Consolidated Statements of Financial Position

As at December 31 ($Cdn thousands)	Note	2011	2010	Jan 1/10
Commitments and contingencies [notes 19,24,31]
See accompanying notes to consolidated financial statements.
Assets
Current assets
Cash and cash equivalents		$399,279	$376,621	$1,101,229
Short-term investments	7	804,141	883,032	202,836
Accounts receivable	8	612,181	448,479	448,586
Current tax assets		31,388	42,190	–
Inventories	9	493,875	533,090	444,837
Supplies and prepaid expenses		182,037	190,079	169,005
Current portion of long-term receivables, investments and other	12	62,433	95,271	158,011
Total current assets		2,585,334	2,568,762	2,524,504

Property, plant and equipment	10	4,532,107	3,954,647	3,716,774
Intangible assets	11	98,954	94,270	97,713
Long-term receivables, investments and other	12	283,818	338,851	397,490
Investments in equity-accounted investees	13	220,226	220,430	222,564
Deferred tax assets	24	81,392	25,594	24,011
Total non-current assets		5,216,497	4,633,792	4,458,552
Total assets		$7,801,831	$7,202,554	$6,983,056

Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities	14	$457,307	$389,959	$494,081
Current tax liabilities		39,330	35,042	31,143
Short-term debt	15	91,703	85,588	87,506
Dividends payable		39,475	27,605	23,570
Current portion of finance lease obligation	17	14,852	13,177	11,629
Current portion of other liabilities	18	50,495	28,228	29,297
Current portion of provisions	19	14,857	19,394	16,301
Total current liabilities		708,019	598,993	693,527

Long-term debt	16	801,271	794,483	793,842
Finance lease obligation	17	130,982	145,834	159,011
Other liabilities	18	528,264	402,949	298,391
Provisions	19	519,625	365,573	340,528
Deferred tax liabilities	24	8,165	26,270	107,657
Total non-current liabilities		1,988,307	1,735,109	1,699,429

Shareholders' equity
Share capital		1,842,289	1,833,257	1,809,861
Contributed surplus		155,757	142,376	131,577
Retained earnings		2,874,973	2,690,184	2,392,940
Other components of equity		46,548	24,496	91,682
Total shareholders' equity attributable to equity holders		4,919,567	4,690,313	4,426,060

Non-controlling interest		185,938	178,139	164,040
Total shareholders' equity		5,105,505	4,868,452	4,590,100
Total liabilities and shareholders' equity		$7,801,831	$7,202,554	$6,983,056

Approved by the board of directors
Original signed by Tim S. Gitzel and John H. Clappison