##### 



EXHIBIT 2
 managements responsibility for financial statements
     -s- Isidore Philosophe
    
    -s- Lewis RitchieIsidore Philosophe
    
    Lewis RitchieChief Executive Officer
    
    Chief Financial Officer
  Cinram International Inc.




---



##### 



auditors report to the shareholders
    
 
 Cinram
International Inc.




---



##### 



consolidated balance sheets
 As at December 31
    
    2005
    
    
    2004ASSETSCurrent assetsCash and cash equivalents
    
    $
    89,921
    
    
    $
    41,789Accounts receivable, net of an allowance for
doubtful accounts of
$11,664 (2004 
$12,511)
    
    
    589,417
    
    
    
    518,216Income taxes recoverable
    
    
    
    
    
    
    8,356Inventories (note 2)
    
    
    45,482
    
    
    
    56,861Prepaid expenses
    
    
    20,610
    
    
    
    26,573Future income taxes (note 12)
    
    
    33,835
    
    
    
    22,872779,265
    
    
    
    674,667Capital assets (note 3)
    
    
    601,481
    
    
    
    706,360Goodwill (note 4)
    
    
    330,274
    
    
    
    328,393Intangible assets (note 4)
    
    
    241,604
    
    
    
    315,247Deferred financing fees (note 5)
    
    
    18,954
    
    
    
    24,344Other assets
    
    
    13,948
    
    
    
    36,218Future income taxes (note 12)
    
    
    28,416
    
    
    
    11,804$
    2,013,942
    
    
    $
    2,097,033LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilitiesAccounts payable
    
    $
    202,550
    
    
    $
    213,876Accrued liabilities
    
    
    351,580
    
    
    
    377,323Income taxes payable
    
    
    15,479
    
    
    
    Current portion of long-term debt (note 7)
    
    
    62,136
    
    
    
    71,509Current portion of obligations under
capital leases (note 8)
    
    
    727
    
    
    
    850632,472
    
    
    
    663,558Long-term debt (note 7)
    
    
    674,137
    
    
    
    786,834Obligations under capital leases (note 8)
    
    
    3,272
    
    
    
    4,603Other long-term liabilities (note 1(n))
    
    
    55,135
    
    
    
    62,778Future income taxes (note 12)
    
    
    103,018
    
    
    
    93,069Shareholders equityCapital stock (note 9)
    
    
    173,775
    
    
    
    170,145Contributed surplus (note 9(d))
    
    
    4,634
    
    
    
    4,145Retained earnings
    
    
    317,121
    
    
    
    240,367Foreign currency translation adjustment
    
    
    50,378
    
    
    
    71,534545,908
    
    
    
    486,191Lease commitments (note 8)Subsequent events (note 21)$
    2,013,942
    
    
    $
    2,097,033
   -s- Peter G. White
    
    -s- Nadir H. MohamedPeter G. White
    
    Nadir H. MohamedDirector
    
    Director
 Cinram International Inc.




---



##### 



consolidated
statements of earnings and retained earnings
 Years ended December 31
    
    2005
    
    
    2004Revenue
    
    $
    2,098,080
    
    
    $
    2,026,638Cost of goods sold
    
    
    1,685,997
    
    
    
    1,615,542Gross profit
    
    
    412,083
    
    
    
    411,096Selling, general and administrative expenses
    
    
    168,793
    
    
    
    177,372Amortization of intangible assets and deferred
financing fees (notes 4 and 5)
    
    
    69,998
    
    
    
    73,038Unusual items (note 11)
    
    
    6,278
    
    
    
    (1,713
    )Earnings before the undernoted
    
    
    167,014
    
    
    
    162,399Interest on long-term debt
    
    
    50,790
    
    
    
    51,642Other interest
    
    
    358
    
    
    
    1,460Interest income
    
    
    (932
    )
    
    
    (2,436
    )Earnings before income taxes
    
    
    116,798
    
    
    
    111,733Income taxes (recovery) (note 12):Current
    
    
    47,774
    
    
    
    24,555Future
    
    
    (13,402
    )
    
    
    11,35434,372
    
    
    
    35,909Net earnings
    
    
    82,426
    
    
    
    75,824Retained earnings, beginning of year
    
    
    240,367
    
    
    
    172,564Effect of a change in accounting policy related
to stock-based compensation (note 1(k))
    
    
    
    
    
    
    (2,759
    )Dividends
    
    
    (5,672
    )
    
    
    (5,262
    )Retained earnings, end of year
    
    $
    317,121
    
    
    $
    240,367Earnings per share (note 10):Basic
    
    $
    1.44
    
    
    $
    1.34Diluted
    
    
    1.43
    
    
    
    1.32Weighted average number of shares outstanding
(in thousands) (note 10):Basic
    
    
    57,162
    
    
    
    56,589Diluted
    
    
    57,773
    
    
    
    57,514
  Cinram
International Inc.




---



##### 



consolidated statements of cash flows
 Years ended December 31
    
    2005
    
    
    2004Cash provided by (used in):OperationsNet earnings
    
    $
    82,426
    
    
    $
    75,824Items not involving cash:Amortization
    
    
    223,869
    
    
    
    219,735Future income taxes
    
    
    (13,402
    )
    
    
    11,354Non-cash stock-based compensation
    
    
    489
    
    
    
    1,269Gain on disposition of capital assets
    
    
    (663
    )
    
    
    (2,330
    )Change in non-cash operating working
capital (note 16)
    
    
    (35,379
    )
    
    
    (176,452
    )257,340
    
    
    
    129,400FinancingIncrease in long-term debt
    
    
    54,000
    
    
    
    48,000Repayment of long-term debt
    
    
    (176,070
    )
    
    
    (239,530
    )Deferred financing fees
    
    
    (550
    )
    
    
    (2,250
    )Decrease in obligations under capital leases
    
    
    (778
    )
    
    
    (1,885
    )Issuance of common shares
    
    
    3,630
    
    
    
    6,971Decrease (increase) in other long-term liabilities
    
    
    (3,628
    )
    
    
    10,931Dividends paid
    
    
    (5,672
    )
    
    
    (5,262
    )(129,068
    )
    
    
    (183,025
    )InvestmentsPurchase of capital assets
    
    
    (99,765
    )
    
    
    (145,704
    )Proceeds on disposition of capital assets
    
    
    1,918
    
    
    
    4,015Decrease (increase) in other assets
    
    
    22,223
    
    
    
    (12,523
    )Transaction costs relating to Time Warner
acquired businesses
    
    
    
    
    
    
    (890
    )(75,624
    )
    
    
    (155,102
    )Foreign currency translation loss on cash held in
foreign currencies
    
    
    (4,516
    )
    
    
    (3,307
    )Increase (decrease) in cash and cash equivalents
    
    
    48,132
    
    
    
    (212,034
    )Cash and cash equivalents, beginning of year
    
    
    41,789
    
    
    
    253,823Cash and cash equivalents, end of year
    
    $
    89,921
    
    
    $
    41,789Supplemental cash flow informationInterest paid
    
    $
    50,554
    
    
    $
    52,540Income taxes paid
    
    
    24,994
    
    
    
    35,455
  Cinram International Inc.




---



##### 



notes to consolidated financial statements
 1. SIGNIFICANT ACCOUNTING POLICIES
 (a) Basis of presentation
    (b) Revenue recognition
      (c) Inventories
  Cinram
International Inc.




---



##### 



notes to consolidated financial statements
  (d) Capital assets
   Buildings
    
    2040 yearsMachinery and equipment
    
    37 yearsComputer equipment
    
    35 yearsFurniture
    
    5 yearsLeasehold improvements
    
    Over term of lease
 (e) Goodwill and intangible assets
 (i) Goodwill:
   (ii) Intangible assets:
  Customer supply agreements
    
    6 years
 (f) Impairment of long-lived assets
  Cinram International Inc.




---



##### 



(g) Pension benefits
  (h) Asset retirement obligations
   (i) Deferred financing fees
  (j) Derivative financial instruments
   Cinram
International Inc.




---



##### 



notes to consolidated financial statements
    (k) Stock-based compensation
  (l) Income taxes
  (m) Earnings per share
  Cinram International Inc.




---



##### 



(n) Use of estimates
    (o) Cash and cash equivalents
  (p) Recently issued accounting pronouncements
 (i) Liabilities and equity:
   (ii) Consolidation of variable interest entities:
  Cinram
International Inc.




---



##### 



notes to consolidated financial statements
  (iii) Arrangements containing a lease:
  (iv) Non-monetary transactions:
  (v) Financial instruments:
  2. INVENTORIES
 2005
    
    
    2004Raw materials
    
    $
    32,976
    
    
    $
    38,481Work in process
    
    
    9,182
    
    
    
    15,119Finished goods
    
    
    3,324
    
    
    
    3,261$
    45,482
    
    
    $
    56,861
 Cinram International Inc.




---



##### 



3. CAPITAL ASSETS
 Accumulated
    
    
    Net book2005
    
    Cost
    
    
    amortization
    
    
    valueLand
    
    $
    22,965
    
    
    $
    
    
    
    $
    22,965Buildings
    
    
    140,278
    
    
    
    31,532
    
    
    
    108,746Machinery and equipment
    
    
    879,901
    
    
    
    455,699
    
    
    
    424,202Computer equipment
    
    
    28,440
    
    
    
    16,300
    
    
    
    12,140Furniture
    
    
    21,081
    
    
    
    15,413
    
    
    
    5,668Leasehold improvements
    
    
    47,372
    
    
    
    29,254
    
    
    
    18,118Construction in progress
    
    
    9,642
    
    
    
    
    
    
    
    9,642$
    1,149,679
    
    
    $
    548,198
    
    
    $
    601,481
 Accumulated
    
    
    Net book2004
    
    Cost
    
    
    amortization
    
    
    valueLand
    
    $
    23,440
    
    
    $
    
    
    
    $
    23,440Buildings
    
    
    143,975
    
    
    
    22,793
    
    
    
    121,182Machinery and equipment
    
    
    837,303
    
    
    
    357,747
    
    
    
    479,556Computer equipment
    
    
    29,305
    
    
    
    12,222
    
    
    
    17,083Furniture
    
    
    20,213
    
    
    
    15,526
    
    
    
    4,687Leasehold improvements
    
    
    46,176
    
    
    
    24,614
    
    
    
    21,562Construction in progress
    
    
    38,850
    
    
    
    
    
    
    
    38,850$
    1,139,262
    
    
    $
    432,902
    
    
    $
    706,360
   4. GOODWILL AND INTANGIBLE ASSETS
 (a) Goodwill
  Goodwill, December 31, 2003
    
    $
    279,426Goodwill adjustments
    
    
    50,558Effect of foreign exchange and other
    
    
    (1,591
    )Goodwill, December 31, 2004
    
    
    328,393Goodwill adjustments
    
    
    531Effect of foreign exchange and other
    
    
    1,350Goodwill, December 31, 2005
    
    $
    330,274
  Cinram International Inc.




---



##### 



notes
to consolidated financial statements
  (b) Intangible assets
  Effect ofAccumulated
    
    
    foreign
    
    
    Net book2005
    
    Cost
    
    
    amortization
    
    
    exchange
    
    
    valueCustomer supply agreements
    
    $
    385,700
    
    
    $
    139,440
    
    
    $
    (4,656
    )
    
    $
    241,604Cross-licensing agreements
    
    
    2,200
    
    
    
    2,200
    
    
    
    
    
    
    
    $
    387,900
    
    
    $
    141,640
    
    
    $
    (4,656
    )
    
    $
    241,604
 Effect ofAccumulated
    
    
    foreign
    
    
    Net book2004
    
    Cost
    
    
    amortization
    
    
    exchange
    
    
    valueCustomer supply agreements
    
    $
    385,700
    
    
    $
    75,382
    
    
    $
    4,929
    
    
    $
    315,247Cross-licensing agreements
    
    
    2,200
    
    
    
    2,200
    
    
    
    
    
    
    
    $
    387,900
    
    
    $
    77,582
    
    
    $
    4,929
    
    
    $
    315,247
  5. DEFERRED FINANCING FEES
   6. ASSET RETIREMENT OBLIGATIONS
  January 1, 2004
    
    $
    2,886Accretion charges during 2004
    
    
    177December 31, 2004
    
    
    3,063Accretion charges during 2005
    
    
    188December 31, 2005
    
    $
    3,251
 Cinram International Inc.




---



##### 



7. LONG-TERM DEBT
 (a) Credit agreement
   2005
    
    
    2004Credit agreementTerm loan A (i)
    
    $
    112,226
    
    
    $
    181,050Term loan D (ii)
    
    
    612,758
    
    
    
    658,976724,984
    
    
    
    840,026Other long-term debtAsset-backed financing (iii)
    
    
    11,289
    
    
    
    18,317736,273
    
    
    
    858,343Less current portion
    
    
    62,136
    
    
    
    71,509$
    674,137
    
    
    $
    786,834
  (i)
 (ii)
    Cinram International Inc.




---



##### 



notes to consolidated financial statements
  
    
    75% of excess cash flow (as defined in the credit agreement);
 
    
    100% of net cash proceeds of non-ordinary course asset sales;
 
    
    100% of net proceeds of debt issuance;
 
    
    100% of net cash proceeds of casualty events (in excess of $2.5 million); and
 
    
    75% of net proceeds of equity issuance.
 (iii)
  2006
    
    $
    62,1362007
    
    
    116,8422008
    
    
    36,9752009
    
    
    520,320$
    736,273
 (b) Interest protection arrangements
   8. LEASE COMMITMENTS
  Capital
    
    
    Operating
    
    
    Total2006
    
    $
    958
    
    
    $
    25,475
    
    
    $
    26,4332007
    
    
    768
    
    
    
    23,086
    
    
    
    23,8542008
    
    
    568
    
    
    
    20,627
    
    
    
    21,1952009
    
    
    528
    
    
    
    14,862
    
    
    
    15,3902010
    
    
    529
    
    
    
    10,921
    
    
    
    11,4502011 and thereafter
    
    
    1,513
    
    
    
    7,729
    
    
    
    9,2424,864
    
    
    $
    102,700
    
    
    $
    107,564Less interest average rate
    
    
    8653,999Less current portion
    
    
    727$
    3,272
  Cinram International Inc.




---



##### 



9. CAPITAL STOCK
 (a) Authorized
  (b) Issued and outstanding
  Commonshares
    
    
    AmountBalance outstanding, January 1, 2004
    
    
    56,075,292
    
    
    $
    163,174Options exercised
    
    
    727,794
    
    
    
    6,971Balance outstanding, December 31, 2004
    
    
    56,803,086
    
    
    
    170,145Options exercised
    
    
    500,374
    
    
    
    3,630Balance outstanding, December 31, 2005
    
    
    57,303,460
    
    
    $
    173,775
 (c) Stock-based compensation plan
   2005
    
    
    2004Weighted
    
    
    
    
    
    
    Weightedaverage
    
    
    
    
    
    
    averageNumber of
    
    
    exercise
    
    
    Number of
    
    
    exerciseoptions
    
    
    price
    
    
    options
    
    
    priceCdn. $
    
    
    
    
    
    
    Cdn. $Outstanding, beginning of year
    
    
    1,775,144
    
    
    $
    11.42
    
    
    
    2,527,939
    
    
    $
    9.67Granted
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Exercised
    
    
    (500,374
    )
    
    
    7.25
    
    
    
    (727,794
    )
    
    
    12.77Forfeited
    
    
    (41,502
    )
    
    
    11.38
    
    
    
    (25,001
    )
    
    
    4.63Outstanding, end of year
    
    
    1,233,268
    
    
    
    12.43
    
    
    
    1,775,144
    
    
    
    11.42Options exercisable,
end of year
    
    
    1,083,768
    
    
    $
    12.59
    
    
    
    1,225,811
    
    
    $
    11.70
 Cinram International Inc.




---



##### 



notes to consolidated financial statements
 
  Options outstanding
    
    Options exercisableWeightedaverage
    
    Weighted
    
    
    
    
    
    WeightedNumber of
    
    remaining
    
    average
    
    Number of
    
    averageRange of
    
    options
    
    contractual
    
    exercise
    
    options
    
    exerciseexercise prices
    
    outstanding
    
    life (years)
    
    price
    
    exercisable
    
    priceCdn.$
    
    
    
    
    
    Cdn. $$2.74$10.00
    
    
    45,000
    
    
    
    0.4
    
    
    $
    2.74
    
    
    
    45,000
    
    
    $
    2.74$10.00$15.00
    
    
    878,768
    
    
    
    2.0
    
    
    
    10.80
    
    
    
    729,268
    
    
    
    10.71$15.00  $20.00
    
    
    219,000
    
    
    
    1.0
    
    
    
    17.02
    
    
    
    219,000
    
    
    
    17.02$20.00  $22.00
    
    
    90,500
    
    
    
    2.5
    
    
    
    22.00
    
    
    
    90,500
    
    
    
    22.00$2.74  $22.00
    
    
    1,233,268
    
    
    
    1.8
    
    
    $
    12.43
    
    
    
    1,083,768
    
    
    $
    12.59
 (d) Stock-based compensation
    10. BASIC AND DILUTED EARNINGS PER SHARE
   2005
    
    2004Numerator:Earnings available to common shareholders
    
    $
    82,426
    
    
    $
    75,824Denominator (in thousands):Weighted average shares outstanding  basic
    
    
    57,162
    
    
    
    56,589Effect of dilutive securities:Employee stock options
    
    
    611
    
    
    
    925Weighted average number of shares outstanding  diluted
    
    
    57,773
    
    
    
    57,514Earnings per share:Basic
    
    $
    1.44
    
    
    $
    1.34Diluted
    
    
    1.43
    
    
    
    1.32
  Cinram International Inc.




---



##### 



11. UNUSUAL ITEMS
 2005
    
    2004Provision for (recovery of) restructuring costs (a)
    
    $
    4,266
    
    
    $
    (1,713
    )Transaction costs (b)
    
    
    2,012
    
    
    
    $
    6,278
    
    
    $
    (1,713
    )
 (a)
    
    During the first quarter of 2005, management formulated an
exit plan to shut down an Ivy Hill printing facility located in
Amityville, New York. The exit plan was finalized in March 2005
and termination notices were given in April 2005 to all 102
employees. As a result, contractual severance and other
employee-related costs amounting to $3,608 were recorded as an
unusual item in the Companys printing business segment.
   (b)
  12. INCOME TAXES
  2005
    
    
    
    
    
    2004Basic rate applied to pretax earnings
    
    $
    42,188
    
    
    
    36.1
    %
    
    $
    40,358
    
    
    
    36.1
    %Increase (decrease) in taxes
resulting from:Losses in foreign subsidiaries
not tax-effected
    
    
    2,232
    
    
    
    1.9
    %
    
    
    
    
    
    
    Losses utilized in the current
period to reduce taxable income
not previously recognized
    
    
    
    
    
    
    
    
    
    
    (2,023
    )
    
    
    (1.8
    )%Tax rates in other jurisdictions
    
    
    (11,317
    )
    
    
    (9.7
    )%
    
    
    (2,769
    )
    
    
    (2.5
    )%Other items
    
    
    1,269
    
    
    
    1.1
    %
    
    
    343
    
    
    
    0.3
    %$
    34,372
    
    
    
    29.4
    %
    
    $
    35,909
    
    
    
    32.1
    %
  Cinram International Inc.




---



##### 



notes to consolidated financial statements
 
 2005
    
    2004Future tax assetsNon-capital income tax loss carryforwards
    
    $
    24,335
    
    
    $
    8,673Capital loss carryforwards
    
    
    
    
    
    
    293Accruals not deductible in the current period
    
    
    40,411
    
    
    
    33,272Capital assets  difference in net book value
and undepreciated capital costs
    
    
    623
    
    
    
    511Goodwill and intangible assets
    
    
    5,380
    
    
    
    70,749
    
    
    
    42,749Less valuation allowance
    
    
    8,498
    
    
    
    8,07362,251
    
    
    
    34,676Future tax liabilitiesCapital assets  difference in net book value
and undepreciated capital costs
    
    
    (68,917
    )
    
    
    (59,667
    )Withholding taxes on undistributed earnings
    
    
    (9,447
    )
    
    
    Goodwill and intangible assets
    
    
    (24,654
    )
    
    
    (33,402
    )(103,018
    )
    
    
    (93,069
    )Net future tax liabilities
    
    $
    (40,767
    )
    
    $
    (58,393
    )
    2009
    
    $
    1,9592010 and thereafter
    
    
    22,599$
    24,558
  13. CONTINGENT LIABILITIES
  Cinram International Inc.




---



##### 



14. RELATED PARTY TRANSACTIONS
   15. PENSION AND NON-PENSION EMPLOYMENT BENEFIT PLANS
 (a) U.S.
 (i) 401(k) Plan:
  (ii) Graphic Communication Industry Union (GCIU) Pension:
   (iii) PACE Pension:
   (iv) Cinram Music Union Pension Plan:
  (v) Investment strategy and policy:
  (vi) Asset allocation:
  Cinram International Inc.




---



##### 



notes to consolidated financial statements
 
 Percentage
of plan
assetsAsset category
    
    2005
    
    2004Cash and cash equivalents
    
    
    0.10
    %
    
    
    0.10
    %Debt securities
    
    
    40.10
    %
    
    
    39.90
    %Equity securities
    
    
    59.80
    %
    
    
    60.00
    %100.00
    %
    
    
    100.00
    %
  (vii) Long-term rate-of-return on assets assumption:
  (viii) Total cash payments:
  (ix) Estimated future benefit payments:
   (b) Germany
 (i) Cinram GmbH, Alsdorf defined benefit plan:
  (ii) Estimated future benefit payments:
  (iii) Early retirement plan:
   Cinram International Inc.




---



##### 



(iv) Jubilee plan:
     U.S.
    
    
    
    
    
    Germany
    
    
    
    
    
    Total2005
    
    2004
    
    2005
    
    2004
    
    2005
    
    2004Plan assets,
at fair value
    
    $
    3,916
    
    
    $
    4,458
    
    
    $
    
    
    
    $
    
    
    
    $
    3,916
    
    
    $
    4,458Benefit obligation
    
    
    (6,840
    )
    
    
    (6,429
    )
    
    
    (17,320
    )
    
    
    (18,498
    )
    
    
    (24,160
    )
    
    
    (24,927
    )Deficiency of plan
assets over
benefit obligation
    
    
    (2,924
    )
    
    
    (1,971
    )
    
    
    (17,320
    )
    
    
    (18,498
    )
    
    
    (20,244
    )
    
    
    (20,469
    )Unrecognized
prior service
costs
    
    
    
    
    
    
    
    
    
    
    150
    
    
    
    
    
    
    
    150
    
    
    
    Unrecognized
actuarial loss
    
    
    1,430
    
    
    
    828
    
    
    
    1,495
    
    
    
    237
    
    
    
    2,925
    
    
    
    1,065Accrued benefit
liability
    
    $
    (1,494
    )
    
    $
    (1,143
    )
    
    $
    (15,675
    )
    
    $
    (18,261
    )
    
    $
    (17,169
    )
    
    $
    (19,404
    )
  U.S.
    
    
    
    
    
    Germany
    
    
    
    
    
    Total2005
    
    2004
    
    2005
    
    2004
    
    2005
    
    2004Accrued liabilities
    
    $
    (1,494
    )
    
    $
    (1,143
    )
    
    $
    (1,107
    )
    
    $
    (1,250
    )
    
    $
    (2,601
    )
    
    $
    (2,393
    )Other long-term
liabilities
    
    
    
    
    
    
    
    
    
    
    (14,568
    )
    
    
    (17,011
    )
    
    
    (14,568
    )
    
    
    (17,011
    )
 Cinram International Inc.




---



##### 



notes to consolidated financial statements
 
  U.S.
    
    
    
    
    
    Germany
    
    
    
    
    
    Total2005
    
    2004
    
    2005
    
    2004
    
    2005
    
    2004Fair value of plan
assets, beginning
of year (2004 
October 24,
2003)
    
    $
    4,458
    
    
    $
    4,658
    
    
    $
    
    
    
    $
    
    
    
    $
    4,458
    
    
    $
    4,658Actual return on
plan assets
    
    
    169
    
    
    
    359
    
    
    
    
    
    
    
    
    
    
    
    169
    
    
    
    359Actual benefits paid
    
    
    (711
    )
    
    
    (559
    )
    
    
    
    
    
    
    
    
    
    
    (711
    )
    
    
    (559
    )Fair value of
plan assets,
end of year
    
    $
    3,916
    
    
    $
    4,458
    
    
    $
    
    
    
    $
    
    
    
    $
    3,916
    
    
    $
    4,458
  U.S.
    
    
    
    
    
    Germany
    
    
    
    
    
    Total2005
    
    
    
    2004
    
    
    
    2005
    
    
    
    2004
    
    
    
    2005
    
    
    
    2004Benefit obligations,
beginning of year
    
    $
    6,429
    
    
    $
    5,485
    
    
    $
    18,498
    
    
    $
    16,781
    
    
    $
    24,927
    
    
    $
    22,266Service cost
    
    
    291
    
    
    
    242
    
    
    
    160
    
    
    
    169
    
    
    
    451
    
    
    
    411Interest cost
    
    
    388
    
    
    
    389
    
    
    
    745
    
    
    
    920
    
    
    
    1,133
    
    
    
    1,309Actual benefits paid
    
    
    (711
    )
    
    
    (559
    )
    
    
    (1,107
    )
    
    
    (1,272
    )
    
    
    (1,818
    )
    
    
    (1,831
    )Actuarial loss
    
    
    443
    
    
    
    872
    
    
    
    1,290
    
    
    
    518
    
    
    
    1,733
    
    
    
    1,390Amendments
    
    
    
    
    
    
    
    
    
    
    161
    
    
    
    
    
    
    
    161
    
    
    
    Impact of foreign
exchange
    
    
    
    
    
    
    
    
    
    
    (2,427
    )
    
    
    1,382
    
    
    
    (2,427
    )
    
    
    1,382Benefit obligations,
end of year
    
    $
    6,840
    
    
    $
    6,429
    
    
    $
    17,320
    
    
    $
    18,498
    
    
    $
    24,160
    
    
    $
    24,927
 Cinram International Inc.




---



##### 



U.S.
    
    
    

    
    
    Germany
    
    
    
    
    
    Total2005
    
    2004
    
    2005
    
    2004
    
    2005
    
    2004Components of
net periodic
benefit costService cost
    
    $
    291
    
    
    $
    242
    
    
    $
    161
    
    
    $
    169
    
    
    $
    452
    
    
    $
    411Interest cost
    
    
    388
    
    
    
    389
    
    
    
    745
    
    
    
    920
    
    
    
    1,133
    
    
    
    1,309Actual return on
plan assets
    
    
    (169
    )
    
    
    (359
    )
    
    
    
    
    
    
    
    
    
    
    (169
    )
    
    
    (359
    )Actuarial loss
    
    
    443
    
    
    
    872
    
    
    
    
    
    
    
    
    
    
    
    443
    
    
    
    872Costs
    
    
    953
    
    
    
    1,144
    
    
    
    906
    
    
    
    1,089
    
    
    
    1,859
    
    
    
    2,233Adjustments to
recognize the long-
term nature of
employee future
benefit costs:Return on plan
assets for period
    
    
    (183
    )
    
    
    (9
    )
    
    
    
    
    
    
    
    
    
    
    (183
    )
    
    
    (9
    )Actuarial gain
    
    
    (419
    )
    
    
    (872
    )
    
    
    
    
    
    
    
    
    
    
    (419
    )
    
    
    (872
    )Defined benefit
costs recognized
    
    $
    351
    
    
    $
    263
    
    
    $
    906
    
    
    $
    1,089
    
    
    $
    1,257
    
    
    $
    1,352
  U.S.
    
    
    
    
    
    Germany2005
    
    2004
    
    2005
    
    2004Weighted average actuarial assumptions
used to determine benefit costsDiscount rate
    
    
    6.00
    %
    
    
    6.25
    %
    
    
    4.00
    %
    
    
    4.75
    %Rate of compensation increase
    
    
    
    
    
    
    4.50
    %
    
    
    2.50
    %
    
    
    2.50
    %Expected return on plan assets
    
    
    8.00
    %
    
    
    8.00
    %
    
    
    
    
    
    
    Weighted average actuarial
assumptions used to determine
benefit obligationDiscount rate
    
    
    5.75
    %
    
    
    6.00
    %
    
    
    4.00
    %
    
    
    4.75
    %Rate of compensation increase
    
    
    
    
    
    
    4.50
    %
    
    
    2.50
    %
    
    
    2.50
    %
 Cinram International Inc.




---



##### 



notes to consolidated financial statements
 
 16. CHANGE IN NON-CASH OPERATING WORKING CAPITAL
 2005
    
    2004Increase in accounts receivable
    
    $
    (87,095
    )
    
    $
    (136,283
    )Decrease (increase) in income taxes recoverable
    
    
    7,685
    
    
    
    (10,148
    )Decrease (increase) in inventories
    
    
    9,198
    
    
    
    (10,985
    )Decrease (increase) in prepaid expenses
    
    
    4,430
    
    
    
    (14,412
    )Increase (decrease) in accounts payable and accrued liabilities
    
    
    14,777
    
    
    
    (1,521
    )Increase in income taxes payable
    
    
    15,626
    
    
    
    (3,103
    )$
    (35,379
    )
    
    $
    (176,452
    )
 17. SEGMENTED INFORMATION
     Cinram International Inc.




---



##### 



(a) Industry segments
 Home video
    
    
    Audio/ROM2005
    
    replication
    
    
    replication
    
    
    Printing
    
    
    Distribution
    
    
    Other
    
    
    TotalRevenue from
external
customers
    
    $
    1,081,100
    
    
    $
    327,706
    
    
    $
    234,044
    
    
    $
    290,273
    
    
    $
    164,957
    
    
    $
    2,098,080Earnings before
interest expense,
investment income,
unusual items and
income taxes
    
    
    167,577
    
    
    
    22,862
    
    
    
    24,788
    
    
    
    (31,258
    )
    
    
    (10,677
    )
    
    
    173,292Total assets
    
    
    1,071,134
    
    
    
    310,709
    
    
    
    194,563
    
    
    
    288,711
    
    
    
    148,825
    
    
    
    2,013,942Amortization of
capital assets and
assets under
capital leases
    
    
    101,819
    
    
    
    21,098
    
    
    
    8,629
    
    
    
    20,085
    
    
    
    2,240
    
    
    
    153,871Amortization of
intangible assets
    
    
    54,993
    
    
    
    641
    
    
    
    8,425
    
    
    
    
    
    
    
    
    
    
    
    64,059Capital expenditures
    
    
    54,146
    
    
    
    633
    
    
    
    2,026
    
    
    
    34,966
    
    
    
    7,994
    
    
    
    99,765
 Home video
    
    
    Audio/ROM2004
    
    replication
    
    
    replication
    
    
    Printing
    
    
    Distribution
    
    
    Other
    
    
    TotalRevenue from
external
customers
    
    $
    1,090,543
    
    
    $
    324,326
    
    
    $
    225,388
    
    
    $
    208,835
    
    
    $
    177,546
    
    
    $
    2,026,638Earnings before
interest expense,
investment income,
unusual items and
income taxes
    
    
    176,298
    
    
    
    9,904
    
    
    
    17,629
    
    
    
    (30,578
    )
    
    
    (12,567
    )
    
    
    160,686Total assets
    
    
    1,159,288
    
    
    
    344,771
    
    
    
    182,236
    
    
    
    220,371
    
    
    
    190,367
    
    
    
    2,097,033Amortization of
capital assets and
assets under
capital leases
    
    
    102,099
    
    
    
    24,390
    
    
    
    8,752
    
    
    
    9,752
    
    
    
    1,704
    
    
    
    146,697Amortization of
intangible assets
    
    
    57,439
    
    
    
    669
    
    
    
    8,799
    
    
    
    
    
    
    
    
    
    
    
    66,907Capital expenditures
    
    
    86,045
    
    
    
    9,652
    
    
    
    3,089
    
    
    
    43,303
    
    
    
    3,615
    
    
    
    145,704
 Cinram International Inc.




---



##### 



notes to consolidated financial statements
 (b) Revenue from external customers is comprised of the following:
 2005
    
    2004DVD
    
    $
    1,062,987
    
    
    $
    1,025,389VHS
    
    
    18,113
    
    
    
    65,154Audio CD/CD-ROM
    
    
    321,955
    
    
    
    313,420Audio cassette
    
    
    5,751
    
    
    
    10,906Printing
    
    
    234,044
    
    
    
    225,388Distribution
    
    
    290,273
    
    
    
    208,835Merchandising
    
    
    132,195
    
    
    
    143,368Other
    
    
    32,762
    
    
    
    34,178$
    2,098,080
    
    
    $
    2,026,638
 (c) Geographic segments
 United2005
    
    States
    
    Canada
    
    France
    
    Germany
    
    Other
    
    TotalRevenue from
external
customers
    
    $
    1,397,851
    
    
    $
    140,899
    
    
    $
    94,653
    
    
    $
    346,752
    
    
    $
    117,925
    
    
    $
    2,098,080Capital assets,
goodwill and
intangible
assets
    
    
    901,507
    
    
    
    66,278
    
    
    
    29,732
    
    
    
    139,021
    
    
    
    36,821
    
    
    
    1,173,359
 United2004
    
    States
    
    Canada
    
    France
    
    Germany
    
    Other
    
    TotalRevenue from
external
customers
    
    $
    1,386,265
    
    
    $
    133,363
    
    
    $
    107,805
    
    
    $
    337,607
    
    
    $
    61,598
    
    
    $
    2,026,638Capital assets,
goodwill and
intangible
assets
    
    
    1,020,121
    
    
    
    69,305
    
    
    
    40,175
    
    
    
    182,953
    
    
    
    37,446
    
    
    
    1,350,000
 18. FINANCIAL INSTRUMENTS
  (a) Fair values
  (b) Long-term debt
  Cinram International Inc.




---



##### 



Carrying
    
    Fairvalue
    
    value2005
    
    $
    740,272
    
    
    $
    739,9632004
    
    
    863,796
    
    
    
    864,256
 (c) Derivative instruments
   19. RECONCILIATION BETWEEN CANADIAN AND U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
   2005
    
    
    2004Net earnings in accordance with Canadian GAAP
    
    $
    82,426
    
    
    $
    75,824Description of items having the effect of
increasing (decreasing) reported earnings:Customer payments (a)
    
    
    
    
    
    
    1,414Amortization of capitalized interest on construction
in progress (b)
    
    
    (400
    )
    
    
    (400
    )Stock-based compensation (c)
    
    
    489
    
    
    
    1,269Income tax effect of above adjustments
    
    
    160
    
    
    
    160Net earnings according to U.S. GAAP
    
    
    82,675
    
    
    
    78,267Other comprehensive income:Net gain (loss) on derivatives designated as
hedges, net of tax (d)
    
    
    3,337
    
    
    
    (314
    )Foreign currency translation
    
    
    (21,155
    )
    
    
    22,106(17,818
    )
    
    
    21,792Comprehensive earnings according to U.S. GAAP
    
    $
    64,857
    
    
    $
    100,059Earnings per share under U.S. GAAP:Basic
    
    $
    1.45
    
    
    $
    1.38Diluted
    
    
    1.43
    
    
    
    1.36Weighted average shares outstanding (in thousands) :Basic
    
    
    57,162
    
    
    
    56,589Diluted
    
    
    57,773
    
    
    
    57,514
 Cinram
International Inc.




---



##### 



notes to consolidated financial statements
 
  2005
    
    
    2004Shareholders equity in accordance with Canadian GAAP
    
    $
    545,909
    
    
    $
    486,191Description of items having the effect of increasing
(decreasing) reported shareholders equity:Customer payments (a)
    
    
    
    
    
    
    Capitalized interest on construction in progress (b)
    
    
    3,536
    
    
    
    3,536Accumulated amortization of capitalized interest
on construction in progress (b)
    
    
    (1,644
    )
    
    
    (1,244
    )Gain (loss) on derivatives designated as hedges, net of tax (d)
    
    
    3,023
    
    
    
    (314
    )Goodwill amortization (e)
    
    
    (3,325
    )
    
    
    (3,325
    )Income tax effect of above adjustments
    
    
    (761
    )
    
    
    (921
    )Shareholders equity according to U.S. GAAP
    
    $
    546,738
    
    
    $
    483,923
 (a)
 (b)
 (c)
 (d)
 (e)
 (f) Recent U.S. accounting pronouncements
  Cinram International Inc.




---



##### 



20. COMPARATIVE FIGURES
  21. SUBSEQUENT EVENTS
  Cinram
International Inc.




---



##### 



financial highlights
 2005
    
    
    2004
    
    
    2003
    
    
    2002Income statementNet sales
    
    
    2,098,080
    
    
    
    2,026,638
    
    
    
    826,893
    
    
    
    559,287Sales growth in %
    
    
    4
    %
    
    
    145
    %
    
    
    48
    %
    
    
    4
    %Cost of sales
    
    
    1,685,997
    
    
    
    1,615,542
    
    
    
    655,374
    
    
    
    457,322Gross profit before amortization
    
    
    565,954
    
    
    
    557,793
    
    
    
    235,226
    
    
    
    149,731Gross profit % before amortization
    
    
    27
    %
    
    
    28
    %
    
    
    28
    %
    
    
    27
    %Amortization of capital assets
    
    
    153,871
    
    
    
    146,697
    
    
    
    63,707
    
    
    
    47,766Gross profit
    
    
    412,083
    
    
    
    411,096
    
    
    
    171,519
    
    
    
    101,965Gross profit as a % of sales
    
    
    20
    %
    
    
    20
    %
    
    
    21
    %
    
    
    18
    %Selling, general and
administrative expenses
    
    
    168,793
    
    
    
    177,372
    
    
    
    68,883
    
    
    
    51,537Selling, general and
administrative expenses as
a % of net sales
    
    
    8
    %
    
    
    9
    %
    
    
    8
    %
    
    
    9
    %Amortization of intangible assets
and deferred financing fees
    
    
    69,998
    
    
    
    73,038
    
    
    
    11,449
    
    
    
    Goodwill amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Research and development
expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Unusual items
    
    
    6,278
    
    
    
    (1,713
    )
    
    
    2,726
    
    
    
    1,449EBITA (earnings before interest
expense, investment income,
income taxes and amortization)
    
    
    390,883
    
    
    
    382,134
    
    
    
    163,617
    
    
    
    96,745EBITA %
    
    
    19
    %
    
    
    19
    %
    
    
    20
    %
    
    
    17
    %EBIT (earnings before interest
expense, investment income,
and income taxes)
    
    
    167,014
    
    
    
    162,399
    
    
    
    88,461
    
    
    
    48,979EBIT %
    
    
    8
    %
    
    
    8
    %
    
    
    11
    %
    
    
    9
    %Interest expense
    
    
    51,148
    
    
    
    53,102
    
    
    
    13,742
    
    
    
    3,305Investment income
    
    
    932
    
    
    
    2,436
    
    
    
    3,583
    
    
    
    2,888Write-down of marketable securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Income tax expense
    
    
    34,372
    
    
    
    35,909
    
    
    
    25,282
    
    
    
    13,891Net earnings
    
    
    82,426
    
    
    
    75,824
    
    
    
    53,020
    
    
    
    34,671Basic EPS*(after unusual items)
    
    
    1.44
    
    
    
    1.34
    
    
    
    0.95
    
    
    
    0.63Diluted EPS*(after unusual items)
    
    
    1.43
    
    
    
    1.32
    
    
    
    0.94
    
    
    
    0.63
 *
    
    per share data based on 3 for 1 stock split July 1987, 2 for 1 stock split June 1993 and 2
for 1 stock split February 1998
 Cinram International Inc.




---



##### 



2001
    
    
    2000
    
    
    1999
    
    
    1998
    
    
    1997
    
    
    1996
    
    
    1995535,607
    
    
    
    438,756
    
    
    
    435,742
    
    
    
    431,789
    
    
    
    369,608
    
    
    
    249,905
    
    
    
    197,48522
    %
    
    
    1
    %
    
    
    1
    %
    
    
    17
    %
    
    
    48
    %
    
    
    27
    %
    
    
    88
    %459,210
    
    
    
    371,387
    
    
    
    324,905
    
    
    
    327,228
    
    
    
    280,327
    
    
    
    187,849
    
    
    
    150,299119,450
    
    
    
    106,221
    
    
    
    150,375
    
    
    
    143,646
    
    
    
    119,256
    
    
    
    75,718
    
    
    
    59,49922
    %
    
    
    24
    %
    
    
    35
    %
    
    
    33
    %
    
    
    32
    %
    
    
    30
    %
    
    
    30
    %43,053
    
    
    
    38,852
    
    
    
    39,538
    
    
    
    39,085
    
    
    
    29,975
    
    
    
    13,662
    
    
    
    12,31376,397
    
    
    
    67,369
    
    
    
    110,837
    
    
    
    104,561
    
    
    
    89,281
    
    
    
    62,056
    
    
    
    47,18614
    %
    
    
    15
    %
    
    
    25
    %
    
    
    24
    %
    
    
    24
    %
    
    
    25
    %
    
    
    24
    %50,744
    
    
    
    51,761
    
    
    
    48,468
    
    
    
    49,864
    
    
    
    41,920
    
    
    
    24,530
    
    
    
    20,6909
    %
    
    
    12
    %
    
    
    11
    %
    
    
    12
    %
    
    
    11
    %
    
    
    10
    %
    
    
    10
    %
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,336
    
    
    
    3,406
    
    
    
    5,904
    
    
    
    3,483
    
    
    
    2,109
    
    
    
    922
    
    
    
    55964
    
    
    
    1,144
    
    
    
    1,056
    
    
    
    3,016
    
    
    
    1,442
    
    
    
    1,689
    
    
    
    1,428(2,563
    )
    
    
    34,760
    
    
    
    20,622
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    69,869
    
    
    
    15,150
    
    
    
    74,325
    
    
    
    87,283
    
    
    
    73,785
    
    
    
    48,577
    
    
    
    36,82213
    %
    
    
    3
    %
    
    
    17
    %
    
    
    20
    %
    
    
    20
    %
    
    
    19
    %
    
    
    19
    %26,816
    
    
    
    (23,702
    )
    
    
    34,787
    
    
    
    48,198
    
    
    
    43,810
    
    
    
    34,915
    
    
    
    24,5095
    %
    
    
    (5
    )%
    
    
    8
    %
    
    
    11
    %
    
    
    12
    %
    
    
    14
    %
    
    
    12
    %6,209
    
    
    
    12,237
    
    
    
    10,818
    
    
    
    11,078
    
    
    
    6,292
    
    
    
    2,270
    
    
    
    1,5502,836
    
    
    
    11,214
    
    
    
    11,308
    
    
    
    11,723
    
    
    
    7,471
    
    
    
    2,883
    
    
    
    2,736
    
    
    
    
    
    
    
    2,241
    
    
    
    4,132
    
    
    
    
    
    
    
    
    
    
    
    8,172
    
    
    
    (5,816
    )
    
    
    19,979
    
    
    
    16,291
    
    
    
    14,646
    
    
    
    12,651
    
    
    
    8,88315,271
    
    
    
    (18,909
    )
    
    
    13,057
    
    
    
    28,420
    
    
    
    30,343
    
    
    
    22,877
    
    
    
    16,8120.28
    
    
    
    (0.34
    )
    
    
    0.22
    
    
    
    0.48
    
    
    
    0.53
    
    
    
    0.48
    
    
    
    0.370.28
    
    
    
    (0.34
    )
    
    
    0.22
    
    
    
    0.47
    
    
    
    0.53
    
    
    
    0.46
    
    
    
    0.36
 Cinram
International Inc.




---



##### 



comparative balance sheets
 2005
    
    2004
    
    2003
    
    2002Balance sheetCurrent ratio
    
    
    1.23
    
    
    
    1.02
    
    
    
    1.05
    
    
    
    1.65Debt to equity ratio 1
    
    
    2.69
    
    
    
    3.31
    
    
    
    4.34
    
    
    
    0.80Debt to assets ratio 1
    
    
    0.73
    
    
    
    0.77
    
    
    
    0.81
    
    
    
    0.45Equity to assets ratio
    
    
    0.27
    
    
    
    0.23
    
    
    
    0.19
    
    
    
    0.55Accounts receivable turnover 2
    
    
    4
    
    
    
    5
    
    
    
    3
    
    
    
    4Days sales in accounts receivable 2
    
    
    96
    
    
    
    80
    
    
    
    111
    
    
    
    97Inventory turnover 3
    
    
    33
    
    
    
    32
    
    
    
    15
    
    
    
    14Days sales in inventory 3
    
    
    11
    
    
    
    11
    
    
    
    24
    
    
    
    26Asset turnover 4
    
    
    1.45
    
    
    
    1.39
    
    
    
    0.64
    
    
    
    1.07Return on equity 5
(after unusual item)
    
    
    16
    %
    
    
    17
    %
    
    
    15
    %
    
    
    13
    %Return on total assets 6
(after unusual item)
    
    
    4
    %
    
    
    4
    %
    
    
    4
    %
    
    
    7
    %
 1
    
    consists of current and long-term liabilities including future income taxes2
    
    two year average accounts receivable3
    
    two year average inventory4
    
    total assets excluding intangible assets5
    
    two year average equity6
    
    two year average total assets
 trading of common shares: CRW
 For years endedDecember 31(in Canadian dollars,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Volumeexcept volume)
    
    Quarter
    
    High
    
    Low
    
    Closing
    
    (000)2005
    
    First
    
    $
    25.90
    
    
    $
    19.70
    
    
    $
    25.67
    
    
    
    26,312Second
    
    
    28.35
    
    
    
    22.58
    
    
    
    23.50
    
    
    
    22,806Third
    
    
    29.24
    
    
    
    22.05
    
    
    
    25.35
    
    
    
    22,997Fourth
    
    
    29.10
    
    
    
    22.43
    
    
    
    27.40
    
    
    
    19,401Year
    
    $
    29.10
    
    
    $
    19.70
    
    
    $
    27.40
    
    
    
    91,5162004
    
    First
    
    $
    29.75
    
    
    $
    24.00
    
    
    $
    26.18
    
    
    
    33,960Second
    
    
    26.80
    
    
    
    22.30
    
    
    
    25.00
    
    
    
    22,513Third
    
    
    25.03
    
    
    
    19.70
    
    
    
    21.20
    
    
    
    18,675Fourth
    
    
    24.95
    
    
    
    15.88
    
    
    
    22.13
    
    
    
    34,722Year
    
    $
    29.75
    
    
    $
    15.88
    
    
    $
    22.13
    
    
    
    109,8712003
    
    First
    
    $
    11.25
    
    
    $
    8.36
    
    
    $
    11.00
    
    
    
    12,988Second
    
    
    16.85
    
    
    
    10.80
    
    
    
    16.43
    
    
    
    21,626Third
    
    
    29.60
    
    
    
    15.51
    
    
    
    24.95
    
    
    
    38,905Fourth
    
    
    28.59
    
    
    
    25.34
    
    
    
    28.35
    
    
    
    21,488Year
    
    $
    29.60
    
    
    $
    8.36
    
    
    $
    28.35
    
    
    
    95,0062002
    
    First
    
    $
    8.45
    
    
    $
    4.62
    
    
    $
    7.95
    
    
    
    23,505Second
    
    
    11.25
    
    
    
    7.52
    
    
    
    10.35
    
    
    
    14,313Third
    
    
    10.20
    
    
    
    6.10
    
    
    
    7.00
    
    
    
    12,570Fourth
    
    
    10.29
    
    
    
    5.31
    
    
    
    9.89
    
    
    
    15,989Year
    
    $
    11.25
    
    
    $
    4.62
    
    
    $
    9.89
    
    
    
    66,3772001
    
    First
    
    $
    3.50
    
    
    $
    2.00
    
    
    $
    2.75
    
    
    
    7,836Second
    
    
    4.75
    
    
    
    2.50
    
    
    
    4.25
    
    
    
    6,773Third
    
    
    4.55
    
    
    
    3.50
    
    
    
    3.79
    
    
    
    4,793Fourth
    
    
    5.15
    
    
    
    3.06
    
    
    
    4.60
    
    
    
    8,364Year
    
    $
    5.15
    
    
    $
    2.00
    
    
    $
    4.60
    
    
    
    27,765
 Common shares outstanding at December 31, 2005  57,303,460
Weighted average number of shares outstanding at December 31, 2005
   Cinram International Inc.




---



##### 



2001
    
    2000
    
    1999
    
    1998
    
    1997
    
    1996
    
    19951.45
    
    
    
    1.30
    
    
    
    1.61
    
    
    
    1.61
    
    
    
    2.65
    
    
    
    3.14
    
    
    
    1.490.84
    
    
    
    1.11
    
    
    
    1.04
    
    
    
    0.98
    
    
    
    1.01
    
    
    
    0.37
    
    
    
    0.850.46
    
    
    
    0.53
    
    
    
    0.51
    
    
    
    0.49
    
    
    
    0.50
    
    
    
    0.27
    
    
    
    0.460.54
    
    
    
    0.47
    
    
    
    0.49
    
    
    
    0.51
    
    
    
    0.50
    
    
    
    0.73
    
    
    
    0.544
    
    
    
    3
    
    
    
    4
    
    
    
    5
    
    
    
    5
    
    
    
    5
    
    
    
    6103
    
    
    
    107
    
    
    
    86
    
    
    
    80
    
    
    
    75
    
    
    
    78
    
    
    
    6317
    
    
    
    13
    
    
    
    12
    
    
    
    12
    
    
    
    13
    
    
    
    11
    
    
    
    1321
    
    
    
    27
    
    
    
    31
    
    
    
    31
    
    
    
    29
    
    
    
    32
    
    
    
    271.13
    
    
    
    0.87
    
    
    
    0.78
    
    
    
    0.79
    
    
    
    0.71
    
    
    
    0.73
    
    
    
    1.096
    %
    
    
    n/a
    
    
    
    5
    %
    
    
    10
    %
    
    
    12
    %
    
    
    13
    %
    
    
    19
    %3
    %
    
    
    n/a
    
    
    
    2
    %
    
    
    5
    %
    
    
    7
    %
    
    
    9
    %
    
    
    12
    %
 Cinram
International Inc.