Exhibit 99.3    Managements Discussion and Analysis of
Financial Position and Operating Results  Following is
managements discussion and analysis (MD&A) of the results of operations
and financial position for Cascades Inc. (Cascades or the Company), which
should be read in conjunction with the Companys consolidated financial
statements and accompanying notes for the years ended December 31, 2003 and
2002. For additional information, readers are referred to the Companys Annual
Information Form (AIF), which is published separately. Information contained
herein includes any significant developments before February 25, 2004, the date
of approval of the MD&A by the Board of Directors.  The MD&A is intended to provide readers with the information that
management believes is required to gain an understanding
of Cascades current results and to assess the Companys future prospects.
Accordingly, certain statements in this MD&A, including statements
regarding future results and performance, are forward-looking statements within
the meaning of securities laws based on current expectations. The accuracy of
such statements is subject to a number of risks, uncertainties and assumptions
that may cause actual results to differ materially from those projected, including,
but not limited to, the effect of general economic conditions, decreases in
demand for the Companys products, increases in raw material costs, changes in
the relative values of certain currencies, fluctuations in selling prices, and
adverse changes in general market and industry conditions.  The financial information contained herein, including tabular amounts, is
expressed in Canadian dollars, unless otherwise specified, and is prepared in
accordance with generally accepted accounting principles in Canada, or Canadian
GAAP. Unless otherwise indicated or required by the context, the terms we,
our and us refer to Cascades Inc. and all of its subsidiaries and joint
ventures. The financial information included in this analysis also contains certain
data that are not measures of performance under Canadian GAAP (non-gaap
measures). For example, the Company uses operating income before depreciation
and amortization (OIBD) because it is the measure used by management to
assess the operating and financial performance of the Companys operating
segments. Such information is reconciled to the most directly comparable
financial measures, as set forth in the supplemental information on non-gaap
measures section.  FROM LEFT TO RIGHT: ANDRÉ BELZILE, VICE-PRESIDENT AND CHIEF
FINANCIAL OFFICER ALLAN HOGG, CORPORATE CONTROLLER AND
TREASURER, SONIA TURCOTTE, CORPORATE ACTUARY  15 
   Managements Discussion and Analysis of
Financial Position and Operating Results  Overview  Cascades
is a diversified producer
of packaging products, tissue paper and fine papers with operations in Canada,
the United States and Europe. The Company has leading market positions for many
of its products in North America and is a leading producer of coated boxboard
in Europe.  Although the Company believes that its products, markets and geographical
diversification help to mitigate the adverse effects of industry conditions,
the markets for some of its products are highly cyclical. These markets are
heavily influenced by changes in the North American and global economies,
industry capacity, and inventory levels maintained by customers, all of which
affect selling prices and profitability.  In 2003, the Company achieved a satisfying performance despite difficult
economic conditions. Sales decreased by 4% and operating
income was more than 60% lower than in 2002. These declines are
principally attributable to volume and net realization price decreases
experienced in most of the Companys operating sectors, reflecting difficult
market conditions in North America and Europe. Overall business volumes,
excluding volumes resulting from acquisitions completed in the last two years,
were lower for most business sectors. The devaluation of the U.S. dollar
affected the proceeds of export sales from Canada and Europe, further reducing
Canadian dollar prices in the domestic market, and reflecting the reality of
North American pricing for several of the Companys product lines.  The following table shows the historical movement of average benchmark
list prices for some of our key products:  Benchmark product
  
  2003
  
  2002
  
  2001
  
  2000
  
  1999Packaging (US$/short ton)  Recycled
  boxboard-20-pt. clay coated
  
  $
  653
  
  $
  584
  
  $
  595
  
  $
  598
  
  $
  535  Linerboard-unbleached
  kraft, 42 lb.Eastern U.S.
  
  $
  421
  
  $
  424
  
  $
  444
  
  $
  467
  
  $
  401Fine papers (US$/short ton)  Uncoated
  fine paper-offset, 50 lb. rolls
  
  $
  634
  
  $
  692
  
  $
  719
  
  $
  756
  
  $
  663  Coated
  fine paper-No. 3 grade, 60 lb. rolls
  
  $
  795
  
  $
  767
  
  $
  853
  
  $
  958
  
  $
  847  Source: Cascades based on industry sources  Recycled and virgin fibres are the
primary raw materials used in the manufacture of the Companys products and
represent the largest cost of production. List prices for these raw materials
have fluctuated considerably since 1999 and are heavily influenced by economic
conditions and foreign demand. The following table shows the historical
movement of benchmark list prices for some of the grades of recycled paper and
virgin pulp that are used in the manufacturing process:  Benchmark product
  
  2003
  
  2002
  
  2001
  
  2000
  
  1999Recycled
  paper (US$/short ton)Old
  corrugated containers
  
  $
  60
  
  $
  63
  
  $
  34
  
  $
  74
  
  $
  65Sorted
  office papers
  
  $
  110
  
  $
  99
  
  $
  78
  
  $
  141
  
  $
  99Virgin pulp
  (US$/metric tonne)Northern
  bleached softwood kraftEastern U.S.
  
  $
  553
  
  $
  491
  
  $
  558
  
  $
  685
  
  $
  541  Source:
Cascades based on industry sources  16 
   Managements
Discussion and Analysis of Financial Position and Operating Results     Consolidated selected
annual information  Years ended December 31,
  2003, 2002 and 2001(in millions of dollars, except
  amounts per share)
  
  2003
  
  2002
  
  2001Net sales
  
  3,227
  
  3,375
  
  3,023OIBD
  
  250
  
  424
  
  380OIBD/net
  sales
  
  7.7
  %
  12.6
  %
  12.6
  %Operating
  income
  
  105
  
  285
  
  248Net
  earnings
  
  55
  
  169
  
  109Basic net
  earnings per common share
  
  $
  0.66
  
  $
  2.07
  
  $
  1.33Diluted net
  earnings per common share
  
  $
  0.66
  
  $
  2.05
  
  $
  1.33Total
  assets
  
  2,927
  
  2,959
  
  2,733Total
  long-term debt
  
  1,110
  
  1,095
  
  1,103Common
  shares, dividends paid(1)
  
  13
  
  10
  
  9per share
  
  $
  0.16
  
  $
  0.12
  
  $
  0.12  
 (1) In 2003 and
2002, the Company paid its dividends on a quarterly basis  Year ended December
31, 2003 compared to year ended December 31, 2002  Net sales  Net sales, which are sales less cost of
delivery, decreased by $148 million, or 4%, to $3.2 billion for the year ended
December 31, 2003, versus $3.4 billion for the same period in 2002.  Businesses acquired over the last two years contributed $155 million of
net sales during the year ended December 31, 2003. The Tissue Group asset
acquisition completed in June 2002 represented $59 million of the total
contribution from new acquisitions. On October 1, 2003, the Company increased
its participation in Dopaco, Inc. to 50%. This investment generated $55 million
of net sales in 2003, as Dopacos results were proportionally consolidated as of
that date.  Net selling prices were weaker in each of the Companys operating sectors
with the exception of the European Boxboard units, which benefited from an
appreciation of the euro against the Canadian dollar in comparison to 2002. The
depreciation of the U.S. dollar also had a direct impact on export prices and
has contributed to reducing Canadian dollar prices in the domestic market,
reflecting the reality of North American pricing for several of the Companys
product lines. Overall business volumes, excluding volumes resulting from
acquisitions completed in the last two years, were lower for most business
sectors, reflecting reduced economic activity.  17 
   Managements Discussion and Analysis of
Financial Position and Operating Results  Operating income
before depreciation and amortization  The Company generated operating income before
depreciation and amortization of $250 million for the year ended December 31,
2003, compared to $424 million for the same period in 2002, representing a 41%
decrease. The operating margin decreased from 12.6% for the year ended December
31, 2002 to 7.7% for the corresponding period in 2003.  The most important factor accounting for the decrease in operating income
before depreciation and amortization and margin is the volume and net
realization price reduction experienced in most of the operating sectors. This
is mainly due to difficult market conditions in North America and Europe and
the strengthening of the Canadian dollar against the U.S. dollar, the average
rate having increased by 12% in 2003. The monthly average list price for old
corrugated containers (OCC), mostly used by our Containerboard Group, decreased
by approximately 3% during the year. The monthly average list price for sorted
office papers (SOP), primarily used by our Tissue and Boxboard Groups, was 11%
higher, while the price of old newspapers (ONP), mainly used by our Boxboard
Group and moulded pulp business, increased by 12% during the same period.  Natural gas costs were $8.13 per gigajoule during the year ended December
31, 2003, compared to $6.68 per gigajoule for the year ended December 31, 2002,
representing a 22% increase. This increase in unit price affected operating
income by approximately $22 million.  Cost of sales increased as a percentage of net sales because of increases
in the cost of fibre and energy, which combined to lower net selling prices and
sales volume. Also, due to generally lower shipments, the fixed portion of
manufacturing costs was amortized over a smaller volume of units sold. For the
same reasons, selling and administrative expenses increased slightly as a
percentage of net sales.  Segmented analysis  Packaging ProductsNet sales of the Packaging Products segment decreased by $29 million, or 1%,
amounting to $1.9 billion for the year ended December 31, 2003, compared to $2
billion for the same period in 2002. Market-related downtime in all operating
sectors and a general decrease in price levels were only partially offset by the
additional contribution of new business acquired during the year.  Net sales for the Boxboard Group amounted to $954 million for the year
ended December 31, 2003, compared to $958 million for the same period in 2002.
Excluding Dopaco, Inc.s contribution of $55 million, net sales decreased by
$59 million, or 6%. Over the course of this period, shipments by primary mills
increased by approximately 2% in North America, but decreased by approximately
7% in Europe. Weaker demand resulted in lower volumes in Europe, especially in
recycled grades. The appreciation of the euro compared to the Canadian dollar
mitigated the impact of lower volumes, explaining an increase of $27 million in
net sales during the year ended December 31, 2003, compared to the same period
in 2002.  Net sales for the Containerboard Group decreased by $30 million, or 5%,
amounting to $578 million for the year ended December 31, 2003, compared to
$608 million for the same period in 2002. The acquisition of the Schenectady,
NY converting plant in April 2003 contributed $15 million in additional net
sales in 2003. Containerboard shipments were relatively unchanged over the
period, while shipments of corrugated products increased by 5%. During the year
ended December 31, 2003, average net selling prices for containerboard
decreased by 9%, while corrugated products selling prices decreased by 7%
compared to the same period in 2002.  In order to balance inventories and production levels to customer demand,
the Company took approximately 80,000 short tons of market-related downtime in
the Boxboard Group and 40,000 short tons in the Containerboard Group during
2003, representing 8% and 5% of their respective capacity.  Net sales for the Specialty Products Group increased by $3 million, or
1%, to $458 million for the year ended December 31, 2003, compared to $455
million for the same period in 2002. Within this Group, the moulded pulp
products business saw its contribution decrease by $18 million as a result of
the sale of its retail egg carton activity in the third quarter of 2002. The
building materials products business experienced a $9 million reduction in its
net sales contribution, as a result of weak market conditions and a three-month
work stoppage in one of its plants. Net sales of the kraft paper and uncoated
board products businesses were also impacted  18 
   Managements Discussion and Analysis of
Financial Position and Operating Results  by the appreciation of the Canadian dollar
compared to the U.S. dollar. These decreases were offset by a positive
contribution of the paper mill packaging and plastics products businesses,
representing $6 million of additional net sales. The marketable de-inked pulp
units increased their contribution by $22 million, which is mostly attributable
to the Greenfield S.A.S. 50% joint venture, established during the first
quarter of 2003. On March 28, 2003, our groundwood de-inked pulp mill located
in Cap-de-la-Madeleine, Québec was shut down indefinitely due to difficult
market conditions.  Operating income before depreciation and amortization for the Packaging
Products segment was $174 million for the year ended December 31, 2003,
compared to $248 million for the same period in 2002, a 30% decrease. Higher
energy and waste paper costs combined with lower selling prices and the
strengthening of the Canadian dollar contributed to reduce the Packaging
Products Groups profit margins. The Boxboard Group was also affected by
restructuring costs following a reduction of approximately 10% of its North
American work force.  Net sales
  
  OIBD
  
  Shipments
  
  Average netselling price(in millions of dollars)
  
  (in millions of dollars)
  
  (in thousands)
  
  (in dollars/unit)Packaging
  
  2003
  
  2002
  
  2003
  
  % net sales
  
  2002
  
  % net sales
  
  2003
  
  2002
  
  2003
  
  2002BoxboardManufacturingNorth America
  
  251
  
  259
  
  14
  
  5.6
  
  28
  
  10.8
  
  363
  st
  356
  st
  691
  
  728ManufacturingEurope
  
  417
  
  443
  
  23
  
  5.5
  
  51
  
  11.5
  
  493
  st
  530
  st
  846
  
  836Converting
  
  284
  
  258
  
  15
  
  5.3
  
  7
  
  2.7Others and eliminations
  
  2
  
  (2
  )
  3
  
  
  
  2
  
  954
  
  958
  
  55
  
  5.8
  
  88
  
  9.2
  
  856
  st
  886
  stContainerboard(1)Manufacturing
  
  312
  
  346
  
  18
  
  5.8
  
  47
  
  13.6
  
  721
  st
  724
  st
  433
  
  478Converting
  
  457
  
  468
  
  52
  
  11.4
  
  50
  
  10.7
  
  6,699
  msf
  6,378
  msf
  68
  
  73Others and eliminations
  
  (191
  )
  (206
  )
  11
  
  
  
  9
  
  578
  
  608
  
  81
  
  14.0
  
  106
  
  17.4Specialty
  products
  
  458
  
  455
  
  38
  
  8.2
  
  54
  
  11.9Eliminations
  
  (38
  )
  (40
  )
  
  
  
  
  
  
  1,952
  
  1,981
  
  174
  
  8.9
  
  248
  
  12.5  
 (1) The Companys containerboard business consists
entirely of its 50% share of the results of Norampac Inc., a joint venture.  Tissue GroupNet sales for the Tissue Group decreased by $38 million, or 6%, to $644
million for the year ended December 31, 2003, compared to $682 million for the
same period in 2002. The assets acquired in the United States in June 2002
increased net sales by $59 million. Net selling prices were lower during the
year ended December 31, 2003 in comparison to the corresponding period in 2002,
as a result of the devaluation of the U.S. dollar relative to the Canadian
dollar and a lower mix of converted products sold. The year ended December 31,
2003, excluding the June 2002 assets acquisition, saw a decrease of 6% in
shipments. This resulted from increased competition following the start-up of
new capacity in North America, largely in the away-from-home market.
Market-related downtime during the year represented 16,000 short tons, or 3%,
of total capacity.  Operating income before depreciation and amortization for the Tissue Group
was $73 million for the year ended December 31, 2003, compared to $136 million
a year ago, a 46% decrease. This Group was impacted by higher recycled paper
and energy prices, a decrease in the average selling price and by expenses
associated with the start-up of the assets acquired in June 2002. Selling,
general and administrative expenses increased due to the restructuring of its
U.S. sales force and the assets acquired in 2002.  19 
   Managements Discussion and Analysis of
Financial Position and Operating Results  Net sales
  
  OIBD
  
  Shipments
  
  Average net selling price(in millions  dollars)
  
  (in millions of dollars)
  
  (in thousands)
  
  (in dollars/unit)Tissue papers
  
  2003
  
  2002
  
  2003
  
  % net sales
  
  2002
  
  % net sales
  
  2003
  
  2002
  
  2003
  
  2002Manufacturing
  
  584
  
  600
  
  72
  
  12.3
  
  128
  
  21.3
  
  368
  st
  338
  st
  1,587
  
  1,775Distribution
  
  83
  
  106
  
  1
  
  1.2
  
  8
  
  7.5Eliminations
  
  (23
  )
  (24
  )
  
  
  
  
  
  
  644
  
  682
  
  73
  
  11.3
  
  136
  
  20.0  Fine Papers Group Net sales for the Fine Papers Group decreased by $67 million, or 9%, to $703
million for the year ended December 31, 2003, compared to $770 million for the
same period in 2002. The strengthening of the Canadian dollar against the U.S.
dollar affected export and domestic prices for both coated and uncoated papers,
with shipments decreasing by 11% when compared to 2002. On a non-inflation
adjusted basis, prices for coated papers were close to a historical low and
foreign competition, notably from Asia and Europe, remained strong.
Market-related downtime during the year at both coated and uncoated mills
represented 31,000 short tons, or 10% of total capacity. The distribution
division, Cascades Resources, which contributed total sales of $409 million
during the year, was able to maintain an adequate level of sales, as paper
products represented a lower percentage of its product mix than in the past.
Instead, the division focussed its efforts on graphic arts and industrial
printing supplies.  Operating income before depreciation and amortization for the Fine Papers
Group was $6 million for the year ended December 31, 2003, compared to $37
million for the same period in 2002. This operating segment experienced lower
shipments and generally lower selling prices for both coated and uncoated
papers, amplified by the depreciation of the U.S. dollar relative to the
Canadian dollar. Operating income before depreciation and amortization was also
impacted by higher fibre and energy prices. The rapid strengthening of the
Canadian dollar against the U.S. dollar, combined with a difficult pricing
environment, considerably reduced the operating profitability of the Thunder
Bay coated paper mill. Management of the Fine Papers Group implemented a series
of cost reduction initiatives at this mill at the end of 2003, including the
reduction in its work force by approximately 8%.  Net sales
  
  OIBD
  
  Shipments
  
  Average net selling price(in millions of dollars)
  
  (in millions of dollars)
  
  (in thousands)
  
  (in dollars/unit)Fine papers
  
  2003
  
  2002
  
  2003
  
  % net sales
  
  2002
  
  % net sales
  
  2003
  
  2002
  
  2003
  
  2002Manufacturing
  
  357
  
  416
  
  (5
  )
  (1.4
  )
  27
  
  6.5
  
  279
  st
  313
  st
  1,280
  
  1,329Distribution
  
  409
  
  419
  
  11
  
  2.7
  
  10
  
  2.4Eliminations
  
  (63
  )
  (65
  )
  
  
  
  
  
  
  703
  
  770
  
  6
  
  0.8
  
  37
  
  4.8  Depreciation and amortization Depreciation and amortization increased to $145 million
for the year ended December 31, 2003, from $139 million in the corresponding
period of 2002, primarily as a result of recent business acquisitions.  Operating income As a result of the above, operating income decreased 63% to $105 million
compared to $285 million for the same period in 2002. Operating margin
decreased from 8.4% in 2002 to 3.3% in 2003.  Interest expense Interest expense increased by $11 million, to $83
million for the year ended December 31, 2003 compared to $72 million for the
same period in 2002. This increase is mostly attributable to the refinancing of
substantially all of the Companys credit facilities, by substituting a portion
of the Companys floating rate debt with US$450 million of senior notes bearing
a fixed rate of 7.25%. The Company also completed an additional financing of
US$100 million 7.25% senior notes at a price of 104.50%, for an effective
interest rate of 6.61%. Norampac, a joint venture, also refinanced its
long-term debt in 2003 by issuing US$250 million of senior notes bearing a
fixed rate of 6.75%.  Foreign exchange gain
on long-term debtThe Company recorded a foreign exchange gain of
$72 million on its own and its joint ventures U.S. denominated debts, as the
Canadian dollar strengthened throughout the year. This gain had no cash impact
on the Companys liquidity.  20 
   Managements Discussion and Analysis of
Financial Position and Operating Results  Unusual losses (gains)For the year ended December 31, 2003, the Company recorded unusual losses of
$22 million, compared to an unusual loss of $4 million for the year ended
December 31, 2002. Unusual items for the year ended December 31, 2003,
consisted of:  a loss of $8 million reflecting the premium paid for the early redemption
of senior notes issued by a subsidiary, and a loss of $3 million resulting from
the write-off of the deferred financing costs associated with the long-term
debt that were refinanced or redeemed; a loss of $7 million reflecting the Companys 50% share of the premium
paid for the early redemption of CAN$100 million and US$150 million senior
notes issued by Norampac, a joint venture company, and a loss of $3 million
resulting in the write-off of the deferred financing costs associated with the
long-term debt that were refinanced or redeemed; and a loss of $1 million resulting from the penalty paid on the early
redemption of another fixed rate long-term debt.  Unusual items for the year ended December 31,
2002 consisted of: a gain of $1 million resulting from the dilution of an investment in a
significantly influenced company; a loss of $11 million reflecting expenses related to business closures and
a loss on a business disposal in the Packaging Products segment; and a gain of $6 million resulting from the reduction of a fine imposed in
1994 by the Court of First Instance of the European Communities.  Provision for income taxesThe income tax provision for the year ended December 31, 2003 amounted to
$14 million, representing an effective tax rate of 19%. Excluding the impact of
unusual losses and the foreign exchange gain on U.S.-denominated debt, the tax
rate would have been 57%. This effective rate is higher than the statutory rate
mainly due to the impact of operating losses incurred by certain subsidiaries
during the year ended December 31, 2003, for which tax benefits were not
recognized, as well as an increase in the tax rate announced by the province of
Ontario in the fourth quarter of 2003.  Net earningsAs a result of the foregoing factors, net earnings decreased by $114
million, or 67%, to $55 million, or $0.66 per share, for the year ended
December 31, 2003, versus $169 million, or $2.07 per share, for the same period
in 2002. Results for the year ended December 31, 2003 include unusual after-tax
losses of $19 million, or $0.23 per share, and an after-tax foreign exchange
gain on U.S.-denominated debt of $63 million, or $0.77 per share. Results for
the year ended December 31, 2002 include unusual after-tax gains of $16
million, or $0.20 per share, including the Companys share of a gain realized
by Boralex Inc., an affiliated company.  Liquidity and capital
resources  Cash flows from operations Cash flows from operations totalled $140 million
for the year ended December 31, 2003, compared to $325 million for the same period
in 2002. This reduction is primarily due to a decrease in profitability and
uses of liquidity to fund working capital requirements.  Changes in non-cash
working capital components amounted to a use of funds of $26 million for the
year ended December 31, 2003. Difficult economic conditions combined with a
slowdown in business activities constitute the main reasons for this increase
in working capital. The Company also increased its recycled papers and pulp
inventory to manage the pricing volatility of these raw materials. One of our
subsidiaries also ended its accounts receivable securitization program during
the year, accounting for approximately $11 million of the increase.  Investment activitiesFor the year ended December 31, 2003, investment
activities required total cash resources of $166 million. The Company invested
$122 million in property, plant and equipment. The major investments in
property, plant and equipment were: $5 million to upgrade the Boxboard Groups
machine #3 in Larochette, France, part of a 10-million project to be completed
in 2004; $5 million, representing our share of Norampacs capital investment in
a flexo press in Vaughan, a bark boiler in Cabano, and a wastewater treatment
upgrade in Mississauga; $5 million to install a new Yankee dryer in Kingsey
Falls, as well as an upgrade to the Tissue Groups Oregon paper machine.  21 
   Managements Discussion and Analysis of
Financial Position and Operating Results  The Company also invested $13 million in other assets, namely $3 million
to increase its participation in Boralex Inc., an affiliated company, from 40%
to 43%; and an amount of $3 million towards an advance to Scierie P.H. Lemay
ltée, prior to its acquisition.  The Company also invested $31 million in new businesses during the year:  $1 million to acquire a 50% share of a French de-inked pulp mill in the
Specialty Products Group; $10 million (US$7 million), representing its 50% share of the cash
portion of a U.S. corrugated container plant acquired by Norampac, a joint
venture company; $17 million (US$12 million) to increase the Companys participation, from
40% to 50%, in Dopaco, Inc., a North American leader in packaging for the
quick-service restaurant industry; and $3 million to complete the acquisition of all outstanding shares in
Scierie P.H. Lemay ltée, a Canadian sawmill and a planing plant. Prior to this
transaction, the Company held a 50% interest in this company.  Financing activities On February 5, 2003, the Company completed a
series of transactions to substantially refinance all of its credit facilities,
excluding those of its joint ventures. First, the Company secured a new
four-year revolving credit facility for CAN$500 million. The obligations under
this facility are secured by all inventory and receivables of the Company and
its North American subsidiaries, excluding its joint ventures, and by the
property, plant and equipment of three of its mills. In addition, the Company
issued new unsecured 7.25% senior notes, maturing in 2013, for an aggregate
amount of US$450 million. The net proceeds of these two transactions were used
to repay existing credit facilities for an amount of approximately $695
million. The Company also redeemed US$125 million 8.375% senior notes, due in
2007, issued by a subsidiary, for a total consideration of $192 million.
Finally, the Company completed an additional financing of US$100 million 7.25%
senior notes, maturing in 2013, at a price of 104.50%, for an effective
interest rate of 6.61%. The proceeds of this transaction have been used to
reduce indebtedness under the revolving credit facility of the Company. Costs
associated with these transactions totalled $24.6 million and are amortized
over the term of the debt.  On May 28, 2003, Norampac, a joint venture of the Company, completed a
series of transactions to refinance all of its existing credit facilities.
Norampac secured a new five-year revolving credit facility of CAN$350 million.
Its obligations under this new revolving credit facility are secured by all
inventory and receivables of Norampac and its North American subsidiaries, and
by the property, plant and equipment of two of its mills and three of its
converting plants. In addition, Norampac issued new senior unsecured notes for an
aggregate amount of US$250 million. These notes bear a 6.75% coupon and will
mature in 2013. The net proceeds of these two transactions were used to repay
the existing credit facilities and to redeem both of its US$150 million 9.50%
and CAN$100 million 9.375% senior notes, due in 2008.  In 2003, the Company purchased the remaining 2,011,337 Class A preferred
shares of a subsidiary for a consideration of $51 million.  During the year ended December 31, 2003, the Company repurchased 275,000
of its common shares for approximately $4 million on the open market, in
accordance with its normal course issuer bid. In addition, the Company redeemed
4,300,000 class B preferred shares of a subsidiary, which were convertible into
common shares of the Company, for an aggregate redemption amount of $16
million.  Considering these transactions and the dividends paid during the year
ended December 31, 2003 in the amount of $14 million, financing activities
generated $18 million of liquidity during the year.  Consolidated financial
position as at December 31, 2003  The Companys
working capital stood at $508 million as at December 31, 2003, at a ratio of
1.99:1. At the end of 2002, the working capital stood at $386 million at a
ratio of 1.61:1. The Companys refinancing, which substituted a portion of
short-term debt with longer maturity terms, explains the improvement in the
working capital ratio.  22 
   Managements Discussion and Analysis of
Financial Position and Operating Results  Long-term debt, including the current portion, remained stable at $1.1
billion at the end of 2003 and 2002. The Company had $329 million available
under its new $500-million revolving credit facility at the end of the year.
The Companys share of its joint ventures available liquidity was $181 million
as at December 31, 2003.  Despite net earnings generated during 2003, shareholders equity declined
by $9 million to $1.1 billion, or $12.93 per share,
due to the decrease of the cumulative translation adjustments resulting from a
weaker U.S. dollar. The net funded debt to total capitalization ratio decreased
from 46.8% as at December 31, 2002 to 45.5% as at December 31, 2003.  The Companys future debt service requirements will consist primarily of
interest expense on its outstanding debt. The Company will have limited
amortization requirements to service its debt that has not been refinanced. The
Company believes that these refinancings, completed in 2003, have resulted in a
simpler capital structure, as it extended the maturities of the debt, and
provided improved liquidity and flexibility to meet future capital
requirements.  The liquidity available under the credit facilities of the Company and
its joint ventures, along with the cash flow generated by the operating
activities, will provide the Company sufficient funds to meet its financial
commitments and capital expenditure program, which has been budgeted to
approximately $100 million for 2004. This budgeted amount may be revised during
the course of 2004, depending on the cash flow generated by operations.  Capital stock
information  As at December 31,
2003, the capital stock issued and outstanding consisted of 81,731,387 common
shares (81,826,272 as at December 31, 2002). As at December 31, 2003, 1,494,942
stock options were issued and outstanding.  Contractual
obligations and other commitments  The Companys
principal contractual obligations and commercial commitments relate to
outstanding debt, limited amortization requirements under existing credit lines
that were not refinanced, operating leases, capital leases and purchase
obligations for its normal business operations. The following table summarizes
these obligations as at December 31, 2003:  Payment due by period (in millions of dollars)Contractual obligations
  
  Total
  
  Year 2004
  
  Years 2005
  and 2006
  
  Years 2007
  and 2008
  
  ThereafterLong-term
  debt
  
  1,097
  
  11
  
  15
  
  190
  
  881Capital
  lease
  
  14
  
  8
  
  4
  
  2
  
  Operating
  lease
  
  164
  
  35
  
  56
  
  37
  
  36Purchase
  obligations
  
  219
  
  112
  
  72
  
  19
  
  16Total
  contractual obligations
  
  1,494
  
  166
  
  147
  
  248
  
  933  Transactions with
related parties  The Company has also
entered into various agreements with its joint ventures, significantly
influenced companies and entities controlled by one or more directors for the
supply of raw materials, including recycled paper, virgin pulp and energy,
supply of unconverted and converted products, sale and lease of equipment and
other agreements in the normal course of business. The aggregate amount of
sales from the Company to its joint ventures and other affiliates was $96
million and $100 million for 2002 and 2003, respectively. The aggregate amount
of sales from the joint ventures and other affiliates to the Company was $61
million and $67 million for 2002 and 2003, respectively. The aggregate amount
of sales from entities controlled by one or more of our directors to us was $5
million and $7 million for 2002 and 2003, respectively.  Off-balance sheet
arrangements  In the normal course
of business, the Company finances certain of its activities off-balance sheet
through leases. On an ongoing basis, we enter into operating leases for
buildings and equipment. Minimum future rental payments under these operating
leases, determined as at December 31, 2003, are included in the contractual
obligations table above.  23 
   Managements Discussion and Analysis of
Financial Position and Operating Results  Critical accounting
policies  Some of the
Companys accounting policies require significant estimates and assumptions
about future events that affect the amounts reported in the financial
statements and the accompanying notes. Future events and their effects cannot
be determined with absolute certainty. Therefore, the determination of
estimates requires the exercise of managements judgment. Actual results could
differ from those estimates, and any such differences may be material to the
Companys financial statements.  Valuation of
identifiable intangible assets and goodwillBusiness acquisitions are accounted for under the
purchase method of accounting. The total cost of an acquisition is allocated to
the underlying net assets, based on their respective estimated fair values. As
part of this allocation process, the Company must identify and attribute values
and estimated lives to the intangible assets acquired. While an expert may be
retained to assist the Company with these matters, these types of
determinations involve considerable judgment and often involve the use of
estimates and assumptions, including those with respect to future cash inflows
and outflows, discount rates and asset lives. These determinations affect the
amount of amortization expense recognized in future periods. The Company
reviews the carrying values of all identifiable intangible assets and goodwill
when certain conditions arise to determine whether any impairment has occurred.  Effective January 1, 2002, the Company adopted the provisions of the
Canadian Institute of Chartered Accountants (CICA) Handbook Section 3062,
Goodwill and Other Intangible Assets. Accordingly, identifiable intangible
assets with indefinite useful lives and goodwill are now tested by comparing
carrying amounts to their fair values at least annually or when the conditions
referred to above arise. The determination of fair value involves significant
management judgment. Impairments in the carrying amounts of identifiable
intangible assets with indefinite lives and goodwill are required to be
expensed. Because the valuation of identifiable intangible assets and goodwill
requires significant estimates and judgment about future performance and fair
value, our future results could be affected if our current estimates of future
performance and fair value change.  Income taxesThe Company is required to estimate the income taxes in each of the
jurisdictions in which it operates. This includes estimating a value for
existing net operating losses based on the Companys assessment of its ability
to utilize them against future taxable income before they expire. If the
Companys assessment of its ability to use the net operating losses proves
inaccurate in the future, this would increase or decrease the income tax
expense, and consequently affect the Companys net earnings in the relevant
year.  Stock-based compensationStock options granted to employees after January
1, 2002 are accounted for under the fair value method, which consists of
recording expenses to earnings when stock options are issued. The fair value of
stock options is calculated with a financial model involving the use of various
assumptions, such as the risk-free interest rate, the expected volatility of
the underlying stock, the expected life of the stock options and the expected
dividend yield. The Company uses the Black-Scholes option-pricing model, which
was developed for use in estimating the fair value of traded options that have
no vesting restrictions and are fully transferable. Option-pricing models
require the input of highly subjective assumptions, including the expected
price volatility. The Company uses expected volatility rates, which are based
on historical volatility rates trended into future years. Changes in the
subjective input assumptions can materially affect the fair value estimate, and
therefore could have an impact on the net earnings.  Pension and
post-retirement benefit costsPension and post-retirement benefit costs are
developed from actuarial valuations. Inherent in these valuations are key
assumptions provided by the Company to actuaries, including discount rates,
expected returns on plan assets, rates of compensation increases and medical
cost inflation. In selecting the rates and returns, the Company is required to
consider current market conditions, including changes in interest rates.
Material changes in pension and post-retirement benefit costs may occur in the
future, resulting from fluctuations in headcount, in addition to changes in the
assumptions.  24 
   Managements Discussion and Analysis of
Financial Position and Operating Results  Environmental cleanup
costsThe Company expenses environmental expenditures
related to existing conditions caused by past or current operations and from
which no future benefit is discernible. The Companys estimated environmental
remediation costs are based upon an evaluation of currently available facts
with respect to each individual site, including the results of environmental
studies and testing, and considering existing technology, applicable laws and
regulations, and prior experience in remediation of contaminated sites.
Expenditures that extend the life of the related property, or mitigate or
prevent future environmental contamination, are capitalized. The Company
determines its liability on a site-by-site basis and records a liability at the
time when it is probable and can be reasonably estimated. The contingencies
take into account the anticipated participation of other potentially
responsible parties in those instances where it is probable that such parties
are legally responsible and financially capable of paying their respective
shares of the relevant costs. Actual costs to be incurred in future periods at
the identified sites may vary from the estimates, given the inherent
uncertainties in evaluating environmental exposures. Future information and
developments may require the Company to reassess the expected impact of these
environmental matters.  Collectibility of
accounts receivableIn order to record its accounts receivable at
their net realizable value, the Company must assess their collectibility. A
considerable amount of judgment is required in order to make this assessment,
including a review of the aging of its receivables and the current
creditworthiness of each customer. The Company has recorded allowances for
receivables that it feels are uncollectible. However, if the financial
condition of the Companys customers were to deteriorate, their ability to make
required payments may become further impaired, and increases in these allowances
would be required.  Impairment of
tangible assetsThe Company assesses the value of its tangible
assets when events or changes in circumstances indicate that a permanent
impairment could exist. This is accomplished by determining whether projected
undiscounted future cash flows from operations exceed the net carrying amount
of the asset as of the assessment date. Estimates of future cash flows and fair
values require judgment and may change.  Introduction of new
accounting policies in 2003  Guarantees On January 1, 2003, the Company adopted the
new guideline of the Canadian Institute of Chartered Accountants regarding the
disclosure of guarantees. Under this new guideline, entities are required to
disclose key information about certain types of guarantee contracts that
require payments contingent on specified types of future events. Disclosures
include the nature of the guarantee, how it arose, the events or circumstances
that would trigger performance under the guarantee, maximum potential future
payments under the guarantee, and the carrying amount of the related liability
and information about recourse or collateral.  Long-lived assets and
discontinued operationsThe Company adopted the new guideline of the
Canadian Institute of Chartered Accountants regarding the disposal of
long-lived assets and discontinued operations, which applies to disposal
activities initiated on or after May 1, 2003. This new section sets standards
for recognition, measurement, presentation and disclosure of the disposal of long-lived
assets. It also sets standards for the presentation and disclosure of
discontinued operations.  New accounting
policies not yet adopted  Hedging relationships In November 2001, the CICA issued Accounting
Guideline AcG-13, Hedging Relationships. Subsequently, the AcSB postponed the
application of AcG-13 to fiscal years beginning on or after July 1, 2003.
AcG-13 addresses the identification, designation, documentation and
effectiveness of hedging relationships for the purpose of applying hedge accounting.
In addition, it deals with the discontinuance of hedge accounting and
establishes conditions for applying hedge accounting. Under the new guideline,
the Company is required to document its hedging relationships and explicitly
demonstrate that the hedges are sufficiently effective in order to continue
accrual accounting for positions hedged with derivatives. Otherwise, the
derivative instruments will need to be marked to market in the current years
income statement. On January 1, 2004, the Company adopted the recommendations
of AcG-13 (refer to note 2 (f ) of the consolidated
financial statements).  25 
   Managements Discussion and Analysis of
Financial Position and Operating Results  Asset retirement obligations In March 2003, the CICA issued Section 3110,
Asset Retirement Obligations, which will be implemented by the Company on
January 1, 2004. This standard requires that the fair value of a liability for
an asset-retirement obligation be recognized in the period in which it is
incurred, if a reasonable estimate of fair value can be made. The application
of this standard will not have any significant impact on the financial position
or results of operation of the Company.  Variable interest entities In June 2003, the CICA issued Accounting Guideline AcG-15, Consolidation
of variable interest entities. The new guideline requires companies to
identify variable interest entities in which they have an interest to determine
whether they are the primary beneficiary of such entities and, if so, to
consolidate them. A variable interest entity is defined as an entity in which
the equity is not sufficient to permit that entity to finance its activities
without external support, or the equity investors lack either voting control,
and the obligation to absorb future losses, or the right to receive future
returns. Recently, the CICA announced the deferral of the effective date of
AcG-15. Previously, AcG-15 was to be effective for interim and annual periods
starting on or after January 1, 2004. It is now effective for interim and
annual periods beginning on or after November 1, 2004. Early adoption is still
permitted. The application of this standard will not have any impact on the
financial position or results of operations of the Company.  Generally accepted
accounting principles In July 2003, the CICA issued Section 1100,
Generally Accepted Accounting Principles, and Section 1400, General
Standards for Financial Statement Presentation, which are effective for fiscal
years beginning on or after October 1, 2003. Section 1100 clarifies the
relative authority of various accounting pronouncements and other sources of
guidance within GAAP, whereas Section 1400 clarifies what constitutes a fair
presentation in accordance with GAAP. In addition, under Section 1100, industry
practice no longer plays a role in establishing GAAP. As a result, the cost of
delivery, which had been subtracted from sales in accordance with industry
practice, will no longer be subtracted from sales, but rather will be included
in cost of goods sold.  Environmental issues  The Company is
subject to environmental laws and regulations imposed by the various
governmental and regulatory authorities in all the countries where it operates.
The Company is also subject to the U.S. Federal Comprehensive Environmental
Response, Compensation and Liability Act, or CERCLA, as well as other
applicable legislation in the United States, Canada and Europe that holds
companies accountable for the investigation and remediation of hazardous
substances.  The Company is in compliance with all applicable environmental
legislation or regulations. However, ongoing capital and operating expenses are
expected to be incurred to achieve and maintain compliance with applicable
environmental requirements.  Quantitative and
qualitative disclosures regarding market risk  The Company is
exposed to certain market risks as part of its ongoing business operations,
including risks from changes in selling prices for its principal products,
costs of raw materials, interest rates and foreign currency exchange rates, all
of which impact the Companys financial condition, results of operations and
cash flows. The Company manages its exposure to these and other market risks
through regular operating and financing activities and, on a limited basis,
through the use of derivative financial instruments. The Company uses these
derivative financial instruments as risk management tools and not for
speculative investment purposes.  The following chart provides a quantitative illustration of the impact on
the Companys annual operating income from possible changes in the prices of
its principal products, the cost of raw materials and energy, and the exchange
rate of the U.S. dollar. This is based on 2003 shipments, as adjusted for an
expected increase in shipments as a result of recent acquisitions, assuming for
each price change that all other variables remain constant. To reduce the
Companys vulnerability to selling price fluctuations, some of our operations
have implemented risk management programs. The Company uses financial hedges on
the selling prices of certain finished products or on the purchase cost of
certain raw materials to cover part of the risk related to price fluctuations.
Also, from time to time, the Company negotiates term contracts to protect
itself against increases in energy prices, including natural gas, for periods
of up to 24 months. In addition, by selling marketable pulp in the open market,
the Company is able to limit its vulnerability to price fluctuations for this
raw material.  26 
   Managements Discussion and Analysis of
Financial Position and Operating Results  Operating income
sensitivity  (in millions of dollars)
  
  Operating income impact5% increase
  in the selling prices of the Companys primary mills
  
  9325%
  increase in the cost of recycled paper
  
  (48
  )5% increase
  in the cost of commercial pulp
  
  (8
  )US$0.10/mmbtu
  increase in the cost of natural gas
  
  (2
  )US$0.01/CAN$1.00
  increase in the US$ on the Companys export sales net of US$ purchases
  
  (5
  )  
 (a) For purposes of
this analysis, we have assumed an exchange rate of US$0.75 to CAN$1.00. (b) This table does
not take into account any risk management programs that the Company could put
into effect at any given moment.  Interest rate riskThe Companys principal interest rate risks relate to outstanding debt
obligations. As of December 31, 2003, approximately 18% of its long-term debt
accrued interest at floating rates. A 1% change in the interest rates
applicable to its actual variable-rate debt would have a $1.9 million effect on
interest expense.  Foreign currency riskThe Company is exposed to foreign currency risks that arise from normal
business operations. These risks include the translation of local currency
balances of our foreign subsidiaries, intercompany loans with foreign
subsidiaries and transactions denominated in foreign currencies. A significant
portion of the Companys debt is denominated in foreign currencies and so is
exposed to foreign currency risks related to interest on this debt and its
repayment. The Company is also exposed to exchange rate risks when its sales
are in foreign currencies and its costs are not. Fluctuations in exchange rates
may adversely affect its ability to compete with non-local producers, as well
as to export its products. The Companys objective is to minimize its exposure
to these risks through its normal operating activities and, where appropriate,
through foreign currency forward contracts. Our policy is to negotiate forward
exchange contracts that can cover up to 50% of the net exposure to currency
fluctuations for periods of 12 to 18 months. In 2003, approximately 24% of the
Companys total sales from its Canadian operations were made in the United
States.  Some of the Companys Canadian subsidiaries and joint ventures have
entered into contracts to sell forward U.S. dollars in exchange for Canadian
dollars. As of December 31, 2003, these subsidiaries and joint ventures held
forward exchange contracts with a notional amount of approximately $130
million, maturing from January 2004 to June 2005, at a weighted average
exchange rate of $1.3732 to US$1.00. The fair value of these instruments
represented an unrealized gain of $6.8 million as at December 31, 2003. The
European subsidiaries have also entered into forward exchange contracts,
maturing in December 2004, to hedge currency risks resulting from sales and
purchases in European currencies and U.S. and Canadian dollars. The fair value
of these instruments represented an unrealized gain of $0.1 million as at
December 31, 2003, on a notional amount of approximately $20 million.  Credit risksThe Company is exposed to credit risk on the accounts receivable from its
customers. In order to reduce this risk, the Companys credit policies include
an analysis of the financial position of its customers and a regular review of
their credit limits. The Company believes there is no particular concentration
of credit risks, due to the geographic diversity of its customers and its
procedures for the management of commercial risks. Derivative financial
instruments include an element of credit risk, should the counterparty be
unable to meet its obligations. The Company reduces this risk by dealing with
creditworthy financial institutions.  Price risk  The
Company has also entered into cash-settled swap contracts with counterparties,
maturing from 2004 to 2007, under which the Company sets the price on notional
quantities of sorted office papers, old corrugated containers, bleached
softwood kraft pulp, electricity, natural gas, 42-lb. kraft linerboard and
26-lb. semichemical corrugating medium. Gains and losses arising from these
contracts as at December 31, 2003 represented a net unrealized gain of $4.7
million.  27 
   Managements Discussion and Analysis of
Financial Position and Operating Results  Outlook for 2004  The Company
anticipates the coming year to be challenging, as we expect to be faced with a
difficult business environment in North America and abroad. The current fragile
economic environment will, as in 2003, continue to impact the markets, and only
a general economic recovery will help the Company implement sustainable price increases.  After experiencing, over the course of the last few years, sustained
growth in most of its operating sectors, the Company sees the upcoming year as
a year of consolidation. As an opportunistic acquirer of assets, the Company
will continue to monitor good acquisition opportunities and it may temporarily
increase its indebtedness ratio to make such acquisitions, as long as the
Company expects the acquisitions to have a positive impact on earnings and cash
flow over a relatively short period. The Companys long-term stated objective,
however, is still to keep its net funded debt to total capitalization ratio
under 50%.  The Boxboard Group will continue to implement its cost reduction programs
while focussing on customer service and improving quality. Further
consolidation in the North American boxboard market is expected in 2004.  Throughout 2004, the Containerboard Group should continue to curtail its
production levels to meet customer demand. The Group will continue to seek
acquisition opportunities, mostly for converting assets, in the south or midwest of the United States. The Containerboard Group may
feel the impact of increased prices of OCC, an important commodity used by
recycled paper mills. However, any uptrend in OCC prices will likely be matched
by subsequent selling price increases. At the end of the year, this group had
an excellent physical hedge against any sharp OCC price increases through
above-average physical inventories.  The Specialty Products Group will further explore acquisition opportunities
in the paper recovery sector, and continue its strategic plan of reducing its
dependence on commodity markets.  The Tissue Group will continue to integrate the assets acquired in recent
years and further decrease its production costs. The intent is to progressively
start up the newly installed converting lines to respond to market demand.  The Fine Papers Group will continue to operate in a low pricing
environment for both coated and uncoated papers, driven mostly by Asian and
European imports. Its distribution business, which accounts for more than 50%
of the groups net sales, will continue to focus on its product diversification
strategy, maintaining its tight inventory control while expanding its product
offering with non-paper supplies.  The Company expects recycled fibre prices to remain quite volatile in
2004. Recent shutdowns of recycled-based capacity in North America have reduced
the local demand for waste papers, but imports from new capacity coming on line
in Asia may contribute to North American price increases. Whether the Company
actually sees an increase in waste paper prices will depend on a number of
factors, such as overseas transportation costs, changes in the U.S. dollar
exchange rate, and the level of recovery rates in different countries, which
tend to be price-sensitive. The Company feels that the historical correlation
between the price of waste paper and those of the associated finished goods
will hold, and both should continue to move in tandem, thus mitigating the impact
on its profitability margins.  Quarterly results  (in millions of dollars,
  except amounts per share)
  (unaudited)
  
  2003
  
  2002March 31
  
  June 30
  
  Sept. 30
  
  Dec. 31
  
  Total
  
  March 31
  
  June 30
  
  Sept. 30
  
  Dec. 31
  
  TotalNet sales
  
  840
  
  813
  
  792
  
  782
  
  3,227
  
  801
  
  857
  
  874
  
  843
  
  3,375OIBD
  
  71
  
  64
  
  66
  
  49
  
  250
  
  105
  
  109
  
  110
  
  100
  
  424Operating income
  
  35
  
  29
  
  31
  
  10
  
  105
  
  71
  
  75
  
  74
  
  65
  
  285Net earnings
  
  16
  
  29
  
  4
  
  6
  
  55
  
  55
  
  40
  
  34
  
  40
  
  169basic per share
  
  $
  0.19
  
  $
  0.36
  
  $
  0.04
  
  $
  0.07
  
  $
  0.66
  
  $
  0.67
  
  $
  0.50
  
  $
  0.41
  
  $
  0.49
  
  $
  2.07diluted per share
  
  $
  0.19
  
  $
  0.36
  
  $
  0.04
  
  $
  0.07
  
  $
  0.66
  
  $
  0.67
  
  $
  0.49
  
  $
  0.40
  
  $
  0.49
  
  $
  2.05  28 
   Managements Discussion and Analysis of
Financial Position and Operating Results  Comments on the
results of the fourth quarter of 2003  During the fourth
quarter of 2003, difficult economic conditions combined with price and volume
decreases experienced in most of the operating sectors, largely reflecting
difficult market conditions in North America and Europe, led to the lowest
quarterly operating income of the year. The devaluation of the U.S. dollar
continued to impact the Companys profitability margins. On October 1, 2003,
the Company increased its participation in Dopaco, Inc., proportionately
consolidating their results as of that date.  Supplemental
information on non-GAAP measures  Operating income
before depreciation and amortization is not a measure of performance under
Canadian GAAP. The Company includes operating income before depreciation and
amortization because it is the measure used by management to assess the
operating and financial performance of the Companys operating segments. As
well, the Company believes that operating income before depreciation and
amortization provides an additional measure often used by investors to assess a
companys operating performance and its ability to meet debt service
requirements. However, operating income before depreciation and amortization
does not represent, and should not be used, as a substitute for, net earnings
or cash flows from operations as determined in accordance with Canadian GAAP
and operating income before depreciation and amortization is not necessarily an
indication of whether cash flow will be sufficient to fund our cash
requirements. In addition, our definition of operating income before
depreciation and amortization may differ from that of other companies.  Net earnings, which is a performance measure defined by Canadian GAAP, is
reconciled below to operating income before depreciation and amortization:  For the years ended
  December 31
  
  2003
  
  2002
  
  2001Net
  earnings
  
  55
  
  169
  
  109Share of
  results attributed to non-controlling interests
  
  
  
  1
  
  Share of
  earnings of significantly influenced companies
  
  3
  
  (22
  )
  (3
  )Provision
  for income taxes
  
  14
  
  61
  
  49Unusual
  losses (gains)
  
  22
  
  4
  
  (7
  )Foreign
  exchange loss (gain) on long-term debt
  
  (72
  )
  
  
  14Interest
  expense
  
  83
  
  72
  
  86Operating
  income
  
  105
  
  285
  
  248Depreciation
  and amortization
  
  145
  
  139
  
  132Operating
  income before depreciation and amortization
  
  250
  
  424
  
  380  Additional
information  Additional
information relating to the Company, including the AIF, is available on SEDAR
at www.sedar.com.  29