Sino Forest Corp Financials

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

In Millions of the trading currency, except per share items. Currency: Trading Currency
Order: Latest on Left
Decimals: 0
Key Financials¹
For the Fiscal Period Ending 12 months 12 months 12 months
Dec-31-2010A Dec-31-2009A Dec-31-2008A
Currency CAD CAD CAD
Total Revenue 1,913 1,297 1,100

Growth Over Prior Year 55.35% 38.18% 25.52%
Gross Profit 668 461 449

Margin % 34.91% 35.57% 40.84%
EBITDA 1,324 941 733

Margin % 69.20% 72.59% 66.64%
EBIT 574 389 380

Margin % 29.98% 30.02% 34.53%
Earnings from Cont. Ops. 382 292 296

Margin % 19.96% 22.52% 26.93%
Net Income 393 300 281

Margin % 20.56% 23.13% 25.51%
Diluted EPS Excl. Extra Items³ 2 1 2

Growth Over Prior Year 16.81% 2.29% 55.95%

Exchange Rate 0.995 1.047 1.227
Conversion Method H H H
¹All results are taken from the most recently filed statement for each period. When there has been more than one, earlier filings can be viewed on the individua
³EPS figures for forward periods are consensus mean estimates.
†Growth rates for forward periods are calculated against prior period estimates or actual pro forma results as disclosed on the Estimates Consensus page.
Growth Rates are calculated in originally reported currency only and will not reflect any currency conversion selected above.
Current Capitalization (Millions of CAD)

Currency CAD
Share Price as of Jun-03-2011 5
Shares Out. 246
Market Capitalization** 1,285
- Cash & Short Term Investments 1,217
+ Total Debt 1,863
+ Pref. Equity -
+ Total Minority Interest 51
= Total Enterprise Value (TEV) 1,981
Book Value of Common Equity 3,134
+ Pref. Equity -
+ Total Minority Interest 51
+ Total Debt 1,863
= Total Capital 5,047
**For companies that have multiple share classes that
publicly trade, we are incorporating the different prices to
calculate our company level market capitalization. Please
click on the value to see the detailed calculation. Prices
shown on this page are the close price of the company’s
primary stock class. Shares shown on this page are total
company as-reported share values.
Total Liability includes Total Debt, Minority Interest and Pref. Equity.
Net Liability includes Total Liability, net of Cash and Short Term Investments.
TEV includes Market Cap and Net Liability.
Total Capital includes Common Equity and Total Liability.
Valuation Multiples based on Current Capitalization

For the Fiscal Period Ending 12 months 12 months 12 months†
Dec-31-2013E Dec-31-2012E Dec-31-2011E
TEV/Total Revenue 1 1 1
TEV/EBITDA 1 1 1
TEV/EBIT - - -
P/Diluted EPS Before Extra 2 2 2
P/BV - - -
Price/Tang BV - - -
Financial data provided by
Estimate data provided by

Conversion: Historical
Units: Capital IQ (Default)
12 months 12 months 12 months 12 months 12 months 12 months 12 months

Dec-31-2007A Dec-31-2006A Dec-31-2005A Dec-31-2004A Dec-31-2003A Dec-31-2002A Dec-31-2001A
CAD CAD CAD CAD CAD CAD CAD
705 647 575 398 343 317 219

28.51% 12.60% 49.06% 24.54% 32.37% 46.20% 8.38%
239 204 160 122 84 67 48

33.88% 31.50% 27.75% 30.67% 24.42% 21.25% 22.01%
481 369 298 150 104 68 36

68.31% 57.04% 51.88% 37.67% 30.36% 21.52% 16.49%
195 157 131 93 64 49 34

27.66% 24.33% 22.83% 23.28% 18.52% 15.59% 15.62%
141 107 95 64 39 33 30
19.95% 16.60% 16.56% 15.95% 11.36% 10.26% 13.53%
150 132 95 64 39 33 30
21.33% 20.43% 16.56% 15.95% 11.36% 10.26% 13.53%
1 1 1 1
27.27% 11.86% 37.21% 34.78% 18.16% 28.57% -31.98%

0.987 1.164 1.166 1.203 1.292 1.580 1.593
H H H H H H H
one, earlier filings can be viewed on the individual statement pages.
disclosed on the Estimates Consensus page.

selected above.
12 months 12 months
Dec-31-2010A Dec-31-2009A
1 2
2 2
4 5
3 4
12 months 12 months 12 months
Dec-31-2000A Dec-31-1999A Dec-31-1998A
CAD CAD CAD
190 204 143

-10.51% 52.71% 121.88%
58 57 46
30.49% 28.10% 32.40%
50 53 37
26.56% 25.72% 26.03%
49 49 37
25.64% 23.88% 25.94%
43 41 33
22.55% 19.89% 23.04%
43 41 33
22.55% 19.89% 23.04%
0.23% 18.47% 36.84%
CAD CAD CAD

1.500 1.444 1.538
H H H
Sino-Forest Corp. (TSX:TRE) > Financials > Income Statement
Template: As Presented
Period Type: Annual
Currency: Reported Currency
Income Statement
Dec-31-2010 Dec-31-2009 Dec-31-2008
Currency USD USD USD
Units Thousands Thousands Thousands
Revenues
Commission Income - - -
Revenues 1,923,536 1,238,185 896,045
Total Revenues - - -
Expenses
Cost of Sales (1,252,023) (797,800) (530,083)
Selling, General and Administrative Expenses (89,712) (63,980) (53,372)
Depreciation, Amortization and Depletion (5,145) (4,693) (3,206)
Impairment of Timber Holdings and Capital Assets - - -
Write-off of Other Assets - - -
Interest Expense (128,124) (70,977) (51,933)
Amortization and Write-off of Deferred Financing Costs - - -
Interest Income 10,609 9,691 12,604
Net Interest Income/expense - - -
Equity in Income (losses) of Jiangxi Investments - - -
Gain on Disposal of Jiangxi Investments - - -
Write-off of Jiangxi Investments - - -
Currency Translation Gain(Loss) (3,086) (4,958) (4,735)
Currency Translation Gain(Loss) - - -
Gain/loss on Changes in Fair Value of Financial Instruments (4,419) (417) -
Other Income - - 1,946
Loss on Changes in Fair Value of Financial Instrument - - (1,839)
Other Income/expense 2,932 1,600 -
Earnings before Taxes 454,568 306,651 265,427
Taxes and Other Expenses

Provision for Income Tax (70,644) (27,864) (24,105)
Minority Interest (After Tax) 3,323 - -
Earnings of Discontinued Operations 8,179 7,583 (12,729)
Net Income (Loss) 395,426 286,370 228,593
Supplementary Info
Operating Income (Loss) 576,656 371,712 309,384
Basic EPS - Continuing Operations 2 1 1
Basic EPS - Discontinued Operations
Basic Earnings Per Share – Total 2 1 1
Diluted EPS - Continuing Operations 2 1 1
Diluted EPS - Discontinued Operations
Diluted Earnings Per Share – Total 2 1 1
Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR

Statement
Restatement: Latest Filings
Decimals: 0

Dec-31-2007 Dec-31-2006 Dec-31-2005 Dec-31-2004 Dec-31-2003 Dec-31-2002 Dec-31-2001
USD USD USD USD USD USD USD
Thousands Thousands Thousands Thousands Thousands Thousands Thousands
- - - - 13,982 12,752 15,862

713,866 555,480 493,301 330,945 251,757 187,996 121,451
- - - - 265,739 200,748 137,313
(470,825) (380,508) (356,430) (229,433) (200,835) (158,089) (107,094)

(40,209) (35,852) (21,165) (22,007) (13,343) (9,747) (7,572)
(5,364) (3,975) (3,099) (2,470) (2,345) (1,625) (1,202)
(20,846) (877) - (3,646) - - -
- - - - - (74) -
(43,960) (37,340) (28,994) (15,875) (12,243) (8,632) (4,174)
- (1,819) (1,338) (4,317) (842) (199) (199)
15,184 6,486 4,179 1,366 240 792 916
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
12,409 3,676 1,253 2,682 701 (3,060) 1,064
- - - 190 (3,840) - -
(2,996) (1,179) - - - - -
- - - - - - -
- - - - - - -
3,206 1,312 1,236 383 - - -
160,465 105,404 88,943 57,818 33,232 20,114 19,052
(18,034) (13,192) (7,256) (5,044) (3,052) 478 (479)

- - - - - - -
9,842 21,268 - - - - -
152,273 113,480 81,687 52,774 30,180 20,592 18,573
197,468 135,145 112,607 - - 31,287 21,445

1 1 1
- - - - -
1 1 - - - - -
1 1 1
- - - - -
1 1 - - - - -
listed as primary ADRs, per share items are ADR-equivalent.

Dec-31-2000 Dec-31-1999 Dec-31-1998
USD USD USD
Thousands Thousands Thousands
18,507 17,912 -
108,194 123,665 92,710
126,701 141,577 -
(88,067) (101,794) (62,675)

(6,044) (5,891) (5,898)
(104) (87) (91)
- - -
- - -
(3,920) (2,290) -
(198) (69) -
599 692 -
- - (9)
(96) (235) (430)
248 - -
- (211) -
2,133 - -
- - -
- - -
- - -
- - -
- - -
31,252 31,692 23,607
(2,681) (3,537) (2,243)

- - -
- - -
28,571 28,155 21,364
32,486 33,805 24,046
- - -
- - -
- - -
- - -
Sino-Forest Corp. (TSX:TRE) > Financials > Balance Sheet
Period Type: Annual
Balance Sheet
Balance Sheet as of:
Dec-31-2010 Dec-31-2009 Dec-31-2008
Current Assets
Cash and Cash Equivalents 1,223,352 1,102,366 441,171
Short-term Deposits 32,101 70,387 45,784
Convertible Bonds - 29,446 2,659
Accounts Receivables 636,626 282,306 225,753
Due from Prc Cjv Partners - - -
Other Receivable S and Prepaid Expenses - - -
Due from Leizhou Forestry Bureau - - -
Inventories 61,978 45,978 43,200
Timber Holdings 3,122,517 2,183,489 1,653,306
Prepaids, Deposits and Other 125,238 54,747 21,768
Deposit for the Purchase of Logs - - -
Assets of Discontinued Operations - 1,531 31,122
Total Current Assets 2,079,295 1,586,761 811,457
Non Current Assets

Capital Assets (Net) 113,150 77,377 63,704
Jiangxi Investments - - -
Sjxt Investment - - -
Goodwill-net - - -
Intangible Assets 139,910 636 -
Deferred Financing Costs - - -
Other Assets 274,161 115,636 75,457
Deposits - - -
Total Assets 5,729,033 3,963,899 2,603,924
Current Liabilities
Accounts Payable and Accrued Liabilities 499,854 250,287 179,903
Bank Indebtedness 153,959 103,991 67,188
Current Portion of Long-term Debt 87,670 - -
Income Taxes Payable 10,602 7,346 6,383
Derivative Financial Instruments - - 5,214
Liabilities of Discontinued Operations 3,699 12,156 32,004
Total Current Liabilities 755,784 373,780 290,692
Non Current Liabilities

Long-term Debt 1,659,682 925,466 714,468
Future Income Tax Liabilities 63,906 - -
Minority Interest 51,540 - -
Derivative Financial Instruments - - -
Shareholders' Equity
Common Stock - Par Value 1,261,300 1,213,495 539,315
Additional Paid in Capital 11,673 12,200 7,599
Statutory Reserves 1,988 1,670 -
Retained Earnings 1,449,365 1,054,257 769,557
Accumulated Other Comprehensive Income 314,912 224,148 211,831
Cumulative Translation Adjustments - - -
Equity Portion of Convertible Senior Notes 158,883 158,883 70,462
Total Shareholders Equity 3,198,121 2,664,653 1,598,764
Total Liabilities & Shareholders Equity 5,729,033 3,963,899 2,603,924
Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are

Decimals: 0

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

22,163 18,550 30,268 24,089 21,674 26,606 29,003
- - - - - - -
105,329 124,784 119,989 81,787 67,345 40,190 19,209
- - 3,842 3,890 6,688 9,072 7,250
- - - - 5,818 6,412 8,936
- - - - - 10,202 -
46,661 15,178 7,622 2,736 1,170 878 983
1,174,153 752,783 513,412 359,607 232,516 - -
24,185 19,524 7,201 6,992 - - -
- - - - 6,041 6,041 -
- 2,686 - - - - -
527,028 333,609 277,340 320,660 115,665 100,579 67,090
78,608 87,939 81,077 66,269 65,894 233,321 211,243
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - 4,230 2,445 2,644
57,708 32,924 23,442 9,513 549 550 624
- - - - - - -
1,837,497 1,207,255 895,271 756,049 418,854 336,895 281,601
107,989 68,669 85,212 54,719 22,051 10,635 11,804

55,383 70,958 41,312 28,508 39,025 48,064 37,927
- - - - 43,388 5,370 941
1,615 1,121 738 568 13,465 10,426 10,924
- - - - - - -
32,016 38,300 - - - - -
197,003 179,048 127,262 83,795 117,929 74,495 61,596
441,985 450,000 300,000 300,000 55,953 82,289 47,220

- - - - - - -
- - - - - - -
11,211 - - - - - -
537,141 143,511 142,815 138,915 67,439 32,758 46,024

3,906 4,726 1,804 3,032 - - -
- - - - - - -
540,964 397,380 311,994 230,307 177,533 147,353 126,761
105,287 32,590 - - - - -
- - 11,396 - - - -
- - - - - - -
1,187,298 578,207 468,009 372,254 244,972 180,111 172,785
1,837,497 1,207,255 895,271 756,049 418,854 336,895 281,601
es listed as primary ADRs, total share counts are ADR-equivalent.

Dec-31-2000 Dec-31-1999 Dec-31-1998
USD USD USD
18,244 39,591 912

8,129 - -
- - -
15,118 15,926 2,643
3,169 3,275 11,748
3,467 1,819 1,929
- - -
2,404 - -
- - -
- - -
- - -
- - -
50,531 60,611 17,232
167,194 113,907 78,880
- 624 1,070
- 1,315 1,037
- 31 32
- - -
1,820 1,783 -
625 - -
- - 2,250
220,170 178,271 100,501
7,626 9,222 5,396

18,228 4,127 1,997
941 742 370
10,423 7,764 4,227
- - -
- - -
37,218 21,855 11,990
28,740 30,218 3,340

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

- - -
- - -
108,188 79,925 52,182
- - -
- - -
- - -
154,212 126,198 85,171
220,170 178,271 100,501
Sino-Forest Corp. (TSX:TRE) > Financials > Cash Flow
Period Type: Annual
Cash Flow
Dec-31-2010 Dec-31-2009 Dec-31-2008
Operating Activities
Net Income 395,426 286,370 228,593
Depletion of Timber Holdings Included in Cost of Sales 746,474 522,397 284,532
Depreciation, Amortization and Depletion 7,919 4,693 3,206
Amortization and Write-off of Deferred Financing Costs - - -
Loss on Disposal of Capital Asset - - -
Write-off of Jiangxi Investments - - -
Gain on Disposal of Jiangxi Investments - - -
Impairment of Timber Holdings and Capital Assets - - 219
Interest on Equity Component of Exchangeable Notes - - -
Equity in Losses of Jiangxi Investments - - -
Stock based Compensation 3,573 4,601 4,276
Exchange Gain/loss - - -
Unrealized Exchange Gain/loss (2,089) 1,880 5,604
Cash Flows from (used In) Operating Activities of Discontinued Operations (562) (826) (3,826)
Amortization of Redemption Premium on Long-term Debt - - -
Reduction in Amount Due from Cjv Partners in Exchange for Timber Holdings - - -
Interest Income from Mandra - - (1,200)
Gain/loss on Change in Fair Value of Financial Instruments 4,419 417 1,839
Net Income, (Loss) from Discontinued Operations (8,179) (7,583) 12,729
Accretion of Convertible Senior Notes 26,555 13,689 4,769
Accretion of Exchangeable Notes - - -
Others (511) (751) 2,656
Accounts Receivable - - -
Inventories - - -
Accounts Payable and Accrued Liabilities - - -
Income Taxes Payables - - -
Other Receivables and Prepaid Expenses - - -
Non-cash Working Capital (333,502) (41,196) (60,040)
Due from PRC CJV partners - - -
Due from Leizhou Forestry Bureau - - -
Cash Flow from Operating Activities 839,523 783,691 483,357
Investing Activities
Additions to Timber Holdings (1,358,878) (1,032,009) (656,727)
Purchase of Capital Assets (25,240) (11,649) (29,187)
Proceeds from Disposal of Capital Assets 296 216 8
Business Acquisitions 2,139 - (1,928)
Short-term Deposits - - -
Non-pledged Short-term Deposits 21,872 (10,942) (5,604)
Acquisition of Convertible Bonds - (200) -
Investment in Sjxt - - -
Proceeds on Disposal of Jiangxi Investments - - -
Other Assets (43,331) (38,041) (9,554)
Repayment of Advances to Sjxt - - -
Other Invest. Cash Flow Items 75 - -
Proceeds from Disposal of Other Assets - - -
Cash Flow from Investing Activities (1,401,589) (1,068,505) (704,228)
Financing Activities
Issuance of Long-term Debt 624,750 460,000 345,000
Repayment of Long-term Debt (530) (150,000) -
Issuance of Exchangeable Notes, Net - - -
Issuance of Convertible Debentures - - -
Amounts Due to Related Parties - - -
Changes in Bank Indebtedness 47,962 36,534 16,031
Short-term Debt, Notes Payable, Etc - - -
Issuance (repurchase) of Share Capital, Net 8,555 652,474 1,591
Proceeds from Exercise of Share Options of a Subsidiary 3,079 - -
Pledged Short-term Deposits 17,255 (13,633) (16,314)
Payments on Derivative Financial Instruments - (5,781) (4,919)
Payments on Deferred Financing Costs - - (9,135)
Deferred Financing Costs (20,328) (27,591) -
Cash Flow from Financing Activities 680,743 946,031 332,254
Other Adjustments
Foreign Exchange Rate Effect on Cash and Cash Equivalents 2,309 (22) 1,558
Cash Flows from (used In) Investing Activities of Discontinued Operations 1,478 24,120 (1,236)
Cash Flow (Used In) Financing Activities of Discontinued Operations - (5,972) (460)
Cash Flow Net Changes in Cash 120,986 661,195 112,481

Decimals: 0

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

284,808 177,730 140,204 45,158 29,126 10,282 -
5,364 3,975 3,099 2,470 2,345 1,625 1,202
- 1,819 1,338 4,317 842 199 199
- 212 - - - - -
- - - - - - -
- - - - - - -
20,846 877 - 3,646 - 74 -
- - - - - - -
- - - - - - -
2,898 3,105 2,672 6,932 - - -
(1,816) - - - 3,840 3,060 (1,064)
- - - - - - -
3,856 26,169 - - - - -
- - - 2,015 2,376 - -
- - - - - - -
(2,100) (300) (767) - - - -
2,996 1,179 - - - - -
(9,842) (21,268) - - - - -
- - - - - - -
- - - - 4,616 4,643 1,484
74 (150) (153) 438 - - -
- - - - (27,155) - -
- - - - (292) - -
- - - - 7,479 - -
- - - - 3,039 - -
- - - - 594 - -
27,000 (16,456) (31,625) 1,612 - (27,882) (7,541)
- - - - 2,384 - -
- - - - 10,202 - -
486,357 290,372 196,455 119,362 69,576 12,593 12,853
(640,257) (415,087) (265,158) (159,101) (89,194) - -

(12,571) (10,028) (16,584) (6,083) (7,365) (44,187) (45,250)
1,073 167 - - - - -
(795) - - - - - -
- - - - - 2,397 (20,874)
(8,698) 11,912 (5,155) (5,813) 7,003 - -
- - - - - - -
- - - - - - -
- - - - - - -
(31,225) (10,000) (14,501) (95) - - -
- - - - - - -
- - - - - - -
151 - - - - - -
(692,322) (423,036) (301,398) (171,092) (89,556) (41,790) (66,124)
- 150,000 - 300,000 5,000 19,000 19,000

- - - (101,189) (941) (471) (940)
- - - - - - -
- - - - 14,017 - -
- - - (3,937) - - -
(17,015) 29,175 12,532 (10,517) (9,039) 10,137 19,699
- - - - 3,937 - -
389,912 513 - 67,576 17,455 - -
- - - - - - -
6,180 385 (1,024) 3,398 (2,071) - -
(2,165) (872) - - - - -
- - - - - - -
- (3,001) - (9,364) (2,627) - (1,023)
376,912 176,200 11,508 245,967 25,731 28,666 36,736
4,856 933 687 - - - -

- - - - - - -
- - - - - - -
175,803 44,469 (92,748) 194,237 5,751 (531) (16,535)
Dec-31-2000 Dec-31-1999 Dec-31-1998
USD USD USD
28,571 28,155 21,364

1,058 2,526 -
104 87 91
198 69 -
- - -
- 211 -
(248) - -
- - -
- (412) -
96 235 430
- - -
(2,133) - -
- - -
- - -
- - -
- (10,134) (7,770)
- - -
- - -
- - -
- - -
1,000 1,402 -
- - -
- - -
- - -
- - -
- - -
- - -
(2,075) 4,913 1,202
- - -
- - -
26,571 27,052 15,317
- - -
(54,448) (27,505) (22,880)
- - -
- - -
(8,129) - -
- - -
- - -
- (278) -
700 - -
- - -
796 - -
- - -
- - -
(61,081) (27,783) (22,880)
795 24,738 -
(941) (742) -
- 13,266 -
- - -
- - -
14,101 2,130 -
- - -
(557) 18 687
- - -
- - -
- - -
- - -
(235) - -
13,163 39,410 687
- - 108
- - -
- - -
(21,347) 38,679 (6,768)
Sino-Forest Corp. (TSX:TRE) > Financials > Multiples
View: Data
Multiples Detail
For Quarter Ending Dec-31-2010 Sep-30-2010

TEV/LTM Total Revenue Average 4 3
High 4 3
Low 3 3
Close 4 3
TEV/NTM Total Revenues Average 4 3

High 4 4
Low 3 2
Close 4 3
TEV/LTM EBITDA Average 5 5

High 6 5
Low 4 4
Close 5 4
TEV/NTM EBITDA Average 5 4

High 6 5
Low 4 3
Close 5 4
TEV/LTM EBIT Average 11 10

High 12 11
Low 10 9
Close 12 10
P/LTM EPS Average 15 12

High 18 14
Low 12 11
Close 17 12
P/NTM EPS Average 12 10

High 13 11
Low 10 9
Close 12 10
P/LTM Normalized EPS Average 21 18

High 23 19
Low 17 16
Close 22 17
P/BV Average 2 1
High 2 2
Low 1 1
Close 2 1
P/Tangible BV Average 2 1
High 2 2
Low 1 1
Close 2 1
TEV/LTM Unlevered FCF Average NM NM

High NM NM
Low NM NM
Close NM NM
Market Cap/LTM Levered FCF Average NM NM

High NM NM
Low NM NM
Close NM NM
Average multiples are calculated using positive close values on each trading day within the frequency periods selected. Negative values are excluded from the
When a mismatch exists between the currency of the equity listing and the reported financial results such results are translated into the currency of the listing a
Estimate data provided by
Historical Equity Pricing Data supplied by

Frequency: Quarterly
Decimals: 0
Jun-30-2010 Mar-31-2010 Dec-31-2009 Sep-30-2009 Jun-30-2009 Mar-31-2009 Dec-31-2008

3 4 4 3 2 2 2
4 5 4 4 3 2 3
3 3 3 3 2 2 1
3 4 4 3 3 2 2
2 3 - - - - -
3 3 - - - - -
2 3 - - - - -
2 3 - - - - -
5 6 5 5 4 3 3
5 7 6 5 5 3 5
4 5 4 4 3 2 2
4 5 6 5 4 3 3
4 5 - - - - -
4 5 - - - - -
3 4 - - - - -
3 4 - - - - -
11 13 11 9 7 6 7
13 15 14 11 9 8 11
10 11 9 7 5 5 4
10 12 13 10 8 5 7
13 15 13 10 8 8 9
15 17 15 13 10 11 14
11 14 11 7 6 5 5
11 14 15 12 8 6 10
11 13 - - - - -
14 15 - - - - -
9 12 - - - - -
9 13 - - - - -
19 21 18 14 11 10 11
21 23 21 18 13 13 18
16 19 15 10 8 7 6
16 21 21 16 11 8 11
2 2 2 1 1 1 1
2 2 2 2 1 1 2
1 2 1 1 1 1 1
1 2 2 2 1 1 1
2 2 2 1 1 1 1
2 2 2 2 1 1 2
1 2 1 1 1 1 1
1 2 2 2 1 1 1
NM NM NM NM NM NM NM
s selected. Negative values are excluded from the calculation. When the Multiples are not meaningful, due to negative values, then they will not be displayed in the chart.
sults are translated into the currency of the listing at the exchange rate applicable on the financial period end date.
Sep-30-2008 Jun-30-2008 Mar-31-2008 Dec-31-2007 Sep-28-2007 Jun-29-2007 Mar-30-2007
4 5 5 6 4 3 3
5 5 6 6 6 4 3
3 4 4 5 3 3 2
3 5 4 6 6 3 3
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
6 7 8 10 8 6 5
7 8 10 12 11 7 6
5 6 6 9 6 6 4
5 7 6 10 11 6 6
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
15 17 18 21 17 13 12
17 19 21 25 23 15 13
11 15 15 18 13 12 10
11 16 16 21 23 14 13
19 21 19 23 20 15 13
21 25 22 28 25 18 14
14 18 16 18 15 13 10
14 21 19 21 25 16 14
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
24 27 27 33 28 21 18
27 31 31 40 36 26 21
18 23 23 26 22 19 14
18 27 24 30 36 23 20
2 3 3 4 3 3 2
3 3 4 4 4 3 3
2 2 2 3 2 2 2
2 3 2 3 4 3 3
2 3 3 4 3 3 2
3 3 4 4 4 3 3
2 2 2 3 2 2 2
2 3 3 3 4 3 3
ot be displayed in the chart.

Dec-29-2006 Sep-29-2006 Jun-30-2006 Mar-31-2006 Dec-30-2005 Sep-30-2005 Jun-30-2005
2 2 2 2 1 1 1
2 2 2 2 2 1 2
2 1 2 2 1 1 1
2 2 2 2 2 1 1
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
4 3 3 4 3 3 3
5 4 4 4 4 3 4
3 3 3 3 3 3 3
5 3 4 4 3 3 3
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
9 8 8 8 6 5 6
10 8 9 9 7 6 7
7 6 7 7 5 5 5
10 7 8 9 7 6 5
8 7 8 9 7 5 6
10 8 10 11 9 7 7
6 5 7 8 6 5 5
10 6 8 10 8 7 5
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
13 10 12 13 9 8 8
15 12 14 15 12 9 10
9 8 10 10 8 7 7
15 9 12 14 11 9 7
1 1 1 2 1 1 1
2 1 2 2 1 1 1
1 1 1 1 1 1 1
2 1 1 2 1 1 1
1 1 1 2 1 1 1
2 1 2 2 1 1 1
1 1 1 1 1 1 1
2 1 1 2 1 1 1
Mar-31-2005 Dec-31-2004 Sep-30-2004 Jun-30-2004 Mar-31-2004 Dec-31-2003 Sep-30-2003
2 2 1 1 2 1 1
2 2 1 1 2 2 2
2 1 1 1 1 1 1
2 2 1 1 1 2 1
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
5 5 4 4 6 5 6
6 5 5 5 7 6 7
4 4 3 3 4 4 5
4 5 5 4 4 6 5
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
8 7 6 6 9 8 8
9 8 7 8 12 10 10
6 6 5 6 7 7 7
7 7 7 6 7 10 9
8 7 6 7 10 8 7
9 8 7 9 14 11 10
7 6 6 6 6 6 5
7 7 7 6 6 11 8
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
11 9 8 9 18 15 15
13 11 9 12 26 19 20
9 7 7 7 11 12 11
9 10 9 7 11 19 15
1 1 1 1 1 1 1
1 1 1 1 2 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 2 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
5 5 4 5 4 4 3
5 5 5 5 5 4 4
5 4 4 4 4 4 3
5 5 4 4 5 4 4
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
7 6 5 5 5 4 3
7 6 6 6 6 4 4
6 5 5 5 4 4 3
7 6 5 5 6 4 4
5 4 3 3 3 3 3
6 4 3 3 4 4 3
4 3 2 3 3 3 2
6 4 3 3 3 3 3
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
10 8 5 5 6 5 4
12 9 6 6 7 6 5
9 6 4 5 5 5 4
12 9 6 5 6 5 5
1
1 1
1
1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
1 1 1 1 1 1 1
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
3 3 2 2 3 3 4
3 3 3 3 3 4 4
3 2 2 2 3 2 3
3 3 3 2 3 3 3
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
3 3 3 3 3 3 4
3 3 3 3 4 4 4
3 2 2 2 3 3 3
3 3 3 2 3 3 3
3 3 2 2 3 4 4
3 3 3 3 4 4 5
2 2 2 2 3 3 4
2 3 3 2 3 3 4
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
4 4 4 4 5 5 6
5 5 5 4 6 6 7
4 4 3 3 4 5 5
4 4 4 3 4 5 6
1 1 1
1 1 1 1 1
1 1
1 1 1
1 1 1
1 1 1 1 1
1 1
1 1 1
NM NM NM NM NM NM -
NM NM NM NM NM NM -
NM NM NM NM NM NM -
NM NM NM NM NM NM -
NM NM NM NM NM NM -
NM NM NM NM NM NM -
NM NM NM NM NM NM -
NM NM NM NM NM NM -
1 1 1 1 1 1 2
1 1 1 1 2 2 3
1 1 1 1 1 1 2
1 1 1 1 1 1 2
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
4 4 4 3 4 4 5
4 5 4 4 5 5 7
3 4 3 3 3 3 4
3 4 4 3 4 3 5
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
4 4 4 3 4 4 6
4 5 4 4 5 5 7
3 4 3 3 3 3 4
3 4 4 3 4 3 5
4 5 4 4 5 5 8
4 6 5 4 6 6 11
3 4 4 3 3 4 5
4 4 4 4 4 4 6
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
6 7 6 5 7 7 11
6 8 7 6 9 9 13
5 6 5 5 5 5 7
6 6 5 5 7 5 9
1 1 1 - - - 2
1 1 1 - - - 2
1 1 1 - - - 1
1 1 1 - - - 2
1 1 1 - - - 2
1 1 1 - - - 2
1 1 1 - - - 1
1 1 1 - - - 2
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
Mar-31-1998
2
3
2
2
-
-
-
-
4
5
4
4
-
-
-
-
5
5
4
5
9
11
8
9
-
-
-
-
10
13
9
10
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sino-Forest Corp. (TSX:TRE) > Financials > Historical Capitalization
In Millions of the trading currency, except per share items. Frequency: Quarterly
Currency: Trading Currency
Historical Capitalization
Balance Sheet as of
Dec-31-2010 Sep-30-2010 Jun-30-2010
Pricing as of* Mar-15-2011 Nov-10-2010 Aug-10-2010
Capitalization Detail
Share Price 22 22 17
Shares Out. 246 245 245
Market Capitalization 5,350 5,358 4,155

- Cash & Short Term Investments 1,236 872 1,044
+ Total Debt 1,891 1,318 1,353
+ Pref. Equity - - -
+ Total Minority Interest 51 47 1
= Total Enterprise Value (TEV) 6,047 5,838 4,458
Book Value of Common Equity 3,181 3,080 3,001

+ Pref. Equity - - -
+ Total Minority Interest 51 47 1
+ Total Debt 1,891 1,318 1,353
= Total Capital 5,123 4,445 4,355
date. For TEV calculation purposes on this page Capital IQ

only uses balance sheet components from the original filing
that is publicly available as of a given pricing date and does
not use restated balance sheet data from a later filing. In the
cases where a company did not disclose balance sheet
values for a particular period, TEV is calculated using balance
sheet components from the last reported balance sheet as of
this date. The table above is organized along period end
dates.
** For companies that have multiple share classes that
publicly trade, we are incorporating the different prices to
calculate our company level market capitalization. Please
click on the value to see the detailed calculation. Prices
shown on this page are the close price of the company’s
primary stock class. Shares shown on this page are total
company as-reported share values.
Historical Equity Pricing Data supplied by

l Capitalization
Decimals: 0

May-12-2010 Mar-16-2010 Nov-12-2009 Aug-10-2009 May-11-2009 Mar-16-2009 Nov-13-2008
18 21 18 - - 8 -
243 242 220 220 186 183 183
4,419 5,007 3,901 - - 1,469 -

1,062 1,228 680 834 530 577 556
1,261 1,078 841 920 996 967 827
- - - - - - -
1 - - - - - -
4,620 4,863 4,059 - - 1,872 -
2,759 2,791 2,291 2,349 2,063 1,962 1,594

- - - - - - -
1 - - - - - -
1,261 1,078 841 920 996 967 827
4,022 3,870 3,132 3,269 3,059 2,929 2,421
Aug-12-2008 May-13-2008 Mar-18-2008 Nov-12-2007 Aug-13-2007 May-14-2007 Mar-19-2007
- - 17 - - - 11
183 183 183 182 181 138 138
- - 3,073 - - - 1,450
243 264 346 392 489 160 193
509 506 491 479 542 590 607
- - - - - - -
- - - - - - -
- - 3,219 - - - 1,869
1,373 1,297 1,172 1,126 1,109 713 705

- - - - - - -
- - - - - - -
509 506 491 479 542 590 607
1,882 1,802 1,663 1,605 1,651 1,303 1,312
Nov-13-2006 Aug-10-2006 May-11-2006 Mar-30-2006 Nov-14-2005 Aug-09-2005 May-12-2005
- - - 7 - - -
138 138 138 138 138 138 137
- - - 930 - - -
210 258 172 162 186 183 237
562 551 461 398 383 397 402
- - - - - - -
- - - - - - -
- - - 1,166 - - -
609 554 559 546 498 484 461

- - - - - - -
- - - - - - -
562 551 461 398 383 397 402
1,171 1,104 1,020 943 881 881 863
Mar-01-2005 Nov-01-2004 Aug-13-2004 May-05-2004 Apr-21-2004 Nov-28-2003 Aug-29-2003
4 - - - 3 - -
137 137 135 96 96 80 80
572 - - - 260 - -
271 313 98 31 37 41 33
395 418 170 176 179 210 214
- - - - - - -
- - - - - - -
701 - - - 409 - -
448 447 447 329 317 297 258

- - - - - - -
- - - - - - -
395 418 170 176 179 210 214
843 864 618 505 495 506 471
May-28-2003 May-20-2003 Nov-26-2002 Aug-22-2002 May-29-2002 May-17-2002 Nov-28-2001
- 2 - - - 1 -
80 80 80 80 80 80 80
- 161 - - - 86 -
44 44 51 71 78 49 59
218 214 188 192 193 137 135
- - - - - - -
- - - - - - -
- 307 - - - 171 -
269 285 275 252 259 275 258

- - - - - - -
- - - - - - -
218 214 188 192 193 137 135
486 499 463 443 451 412 393
Aug-23-2001 May-29-2001 May-17-2001 Nov-28-2000 Aug-25-2000 May-29-2000 May-24-2000
- - 1 - - - 2
80 80 80 80 80 80 81
- - 88 - - - 133
26 31 40 - - - 57
76 73 72 46 45 44 51
- - - - - - -
- - - - - - -
- - 121 - - - 127
239 244 228 216 199 187 182

- - - - - - -
- - - - - - -
76 73 72 46 45 44 51
315 318 300 263 244 231 233
Nov-29-1999 Aug-30-1999 May-28-1999 May-18-1999 Nov-27-1998 Aug-21-1998 May-11-1998
- - - 2 - - -
81 81 81 81 74 74 74
- - - 121 - - -
- - - 1 - - 8
16 16 16 9 - - 10
- - - - - - -
- - - - - - -
- - - 128 - - -
171 158 152 131 - - 85

- - - - - - -
- - - - - - -
16 16 16 9 - - 10
187 174 168 140 - - 95
Sino-Forest Corp. (TSX:TRE) > Financials > Capital Structure Summary
In Millions of the reported currency, except ratios and % of
Total values. Restatement: Latest Filings
Capital Structure Data

For the Fiscal Period Ending
12 months Dec-31-2010 12 months Dec-31-2009
Currency USD USD
Units Millions % of Total Millions
Total Debt 1,901 36.91% 1,029

Total Common Equity 3,198 62.09% 2,665
Total Minority Interest 52 1.00% -
Total Capital 5,151 100.00% 3,694
Debt Summary Data

For the Fiscal Period Ending
12 months Dec-31-2010 12 months Dec-31-2009
Currency USD USD
Units Millions % of Total Millions
Total Revolving Credit 154 8.10% 104

Total Term Loans - - -
Total Senior Bonds and Notes 1,794 94.36% 959
Total Principal Due 1,948 102.46% 1,063
Total Adjustments (47) -2.46% (33)

Total Debt Outstanding 1,901 100.00% 1,029
Available Credit
Undrawn Revolving Credit 24 - 81
Total Undrawn Credit 24 - 81
Additional Totals
Total Cash & ST Investments 1,242 - 1,172
Net Debt 659 - (143)
Total Senior Debt 1,948 102.46% 1,063
Total Convertible Debt 707 37.18% 659
Total Short-Term Borrowings 154 8.10% 104
Curr. Port. of LT Debt/Cap. Leases 88 4.61% -
Long-Term Debt (Incl. Cap. Leases) 1,660 87.29% 925
Total Bank Debt 154 8.10% 104
Total Secured Debt 1,241 65.28% 404
Senior Secured Loans 154 8.10% 104
Senior Secured Bonds and Notes 1,087 57.18% 300
Total Senior Secured Debt 1,241 65.28% 404
Total Unsecured Debt 707 37.18% 659
Senior Unsecured Bonds and Notes 707 37.18% 659
Fixed Rate Debt 1,901 99.98% 1,003
Variable Rate Debt - - -
Credit Ratios
Net Debt/EBITDA - NM
Total Debt/EBITDA 1 - 1
Total Senior Debt/EBITDA 1 - 1
Total Senior Secured/EBITDA 1 -
Net Debt/(EBITDA-CAPEX) NM - NM
Total Debt/(EBITDA-CAPEX) NM - NM
Total Senior Debt/(EBITDA-CAPEX) NM - NM
Total Senior Secured/(EBITDA-CAPEX) NM - NM
Fixed Payment Schedule

LT Debt (Incl. Cap. Leases) Due +1 88 4.61% -
LT Debt (Incl. Cap. Leases) Due +2 156 8.23% 43
LT Debt (Incl. Cap. Leases) Due, Next 5 Yrs 786 41.33% 567
LT Debt (Incl. Cap. Leases) Due, After 5 Yrs 962 50.58% 358
Operating Lease Commitment Due +1 28 - 4

Operating Lease Commitment Due, Next 5 Yrs 67 - 14
Operating Lease Commitment Due, After 5 Yrs 177 - 72
Contractual Obligations Due +1 293 - 28

Contractual Obligations Due + 2 19 - 11
Contractual Obligations Due + 3 19 - 11
Contractual Obligations Due, Next 5 Yrs 331 - 51
Total Contractual Obligations 331 - 51
Interest Rate Data

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

tructure Summary
Period Type: Annual

Decimals: 0
12 months Dec-31-2009 12 months Dec-31-2008 12 months Dec-31-2007 12 months Dec-31-2006

USD USD USD
% of Total Millions % of Total Millions % of Total Millions % of Total
27.87% 782 32.84% 497 29.52% 521 47.40%

72.13% 1,599 67.16% 1,187 70.48% 578 52.60%
- - - - - - -
100.00% 2,380 100.00% 1,685 100.00% 1,099 100.00%

USD USD USD
10.10% 67 8.60% 55 11.14% 71 13.62%

- 150 19.19% 150 30.16% 150 28.79%
93.14% 577 73.87% 300 60.32% 300 57.59%
103.24% 795 101.65% 505 101.61% 521 100.00%
-3.24% (13) -1.65% (8) -1.61% - -

100.00% 782 100.00% 497 100.00% 521 100.00%
- 122 - 79 - 20 -
- 122 - 79 - 20 -
- 473 - 351 - 165 -

- 309 - 147 - 356 -
103.24% 795 101.65% 505 101.61% 521 100.00%
64.00% 277 35.49% 0.00% - -
10.10% 67 8.60% 55 11.14% 71 13.62%
- - - - - - -
89.90% 714 91.40% 442 88.86% 450 86.38%
10.10% 217 27.79% 205 41.29% 221 42.41%
39.24% 367 46.98% 55 11.14% 71 13.62%
10.10% 67 8.60% 55 11.14% 71 13.62%
29.14% 300 38.38% - - - -
39.24% 367 46.98% 55 11.14% 71 13.62%
64.00% 427 54.68% 450 90.48% 450 86.38%
64.00% 277 35.49% 300 60.32% 300 57.59%
97.46% 612 78.29% 355 71.45% 371 71.21%
- 150 19.19% 150 30.16% 150 28.79%
- 1 - - 1 -
- 1 - 1 - 2 -
- 1 - 1 - 2 -
- 1 - - -
- NM - NM - NM -
- NM - NM - NM -
- NM - NM - NM -
- NM - NM - NM -
- - - - - - -
4.21% 222 28.39% - - - -
4.21% 222 28.39% 38 7.54% - -
23.33% 135 17.31% 404 81.33% 38 7.20%
23.33% 135 17.31% - - 413 79.18%
55.08% 714 91.40% 442 88.86% 450 86.38%
34.82% - - - - - -
- 3 - 23 - 2 -
- 3 - 2 - 1 -
- 2 - 2 - 1 -
- 2 - 2 - 1 -
- 2 - 2 - 1 -
- 13 - 30 - 7 -
- 43 - 38 - 35 -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- Mar-16-2010 - Mar-17-2009 - Mar-18-2008 -

USD USD USD USD
Millions % of Total Millions % of Total Millions % of Total Millions
341 42.17% 329 46.88% 138 36.10% 136

468 57.83% 372 53.12% 245 63.90% 180
- - - - - - -
809 100.00% 701 100.00% 383 100.00% 316

USD USD USD USD
Millions % of Total Millions % of Total Millions % of Total Millions
41 12.10% 29 8.68% 39 28.20% 48

0.00% - - 67 48.55% 59
300 87.90% 300 91.32% 30 21.80% 28
341 100.00% 329 100.00% 136 98.55% 136
- - - - 2 1.45% -
341 100.00% 329 100.00% 138 100.00% 136
13 - 10 - 22 - 3
13 - 10 - 22 - 3
133 - 225 - 29 - 28
209 - 103 - 110 - 108
341 100.00% 329 100.00% 136 98.55% 136
- - - - 30 21.80% 28
41 12.10% 29 8.68% 39 28.20% 48
- - - - 43 31.36% 5
300 87.90% 300 91.32% 56 40.44% 82
41 12.10% 29 8.68% 106 76.75% 107
41 12.10% 29 8.68% 77 56.01% 87
41 12.10% 29 8.68% 77 56.01% 87
- - - - - - -
41 12.10% 29 8.68% 77 56.01% 87
300 87.90% 300 91.32% 59 42.55% 48
300 87.90% 300 91.32% 30 21.80% 28
300 87.90% 300 91.32% 12 8.87% 28
0.00% - - 62 44.93% 59
1 - 1 - 1 - 2
1 - 3 - 2 - 3
1 - 3 - 2 - 3
- - 1 - 2
NM - NM - NM - NM
NM - NM - NM - NM
NM - NM - NM - NM
NM - NM - NM - NM
- - - - 43 31.36% 5
- - - - 14 9.81% 36
- - - - 12 8.91% 12
- - - - 11 8.00% 12
- - - - 11 8.00% 12
- - - - 91 66.08% 77
300 87.90% 0.09% 8 5.71% 10
2 - 2 - -
1 - 1 - -
1 - 1 - -
1 - 1 - -
1 - 1 - -
6 - 5 - 2 - 1
30 - 29 - 21 - 19
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
May-04-2007 - Mar-30-2006 - Mar-01-2005 - Apr-21-2004

USD USD USD
42.97% 86 33.25% 48 23.70% 35 21.75%

57.03% 173 66.75% 154 76.30% 126 78.25%
- - - - - - -
100.00% 259 100.00% 202 100.00% 161 100.00%

USD USD USD
35.41% 38 44.06% - - - -
43.67% 38 43.77% - - - -
20.91% 10 12.17% - - - -
100.00% 86 100.00% - - - -
- - - - - - -
100.00% 86 100.00% 48 100.00% 35 100.00%
- 11 - - - - -
- 11 - - - - -
- 31 - 26 - 40 -
- 55 - 22 - (5) -
100.00% 86 100.00% - - - -
20.91% 10 12.17% - - - -
35.41% 38 44.06% 18 38.05% 4 11.76%
3.96% 1 1.09% 1 1.96% 1 2.11%
60.63% 47 54.85% 29 59.99% 30 86.12%
79.09% 76 87.83% - - - -
64.45% 59 68.31% - - - -
64.45% 59 68.31% - - - -
- - - - - - -
64.45% 59 68.31% - - - -
35.55% 27 31.69% - - - -
20.91% 10 12.17% - - - -
20.91% 10 12.17% - - - -
43.67% 38 43.77% - - - -
- 2 - 1 - NM -
- 4 - 1 - 1 -
- 4 - - - - -
- 3 - - - - -
- NM - NM - NM -
- NM - NM - 4 -
- NM - - - - -
- NM - - - - -
3.96% 1 1.09% 1 1.96% 1 2.11%

26.75% 3 2.93% 1 1.96% 1 2.11%
8.76% 14 15.85% 1 1.96% 1 2.11%
8.76% 7 7.58% - - 1 2.11%
8.76% 7 7.58% - - - -
56.98% 30 35.04% 3 5.89% 3 8.46%
7.60% 18 20.91% - - - -
- - - -
- - - -
- - - - -
- - - - - -
- - - - - -
- 1 - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- May-20-2003 - May-17-2002 - May-17-2001 -

12 months Dec-31-1998
USD
Millions % of Total
6 6.28%
85 93.72%
- -
91 100.00%
12 months Dec-31-1998
USD
Millions % of Total
- -
- -
- -
- -
- -
6 100.00%
- -
- -
1 -
5 -
- -
- -
2 34.99%
6.48%
3 58.52%
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
-
- -
- -
4 -
5 -
- -
- -
6.48%
1 12.97%
1 12.97%
1 12.97%
1 12.97%
3 58.35%
- -
-
-
- -
- -
- -
-
- -
- -
- -
- -
- -
- -
May-24-2000 -
Sino-Forest Corp. (TSX:TRE) > Financials > Capital Structure Details
Principal Due in Millions of the reported
currency. Period Type: Annual Source:
Currency: Reported Currency Conversion:
Units: Capital IQ (Default) Decimals:
FY 2010 (Dec-31-2010) Capital Structure As Reported Details

Principal Due
Description Type (USD) Coupon Rate Maturity
10.25% New Guaranteed Senior Notes Bonds and Notes 400 10.250% Jul-28-2014
Due 2014
4.25% Convertible Guaranteed Senior Bonds and Notes 380 4.250% Dec-15-2016
Notes mature on December 15, 2016
5.0% Convertible Guaranteed Senior Bonds and Notes 303 5.000% Aug-01-2013
Notes mature on August 1, 2013
5.0% Greenheart Group Convertible Bonds and Notes 24 5.000% Aug-17-2015
6.25% Non-Convertible Guaranteed Bonds and Notes 600 6.250% Oct-21-2017
Senior Notes mature on October 21,
9.125% Non Convertible Guaranteed Bonds and Notes 88 9.125% Aug-17-2011
Senior Notes mature on August 17, 2011
Bank Loan Facilities Revolving Credit 47 4.100% Dec-31-2010
Trust Receipt Loan Facilities Revolving Credit 107 4.100% Dec-31-2010
FY 2009 (Dec-31-2009) Capital Structure As Reported Details

Principal Due
Description Type (USD) Coupon Rate Maturity
10.25% New Guaranteed Senior Notes Bonds and Notes 212 10.250% Jul-28-2014
Due 2014
4.25% Convertible Guaranteed Senior Bonds and Notes 369 4.250% Dec-15-2016
Notes mature on December 15, 2016
5.0% Convertible Guaranteed Senior Bonds and Notes 290 5.000% Aug-01-2013
9.125% Non Convertible Guaranteed Bonds and Notes 88 9.125% Aug-17-2011
Senior Notes mature on August 17, 2011
Bank Loan Facilities Revolving Credit 60 4.100% Dec-31-2010
Trust Receipt Loan Facilities Revolving Credit 44 4.100% Dec-31-2010

ure Details
A 2010 filed Mar-15-2011

Historical
0
Repayment
Seniority Secured Convertible Currency
Senior Yes No USD
Senior No Convertible USD
Senior Yes No USD
Senior Yes No USD
Senior Yes No USD

Senior Yes No USD
Repayment
Seniority Secured Convertible Currency
Senior Yes No USD
Senior Yes No USD
Senior Yes No USD

Senior Yes No USD
Sino-Forest Corp. (TSX:TRE) > Financials > Ratios
Ratios
Dec-31-2010 Dec-31-2009 Dec-31-2008
Profitability
Return on Assets % 7.44% 7.07% 8.71%
Return on Capital % 8.15% 7.65% 9.51%
Return on Equity % 12.98% 13.08% 17.32%
Return on Common Equity % 13.21% 13.08% 17.32%
Margin Analysis
Gross Margin % 34.91% 35.57% 40.84%
SG&A Margin % 4.66% 5.17% 5.96%
EBITDA Margin % 69.20% 72.59% 66.64%
EBITA Margin % 29.98% 30.02% 34.53%
EBIT Margin % 29.98% 30.02% 34.53%
Earnings from Cont. Ops Margin % 19.96% 22.52% 26.93%
Net Income Margin % 20.56% 23.13% 25.51%
Net Income Avail. for Common Margin % 20.13% 22.52% 26.93%
Normalized Net Income Margin % 14.91% 15.48% 18.51%
Levered Free Cash Flow Margin % -27.40% -28.97% -35.42%
Unlevered Free Cash Flow Margin % -23.24% -25.39% -31.80%
Asset Turnover
Total Asset Turnover
Fixed Asset Turnover 1 1 1
Accounts Receivable Turnover 4 5 5
Inventory Turnover 23 18 12
Short Term Liquidity

Current Ratio 3 4 3
Quick Ratio 2 4 2
Cash from Ops. to Curr. Liab. 1 2 2
Avg. Days Sales Out. 87 75 68
Avg. Days Inventory Out. 16 20 31
Avg. Days Payable Out. 68 50 34
Avg. Cash Conversion Cycle 35 45 65
Long Term Solvency

Total Debt/Equity 58.51% 38.63% 48.89%
Total Debt/Capital 36.91% 27.87% 32.84%
LT Debt/Equity 51.07% 34.73% 44.69%
LT Debt/Capital 32.22% 25.05% 30.01%
Total Liabilities/Total Assets 43.28% 32.78% 38.60%
EBIT / Interest Exp. 5 5 6

EBITDA / Interest Exp. 10 13 11
(EBITDA-CAPEX) / Interest Exp. NM NM NM
Total Debt/EBITDA 1 1 1
Net Debt/EBITDA NM 1
Total Debt/(EBITDA-CAPEX) NM NM NM
Net Debt/(EBITDA-CAPEX) NM NM NM
Altman Z Score 2 NA NA
Growth Over Prior Year

Total Revenue 55.35% 38.18% 25.52%
Gross Profit 52.48% 20.34% 51.31%
EBITDA 48.09% 50.52% 22.45%
EBITA 55.14% 20.15% 56.68%
EBIT 55.14% 20.15% 56.68%
Earnings from Cont. Ops. 37.71% 15.52% 69.43%
Net Income 38.08% 25.28% 50.12%
Normalized Net Income 49.68% 15.53% 49.16%
Diluted EPS before Extra 16.81% 2.29% 55.95%
Accounts Receivable 125.51% 25.05% 114.33%

Inventory 34.80% 6.43% -7.42%
Net PP&E 43.12% 31.67% 37.60%
Total Assets 44.53% 52.23% 41.71%
Tangible Book Value 14.80% 66.63% 35.22%

Common Equity 20.02% 66.67% 34.66%
Cash from Ops. 7.12% 62.14% -0.62%
Capital Expenditures 32.62% 52.16% 5.07%
Levered Free Cash Flow NM NM NM
Unlevered Free Cash Flow NM NM NM
Dividend per Share NA NA NA
Compound Annual Growth Rate Over Two Years

Total Revenue 46.52% 31.70% 27.01%
Gross Profit 35.46% 34.94% 44.62%
EBITDA 49.30% 35.76% 37.28%
EBITA 36.52% 37.20% 51.30%
EBIT 36.52% 37.20% 51.30%
Net Income 31.52% 37.14% 41.93%

Inventory 19.78% -0.73% 68.71%
Net PP&E 37.28% 34.61% 43.29%
Total Assets 48.33% 46.88% 46.86%

Common Equity 41.43% 49.81% 66.28%
Cash from Ops. 31.79% 26.94% 29.02%
Compound Annual Growth Rate Over Three Years

Total Revenue 39.15% 30.63% 22.01%
Gross Profit 40.55% 36.03% 38.80%
EBITDA 39.75% 41.56% 32.64%
EBITA 42.94% 40.11% 40.06%
EBIT 42.94% 40.11% 40.06%
Net Income 37.45% 36.15% 40.92%

Inventory 9.92% 44.69% 78.29%
Net PP&E 37.39% 39.31% 42.77%
Total Assets 46.09% 48.63% 42.74%

Common Equity 39.14% 66.41% 50.61%
Cash from Ops. 19.96% 39.23% 35.00%
Compound Annual Growth Rate Over Five Years

Total Revenue 31.28% 30.20% 27.52%
Gross Profit 37.45% 34.11% 41.33%
EBITDA 39.07% 48.45% 49.23%
EBITA 38.63% 36.99% 44.44%
EBIT 38.63% 36.99% 44.44%
Net Income 37.08% 40.25% 49.92%

Inventory 52.07% 75.83% 105.81%
Net PP&E 40.55% 39.93% 42.38%
Total Assets 44.95% 39.29% 44.12%

Common Equity 46.87% 48.24% 45.52%
Cash from Ops. 33.71% 45.70% 47.35%

Period Type: Annual
Decimals: 0

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

8.87% 8.85% 9.32% 8.88% 8.80% 6.80% 5.81%
16.13% 17.63% 19.44% 17.10% 14.20% 11.67% 11.36%
16.13% 17.63% 19.44% 17.10% 14.20% 11.67% 11.36%
33.88% 31.50% 27.75% 30.67% 24.42% 21.25% 22.01%

5.47% 6.45% 4.29% 6.65% 5.02% 4.86% 5.51%
68.31% 57.04% 51.88% 37.67% 30.36% 21.52% 16.49%
27.66% 24.33% 22.83% 23.28% 18.52% 15.59% 15.62%
27.66% 24.33% 22.83% 23.28% 18.52% 15.59% 15.62%
19.95% 16.60% 16.56% 15.95% 11.36% 10.26% 13.53%
21.33% 20.43% 16.56% 15.95% 11.36% 10.26% 13.53%
19.95% 16.60% 16.56% 15.95% 11.36% 10.26% 13.53%
15.58% 11.96% 11.27% 11.61% 7.82% 6.29% 8.67%
-33.81% -32.92% -21.17% -20.03% -15.61% -27.96% -29.65%
-29.96% -28.52% -17.33% -16.22% -12.53% -25.21% -27.66%
1 1 1 1 1 1
1 1 1 1 1 1 1
6 5 5 4 4 5 6
15 33 69 117 196 170 63
3 2 2 4 1 1 1
2 2 2 4 1 1 1
2 2 2 1 1
59 80 76 88 85 69 59
24 11 5 3 2 2 6
29 49 32 41 30 26 34
53 43 49 51 57 45 32
41.89% 90.10% 72.93% 88.25% 56.48% 75.36% 49.82%

29.52% 47.40% 42.17% 46.88% 36.10% 42.97% 33.25%
37.23% 77.83% 64.10% 80.59% 22.84% 45.69% 27.33%
26.24% 40.94% 37.07% 42.81% 14.60% 26.05% 18.24%
35.39% 52.11% 47.72% 50.76% 41.51% 46.54% 38.64%
4 3 4 4 4 4 5
11 8 8 6 6 5 5
1 2 1 3 2 3 4
1 1 1 1 2 2
NA 4 3 2 3 2 2
28.51% 12.60% 49.06% 24.54% 32.37% 46.20% 8.38%

38.23% 27.84% 34.83% 56.40% 52.15% 41.17% -21.78%
53.90% 23.81% 105.28% 54.50% 86.80% 90.73% -32.69%
46.12% 20.01% 46.18% 56.52% 57.30% 45.89% -33.99%
46.12% 20.01% 46.18% 56.52% 57.30% 45.89% -33.99%
54.46% 12.88% 54.79% 74.86% 46.56% 10.87% -34.99%
34.18% 38.92% 54.79% 74.86% 46.56% 10.87% -34.99%
67.43% 19.49% 44.71% 84.95% 64.61% 5.96% -38.55%
27.27% 11.86% 37.21% 34.78% 18.16% 28.57% -31.98%
-15.59% 4.00% 40.05% 15.73% 50.28% 86.18% 44.69%

207.43% 99.13% 178.58% 133.85% 33.26% -10.68% -59.11%
49.21% 41.73% 40.00% 43.60% 28.56% 10.43% 23.65%
52.20% 34.85% 18.41% 80.50% 24.33% 19.64% 27.90%
106.07% 23.77% 26.03% 53.23% 37.11% 4.04% 9.12%

105.34% 23.55% 25.72% 51.96% 36.01% 4.24% 12.04%
67.49% 47.81% 64.59% 71.56% 452.50% -2.02% -51.63%
53.57% 50.89% 70.56% 71.07% 118.52% -2.35% -16.89%
NA NA NA NA NA NA NA
20.30% 29.56% 36.25% 28.40% 39.11% 25.87% -1.52%

32.93% 31.29% 45.22% 54.26% 46.55% 5.08% -12.85%
38.04% 59.43% 78.09% 69.89% 88.75% 13.30% -21.14%
32.42% 32.45% 51.26% 56.91% 51.49% -1.86% -20.35%
32.42% 32.45% 51.26% 56.91% 51.49% -1.86% -20.35%
32.05% 32.19% 64.52% 60.09% 27.47% -15.10% -18.78%
36.53% 46.64% 64.52% 60.09% 27.47% -15.10% -18.78%
41.44% 31.50% 63.60% 74.49% 32.07% -19.31% -22.72%
19.32% 23.89% 35.99% 26.20% 23.26% -6.48% -17.43%
-6.31% 20.68% 27.31% 31.88% 67.27% 64.13% 17.39%

147.42% 135.53% 155.24% 76.53% 9.10% -39.57% NA
45.42% 40.86% 41.79% 35.87% 19.15% 16.85% 34.72%
43.26% 26.36% 46.20% 49.81% 21.96% 23.70% 25.68%
59.70% 24.89% 38.96% 44.94% 19.44% 6.55% 15.49%

59.28% 24.63% 38.22% 43.76% 19.07% 8.07% 17.01%
57.34% 55.97% 68.04% 207.87% 132.66% -31.16% -31.07%
52.22% 60.42% 70.82% 93.35% 46.08% -9.91% 28.26%
29.21% 27.86% 34.94% 34.08% 28.00% 12.34% 13.99%

33.56% 39.18% 47.49% 49.77% 18.88% 2.35% 0.20%
57.56% 57.77% 80.95% 76.57% 33.85% 5.85% -2.10%
36.86% 40.03% 53.25% 53.15% 14.85% -2.55% -3.74%
36.86% 40.03% 53.25% 53.15% 14.85% -2.55% -3.74%
39.23% 45.11% 58.30% 41.64% 1.84% -9.90% -4.56%
42.36% 55.50% 58.30% 41.64% 1.84% -9.90% -4.56%
42.52% 47.33% 63.94% 47.76% 2.34% -14.15% -6.90%
25.01% 27.42% 29.77% 26.98% 1.10% -4.30% -6.87%
7.13% 19.01% 34.55% 47.94% 59.38% 36.90% 115.52%

157.40% 134.97% 105.52% 40.67% -21.34% NA NA
43.59% 41.77% 37.24% 26.80% 20.63% 26.08% 37.87%
34.45% 42.31% 38.51% 38.99% 23.91% 23.63% 40.98%
47.58% 33.70% 38.34% 29.78% 15.89% 11.54% 25.50%

47.20% 33.14% 37.48% 29.16% 16.68% 12.59% 26.59%
59.72% 61.00% 149.87% 110.19% 37.83% -22.50% -5.68%
58.10% 63.90% 85.43% 53.97% 21.04% 17.12% 25.52%
28.88% 32.25% 31.24% 18.51% 23.44% 36.88% 33.46%

41.49% 42.08% 28.79% 20.60% 16.66% 11.84% 10.37%
62.38% 69.50% 50.05% 27.90% 27.30% 17.90% 9.17%
44.55% 44.51% 28.23% 17.91% 15.40% 11.39% 9.01%
44.55% 44.51% 28.23% 17.91% 15.40% 11.39% 9.01%
47.22% 37.78% 23.38% 13.39% 7.15% 5.30% 9.79%
49.21% 43.62% 23.38% 13.39% 7.15% 6.13% 17.89%
54.54% 41.03% 23.46% 14.01% 7.08% 2.61% 7.14%
25.48% 25.74% 13.83% 6.90% 4.18% 7.28% 8.45%
16.41% 36.37% 45.68% 34.87% 94.74% 64.93% 52.40%

121.36% 72.88% 25.96% NA NA 149.95% -4.75%
40.45% 32.25% 28.69% 29.91% 30.05% 36.42% 54.40%
40.39% 33.79% 32.39% 33.50% 33.04% 35.84% 32.25%
46.52% 27.80% 24.62% 23.86% 23.04% 23.89% 31.49%

45.82% 27.33% 24.86% 24.15% 23.53% 24.58% 32.16%
107.67% 86.55% 49.20% 34.57% 35.35% -2.87% 0.67%
71.36% 56.52% 38.92% 43.12% 33.37% 8.84% 26.00%
Dec-31-2000 Dec-31-1999 Dec-31-1998
10.19% 15.16% 17.34%

11.17% 16.76% 19.07%
20.38% 26.64% 29.43%
20.38% 26.64% 29.43%
30.49% 28.10% 32.40%

4.77% 4.16% 6.36%
26.56% 25.72% 26.03%
25.64% 23.88% 25.94%
25.64% 23.88% 25.94%
22.55% 19.89% 23.04%
22.55% 19.89% 23.04%
22.55% 19.89% 23.04%
15.29% 14.08% 15.91%
-29.54% -1.77% -7.11%
-27.51% -0.73% -7.07%
1 1 1
1 1 1
7 13 28
NA NA NA
1 3 1
1 3 1
1 1 1
54 28 13
NA NA NA
NA 26 NA
NA NA NA
31.07% 27.80% 6.70%

23.70% 21.75% 6.28%
18.64% 23.94% 3.92%
14.22% 18.74% 3.68%
29.96% 29.21% 15.25%
8 14 NM
8 15 NM
NM 4 21
1 1
1 NM
NM 4 5
NM NM 4
3 4 7
-10.51% 52.71% 121.88%

-2.89% 32.46% 23.19%
-7.61% 50.88% 27.28%
-3.90% 40.58% 31.79%
-3.90% 40.58% 31.79%
1.48% 31.79% 34.34%
1.48% 31.79% 39.66%
-2.82% 35.14% 32.98%
0.23% 18.47% 36.84%
-4.76% 626.49% -34.53%

NA NA NA
46.78% 44.41% 63.25%
23.50% 77.38% 37.98%
22.23% 48.19% 41.95%

22.20% 48.17% 41.92%
-1.78% 76.61% 5.15%
97.96% 20.21% -20.92%
NM NM NM
NM NM NM
NA NA NA
16.90% 84.08% 69.08%

13.42% 27.74% 27.58%
18.07% 38.58% 28.55%
16.23% 36.12% 31.37%
16.23% 36.12% 31.37%
15.64% 33.06% 35.47%
15.64% 35.67% 61.84%
14.60% 34.06% 32.26%
8.97% 27.33% 36.28%
163.04% 118.09% -9.37%

NA NA NA
45.59% 53.54% 82.96%
48.01% 56.44% 20.15%
34.58% 45.04% 41.01%

34.56% 45.01% 40.98%
31.71% 36.27% 11.00%
54.26% -2.50% 26.72%
NM NM NM
NM NM NM
NA NA NA
44.74% 63.44% 50.09%

16.58% 29.19% 34.91%
21.06% 35.60% 36.29%
21.20% 34.37% 40.11%
21.20% 34.37% 40.11%
21.57% 34.23% 36.00%
23.15% 51.13% 69.93%
20.43% 33.21% 40.60%
17.57% 30.06% 29.40%
65.46% 81.38% 0.46%

544.02% NA NA
51.25% 69.08% 99.14%
44.59% 36.81% 47.14%
37.00% 43.37% 84.06%

36.97% 43.34% 83.92%
22.18% 29.59% 25.62%
23.46% 24.51% 247.13%
NM NM NM
NM NM NM
NA NA NA
35.81% 47.21% NA
25.86% 39.57% NA
28.68% 44.73% NA
30.02% 50.99% NA
30.02% 50.99% NA
27.46% 44.83% NA
45.68% 56.39% NA
29.56% 48.50% NA
20.80% 30.95% NA
47.64% 48.97% NA
64.43% NA NA
75.69% 46.16% NA
47.49% 42.25% NA
62.39% 71.74% NA
62.31% 71.60% NA
28.02% 60.58% NA
150.96% 115.27% NA
NM NA NA
NM NA NA
NA NA NA
Sino-Forest Corp. (TSX:TRE) > Financials > Supplemental
In Millions of the reported currency, except per share items. Restatement: Latest Filings
Decimals: 0
Supplemental
Dec-31-2010 Dec-31-2009 Dec-31-2008
Options Outstanding
Options Out. at the Beginning of the Period 4 3 4
Options Granted During the Period 1
Options Exercised During the Period 1 - 1
Options Cancelled During the Period - -
Options Out. at the End of the Period 3 4 3
Options Outstanding - Class A

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

Options Exercised During the Period - - -
Options Cancelled During the Period - - -
Options Out. at the End of the Period - - -
W/Avg. Strike Price of Out. at the End of the Period - - -
W/Avg. Strike Price of Granted - - -
Options Outstanding - All Classes

Options Out. at the Beginning of the Period 4 3 4
Options Granted During the Period 1
Options Exercised During the Period 1 - 1
Options Cancelled During the Period - -
Options Out. at the End of the Period 3 4 3
Stock Based Compensation

Stock Options Comp. Exp., Before Tax 3 5 4
Stock Based Comp. Exp., Before Tax 4 5 4
Loss Carry Forward Related Items

NOL C/F, Current Year 13 8 -
NOL C/F, Current Year + 1 13 7 -
NOL C/F, After Five Years 88 63 -
Total NOL C/F 192 115 -
Max. Year for NOL C/F 2030 2029 -
Capitalized Interest Data

Interest Capitalized - - -
Fair Value Measurements

Fair Value Change Included in Earnings (4) (2)
Filing Date Mar-15-2011 Mar-15-2011 Mar-16-2010

Period Type: Annual

6 4 3 1 - -
2 2 2 3 - -
3 - 1 - -
- - - - -
4 6 4 3 - -
- - - - - 1 1
- - - - - - -
- - - - - -
- - - - -
- - - - - 1 1
- - - - - - -
- - - - - - -
6 4 3 1 1 1
2 2 2 3 - -
3 - 1 -
- - -
4 6 4 3 1 1
3 3 1 1 - - -
3 3 3 7 - - -
7 7 2 1 - -
7 7 2 2 1 - -
7 7 1 2 1 - -
6 7 1 1 1 - -
6 7 1 1 1 - -
56 49 49 12 1 - -
90 83 56 19 4 - -
2027 2017 2013 2012 2009 - -
- - - 1,826 - 3 1
- - - - - - -
Mar-17-2009 Mar-18-2008 May-04-2007 Mar-30-2006 Mar-01-2005 Apr-21-2004 May-20-2003

Dec-31-2000 Dec-31-1999 Dec-31-1998
USD USD USD
- - -
- - -
- - -
- - -
- - -
1 -
1 - -
- -
- - -
1 -
$2 $2 -
$2 - -
1 -
1 - -
- -
- - -
1 -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
May-17-2002 May-17-2001 May-24-2000

Sino-Forest Corp. (TSX:TRE) > Financials > Segments
In Millions of the reported currency. View By: Line Items
Period Type: Annual
Business Segments
Reclassified Reclassified
Dec-31-2010 Dec-31-2009 Dec-31-2008
Revenues
Plantation Fibre 1,401 954 685
Other Fibre 454 238 154
Manufacturing 67 46 57
Greenheart 1 - -
Wood-Based - - -
Wood Chips and Logs - - -
Total Revenues 1,924 1,238 896
Operating Profit Before Tax

Plantation Fibre 620 412 343
Other Fibre 16 7 7
Manufacturing (9) (10) (16)
Greenheart (7) - -
Corporate (44) (37) (25)
Wood-Based - - -
Total Operating Profit Before Tax 577 372 309
Interest Expense
Plantation Fibre (1) (1) (1)
Other Fibre (2) (2) (2)
Greenheart (1) - -
Corporate (123) (68) (48)
Wood-Based - - -
Total Interest Expense (128) (71) (52)
Tax Expense
Other Fibre 5 2 4
Manufacturing 1 1
Greenheart 1 - -
Corporate 1 (1) -
Wood-Based - - -
Total Tax Expense 71 28 24
Assets
Plantation Fibre 3,891 2,478 1,914
Other Fibre 329 215 385
Manufacturing 257 197 251
Greenheart 296 - -
Corporate 956 1,075 54
Wood-Based - - -
Total Assets 5,729 3,964 2,604
Depreciation & Amortization

Other Fibre
Manufacturing 6 4 5
Greenheart - -
Corporate 1
Wood-Based - - -
Total Depreciation & Amortization 754 527 288
Capital Expenditure
Plantation Fibre (1,658) (1,053) (673)
Other Fibre (1)
Greenheart (215) - -
Corporate (2) (1)
Wood-Based - - -
Total Capital Expenditure (1,907) (1,072) (702)
Geographic Segments
Reclassified Reclassified
Dec-31-2010 Dec-31-2009 Dec-31-2008
Revenues
Other Countries 51 9 6
People's Republic of China (PRC) 1,782 1,230 895
Total Revenues 1,834 1,239 901
Operating Profit Before Tax

People's Republic of China (PRC) - - -
Total Operating Profit Before Tax - - -
Interest Expense
Total Interest Expense - - -
Net Profit Before Tax

Total Net Profit Before Tax - - -
Tax Expense
Total Tax Expense - - -
Net Profit After Tax

Total Net Profit After Tax - - -
Assets
Other Countries - - -
People's Republic of China (PRC) 3,151 2,260 1,744
New Zealand 80 - -
Total Assets 3,232 2,260 1,744
Depreciation & Amortization

Total Depreciation & Amortization - - -
Capital Expenditure
Total Capital Expenditure - - -

Decimals: 0
Reclassified Restated Reclassified Reclassified

521 353 481 263 203 145 90

154 179 - - - - -
38 24 12 - - - -
- - - - - - -
- - - 68 63 55 47
- - - - - - -
714 555 493 331 266 201 137
230 165 133 91 59 33 21

3 4 - - - - -
(14) (8) (6) - - - -
- - - - - - -
(21) (26) (15) (9) (3) - -
- - - (9) (7) (2) 1
- - - - - - -
197 135 113 73 49 31 21
(1) (1) (1) (2) (1) -

(4) (3) - - - - -
(1) - - - -
- - - - - - -
(39) (34) (27) (13) (9) - -
- - - (1) (1) (7) -
(44) (37) (29) (16) (12) (9) -
18 13 7 5 3 (2) -
- - - - -
- - - -
- - - - - - -
- - - -
- - - 1 -
18 13 7 5 3 -
1,309 856 691 442 294 229 190
52 65 - - - - -
252 141 122 - - - -
- - - - - - -
224 144 82 181 9 - -
- - - 133 116 108 92
- - - - - - -
1,837 1,207 895 756 419 337 282
285 178 140 45 29 10 -

- - - - -
5 4 3 - - - -
- - - - - - -
- -
- - - 2 3 2 -
290 182 143 48 31 12 -
(648) (396) (284) (174) (89) (37) -

- - - - -
(11) (9) (16) - - - -
- - - - - - -
- -
- - - (5) (7) (7) -
(660) (405) (300) (179) (97) (44) -
Reclassified Restated Reclassified Reclassified

- - - - -
714 555 493 317 266 201 137
714 555 493 317 266 201 137
197 - 113 - - 31 21
197 - 113 - - 31 21
(44) - (29) - (12) (9) -

(44) - (29) - (12) (9) -
160 - 89 - 33 20 -
160 - 89 - 33 20 -
18 - 7 - 3 -
18 - 7 - 3 -
152 - 82 - 30 21 -
152 - 82 - 30 21 -
- 181 - - - - -
1,837 1,026 895 756 419 337 282
- - - - - - -
1,837 1,207 895 756 419 337 282
290 - 143 - 31 12 -
290 - 143 - 31 12 -
(653) - (282) - (97) (44) -

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

Restated Reclassified
Dec-31-2000 Dec-31-1999 Dec-31-1998
USD USD USD
- - -
- - -
- - -
- - -
30 37 12
97 104 81
127 142 93
- - -
- - -
- - -
- - -
- - -
3 5 3
29 28 21
32 34 24
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
69 32 16
151 146 85
220 178 101
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
May-17-2002 May-17-2001 May-24-2000
Restated Reclassified
Dec-31-2000 Dec-31-1999 Dec-31-1998
USD USD USD
- - -
127 142 93
127 142 93
32 34 24
32 34 24
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
220 178 101
- - -
220 178 101
- - -
- - -
- - -
- - -
May-17-2002 May-17-2001 May-24-2000

Percent Change In Sino-Forest Accounts Since 2000
Today Dec-09 Dec-08 Dec-07 Dec-06 Dec-05 Dec-03 Dec-04 Dec-03 Dec-02
Inventories 61,978 45,978 43,200 46,661 15,178 7,622 2,736 1,170 878 983
Timber Holdings 3,122,517 2,183,489 1,653,306 1,174,153 752,783 513,412 359,607 232,516 (- ) (- )
Other Assets 274,161 115,636 75,457 57,708 32,924 23,442 9,513 549 550 624
Revenues 1,923,536 1,238,185 896,045 713,866 555,480 493,301 330,945 251,757 187,996 121,451
Inventories 35% 6% -7% 207% 99% 179% 134% 33% -11% -59%
Other Assets 137% 53% 31% 75% 40% 146%
Timber Holdings 43% 32% 41% 56% 47% 43% 55%
Revenues 55% 38% 26% 29% 13% 49% 31% 34% 55% 12%
Percent Change In Sino-Forest Accou
250%
200%
150%
Percent Change
100%
50%
0%
-50%
-100%
Toda Dec- Dec- Dec- Dec- Dec- Dec- Dec- Dec-
y 09 08 07 06 05 03 04 03
Data
Dec-01 Dec-00 Dec-99
2,404 (- ) (- )
(- ) (- ) (- )
625 - -
108,194 123,665 92,710
-13% 33%
Forest Accounts Since 2000
Inventories
Timber Holdings
Revenues
Other Assets
Dec- Dec- Dec- Dec-

03 04 03 02

Sino Forest Corp Financials

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Sino Forest Corp Financials

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Sino-Forest Corp.

(TSX:TRE) > Financials > Key Stats

Total Revenue 1,913 1,297 1,100

Gross Profit 668 461 449

EBITDA 1,324 941 733

EBIT 574 389 380

Earnings from Cont. Ops. 382 292 296

Net Income 393 300 281

Diluted EPS Excl. Extra Items³ 2 1 2

Currency CAD CAD CAD

Current Capitalization (Millions of CAD)

Valuation Multiples based on Current Capitalization

P/Diluted EPS Before Extra 2 2 2

Estimate data provided by

12 months 12 months 12 months 12 months 12 months 12 months 12 months

705 647 575 398 343 317 219

239 204 160 122 84 67 48

481 369 298 150 104 68 36

195 157 131 93 64 49 34

CAD CAD CAD CAD CAD CAD CAD

one, earlier filings can be viewed on the individual statement pages.

disclosed on the Estimates Consensus page.

190 204 143

0.23% 18.47% 36.84%

CAD CAD CAD

Taxes and Other Expenses

Financial data provided by

12 months 12 months 12 months 12 months 12 months 12 months 12 months

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

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

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

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

listed as primary ADRs, per share items are ADR-equivalent.

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

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

32,486 33,805 24,046

Non Current Assets

Non Current Liabilities

Financial data provided by

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

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

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

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

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

537,141 143,511 142,815 138,915 67,439 32,758 46,024

es listed as primary ADRs, total share counts are ADR-equivalent.

18,244 39,591 912

167,194 113,907 78,880

7,626 9,222 5,396

28,740 30,218 3,340

46,024 46,273 32,989

Financial data provided by

12 months 12 months 12 months 12 months 12 months 12 months 12 months

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

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

- 150,000 - 300,000 5,000 19,000 19,000

4,856 933 687 - - - -

28,571 28,155 21,364

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

TEV/NTM Total Revenues Average 4 3

TEV/LTM EBITDA Average 5 5

TEV/NTM EBITDA Average 5 4

TEV/LTM EBIT Average 11 10