (46.0) 10.8 (45.0)
-------------------- -------------------
Net income $ 48.8 $ 68.6 $ 333.3 $ 497.9
-------------------- -------------------
-------------------- -------------------
Other comprehensive income (loss) - 3.1 (2.2) (0.2)
-------------------- -------------------
Comprehensive income $ 48.8 $ 71.7 $ 331.1 $ 497.7
-------------------- -------------------
-------------------- -------------------
Weighted average number of units
outstanding (millions)
Basic 148.2 147.0 147.9 147.0
Diluted 148.3 147.1 147.9 147.1
Basic and diluted amounts per unit
Net income from continuing
operations $ 0.33 $ 0.78 $ 2.18 $ 3.69
Net income from discontinued
operation - NYCO $ - $ (0.31) $ 0.07 $ (0.30)
-------------------- -------------------
Net income $ 0.33 $ 0.47 $ 2.25 $ 3.39
-------------------- -------------------
-------------------- -------------------
FORDING CANADIAN COAL TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Three months ended Year ended
December 31 December 31
-------------------- -------------------
(millions of Canadian dollars) 2007 2006 2007 2006
----------------------------------------------------------------------------
Operating activities
Net income from continuing
operations $ 48.8 $ 114.6 $ 322.5 $ 542.9
Items not using (providing) cash:
Depreciation and depletion 13.0 12.8 50.8 49.4
Provision for asset retirement
obligations, net 1.3 1.1 2.7 3.2
Future income tax expense
(recovery) (11.2) 1.7 73.0 9.2
Change in unrealized gain on
foreign exchange forward
contracts 37.3 - (38.7) -
Unrealized foreign exchange
(gain) loss on long-term debt (2.4) 12.7 (47.2) 4.2
Loss (gain) on disposal of
capital assets 0.1 (1.0) (2.0) (1.7)
Non-controlling interest 0.7 1.9 3.4 6.8
Other items, net 3.5 11.2 5.0 1.8
Change in accounting policy for
in-process inventory - - - 31.7
Operating cash flow from
discontinued operation - NYCO - (1.8) (0.3) 2.3
-------------------- -------------------
91.1 153.2 369.2 649.8
Decrease (increase) in non-cash
working capital 1.1 (4.2) 17.9 40.6
-------------------- -------------------
Cash from operating activities 92.2 149.0 387.1 690.4
-------------------- -------------------
Investing activities
Additions to capital assets (15.5) (6.6) (49.0) (29.2)
Proceeds on disposal of capital
assets - 1.1 4.0 2.1
Other investing activities, net - 1.6 (0.1) 2.1
Proceeds on sale of NYCO (1) - - 34.3 -
Investing cash flow from
discontinued operation - NYCO - - (0.6) (0.8)
-------------------- -------------------
Cash used in investing activities (15.5) (3.9) (11.4) (25.8)
-------------------- -------------------
Financing activities
Distributions paid, net (2) (74.2) (117.6) (380.4) (705.7)
Increase (decrease) in long-term
debt - (6.1) 17.1 94.8
Issuance of units, net - 0.1 - 0.3
Redemption of units - (0.1) - (0.1)
Other financing activities, net (0.9) (4.5) (5.5) (9.4)
-------------------- -------------------
Cash used in financing activities (75.1) (128.2) (368.8) (620.1)
-------------------- -------------------
Increase in cash and cash
equivalents 1.6 16.9 6.9 44.5
Cash and cash equivalents -
beginning of period 149.9 127.7 144.6 100.1
-------------------- -------------------
Cash and cash equivalents - end of
period 151.5 144.6 151.5 144.6
-------------------- -------------------
-------------------- -------------------
(1) The proceeds on sale of NYCO are presented net of NYCO cash sold of $2.3
million
(2) Distributions paid are presented net of proceeds received from the
distribution reinvestment plan of $14.6 million
FORDING CANADIAN COAL TRUST
CONSOLIDATED BALANCE SHEETS
(unaudited)
December 31 December 31
(millions of Canadian dollars) 2007 2006
----------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 151.5 $ 141.4
Accounts receivable 72.4 128.5
Inventory 134.0 125.4
Derivative instruments - foreign exchange
forward contracts 38.7 -
Prepaid expenses 4.9 4.9
NYCO assets held for sale - 23.9
--------------------------------
401.5 424.1
Capital assets 652.8 603.2
Goodwill 12.9 12.9
Other assets 19.6 20.8
NYCO assets held for sale - 12.8
--------------------------------
$ 1,086.8 $ 1,073.8
--------------------------------
--------------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 111.5 $ 119.6
Income taxes payable 18.3 31.8
Distribution payable 78.6 139.7
Current portion of long-term debt 1.6 1.7
NYCO liabilities held for sale - 4.4
--------------------------------
210.0 297.2
Long-term debt 280.9 312.5
Other long-term liabilities 157.2 100.1
Future income taxes 126.9 53.9
NYCO liabilities held for sale - 3.4
--------------------------------
775.0 767.1
--------------------------------
Commitments and contingencies
Unitholders' equity
Trust units 399.3 359.7
Accumulated earnings 2,005.9 1,672.6
Accumulated cash distributions (2,093.4) (1,734.6)
Accumulated other comprehensive income - 9.0
--------------------------------
311.8 306.7
--------------------------------
$ 1,086.8 $ 1,073.8
--------------------------------
--------------------------------
Contacts: Fording Canadian Coal Trust Colin Petryk Director,
Investor Relations (403) 260-9823 Fording Canadian Coal Trust
Catherine Hart Manager, Corporate Communications (403) 260-9817
Email: investors@fording.ca Website: www.fording.ca
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