Fording Canadian Coal Trust
TSX : FDG.UN
NYSE : FDG

Fording Canadian Coal Trust

February 02, 2005 23:59 ET

Fording Achieves Strong Results in 2004

CALGARY--(CCNMatthews - Feb. 2) - Fording Canadian Coal Trust (TSX:
FDG.UN, NYSE: FDG) today announced strong fourth quarter results. Net
income was $85 million in the fourth quarter, nearly triple the $31
million in 2003. On a full year basis, net income was $150 million,
down from $241 million for the same period in 2003. Results for both
years included various unusual items as described in the overview
section, which had a pronounced effect on the comparability of results
between 2004 and 2003. Net income before unusual items, future income
taxes and discontinued operations was $57 million in the fourth quarter
of 2004 compared with $27 million in 2003 and $146 million and $92
million respectively on a year-to-date basis. Distributable cash for
2004 was $3.80 per unit while total distributions were $4.40 per unit,
including $0.39 per unit carried over from 2003.

Income from operations increased to $57 million during the fourth
quarter compared with $37 million during the same period in 2003, due
mainly to higher coal prices. On an annual basis, income from
operations increased 38% to $170 million from $123 million in 2003.

"Robust coal markets resulted in strong sales near our production
capacity," said Jim Popowich, President of Fording Canadian Coal Trust.
"This combined with higher sales prices for metallurgical coal improved
our income from operations over 2004. We are progressing with capacity
additions at Cardinal River's Cheviot Creek pit, Fording River and
Elkview to respond to the continuing strong demand for high quality
coking coal. This will increase Elk Valley Coal's production capacity
by 3 million tonnes to about 28 million tonnes per year by the end of
2005."

Jim Popowich continued: "Results of the fourth quarter were affected by
higher rail rates as well as increased mining costs. We also continued
with accelerated stripping for future coal release. Our hard work and
dedication delivered strong operating results for the Trust in 2004."

Highlights for the Fourth Quarter:

- Revenues were $324 million, up 5% mainly on the strength of higher

coal sales prices, partially offset by lower volumes and a higher

Canadian dollar as compared to the fourth quarter of 2003.

- Cost of products sold decreased 12% to $115 million from $130
million

because of lower coal sales volumes, but rose on a per tonne basis

mainly due to higher maintenance and mining and processing input

costs.

- Transportation and other costs increased 9% to $127 million from

$117 million in the fourth quarter of 2003 largely on higher rail
and

port costs for our metallurgical coal segment.

- Completion of final offer arbitration during the quarter determined

rail rates for the Elkview mine; this decision has been factored
into

our rail accruals for all mines pending the outcome of our dispute

with Canadian Pacific Railway Company (CPR) over rail rates.

Subsequent to the fourth quarter, Elk Valley Coal entered into

non-binding mediation with CPR to resolve the dispute over
westbound

rates. The mediation process is continuing.

- Cash available for distribution was $62 million, or $1.26 per unit.

The distribution declared for the quarter totalled $64 million, or

$1.30 per unit.

- Elk Valley Coal entered into letters of intent with two major steel

producers that contemplate 10-year sales contracts and a 5% equity

investment in the Elkview mine. The transactions, which are subject

to board approvals, due diligence, the negotiation and settlement
of

binding agreements and other customary conditions, are expected to
be

completed during the first quarter of 2005.

Year at a Glance:

- Revenues were $1,168 million, up 12% due to the robust market
demand

for coal. Realized coal prices increased due to higher U.S. dollar

coal prices and gains on foreign currency hedges, offset by a

stronger Canadian dollar.

- Cost of product sold was up slightly to $454 million due to higher

mining and processing costs. The decision to accelerate removal of

overburden to accelerate future coal release also contributed to
the

higher unit cost of coal produced.

- Transportation and other costs increased 17% to $449 million due to

high demurrage (costs largely incurred during the first quarter
when

shipments were delayed due to weather), ocean freight and higher
rail

and port rates. Some of the higher rail costs relate to a contract

dispute with Canadian Pacific Railway Company. A reasonable
provision

has been accrued to mitigate the estimated negative impact to

financial results that would occur from an unfavourable resolution
of

the dispute over rail rates.

- Higher coal sales prices were the main reason for the improvement
in

income from operations in 2004, which increased to $170 million for

2004, up 38% as compared to the previous year.

- The Trust's share of capital expenditures was $73 million of which

$27 million was sustaining capital and $46 million was expansion

capital for projects such as development of the Cheviot Creek pit
at

Cardinal River operations and capacity expansion at Fording River

operations.

- Distributable cash for the year ended December 31 was $3.80 per
unit.

Total distributions for 2004 were $4.40 per unit and included $0.39

per unit carried over from 2003.

-------------------------------------

Important Information Regarding Financial Statements and Results

----------------------------------------------------------------

All financial information in this news release is unaudited. Readers
are cautioned that certain information included in this news release
for prior periods may not be directly comparable because of the Plan of
Arrangement, the reduction of the Trust's interest in Elk Valley Coal
effective April 1, 2004 and three accounting changes related to asset
retirement obligations, the reclassification of certain sales
transactions and the inclusion of depreciation, depletion and
amortization in the carrying value of inventory. These items, which are
described below, resulted in a number of unusual items being included
in income in 2003 and 2004.

Plan of Arrangement

-------------------

Fording Canadian Coal Trust was established in connection with a Plan
of Arrangement (Arrangement) that became effective February 28, 2003.
For accounting purposes, the Trust is a continuation of its predecessor
company, Fording Inc., being the public company existing prior to the
Arrangement (Old Fording). The financial statements for the prior year
reflect the results of operations and cash flows of Old Fording for the
period from January 1, 2003 to February 28, 2003 and the results of the
Trust and its operating subsidiary companies thereafter.

The Arrangement also created the Elk Valley Coal Partnership (Elk
Valley Coal) by combining the metallurgical coal mining operations and
assets formerly owned by Old Fording (Fording River, Greenhills and
Coal Mountain mines), Teck Cominco Limited (Elkview mine) and the
Luscar/CONSOL Joint Ventures (Line Creek and Cardinal River mines and a
46% interest in Neptune Bulk Terminals (Canada) Ltd. in Vancouver).

Our financial results and financial position include our metallurgical
coal segment through our interest in Elk Valley Coal following its
formation and prior to that the metallurgical coal operations of Old
Fording; our industrial minerals segment, which has mining and
processing operations in the United States and Mexico; and our
corporate segment encompassing general and administration expenses not
allocated to the other two operating segments.

Since formation, the metallurgical coal operations have included our
interest in Elk Valley Coal, which operates six open-pit mines in
British Columbia and Alberta. Prior to this date, the metallurgical
coal operations included 100% of the results of the three Old Fording
mines.

The financial results and other information presented in this report
reflect our ultimate 60% interest in Elk Valley Coal commencing with
the second quarter of 2004; our 65% interest from February 28, 2003 to
March 31, 2004 and, prior to that, Old Fording, unless stated
otherwise. Because of the change in metallurgical coal assets and the
reduction in our interest, fourth quarter and annual results for 2004
may not be directly comparable to prior periods.

Reduction of Interest in Elk Valley Coal

----------------------------------------

Elk Valley Coal was initially owned 65% by the Trust and 35% by Teck
Cominco, the managing partner. The agreement governing Elk Valley Coal
provided for an increase in Teck Cominco's interest to a maximum of 40%
to the extent that synergies from the combination of various
metallurgical coal assets contributed to Elk Valley Coal exceed certain
target levels. The June 2004 report of an independent expert engaged by
the partners concluded that sufficient synergies had been realized to
increase Teck Cominco's interest to 40%.

The Trust and Teck Cominco considered the report of the independent
expert and agreed that substantial synergies were achieved. As a
result, the partners agreed that the Trust's distribution entitlement
would be reduced to 62% effective April 1, 2004, to 61% on April 1,
2005, and to 60% on April 1, 2006, as the benefits of synergies flow
through to unitholders. Teck Cominco's entitlements will increase
correspondingly over the same period.

We recorded a $38 million non-cash charge to earnings for the second
quarter, reflecting the entire 5% reduction in our interest in Elk
Valley Coal. This charge was reduced by an estimate of cash to be
received for the additional distribution entitlements of 2% for the
year ended March 31, 2005 and 1% for the year ended March 31, 2006.
These additional distribution entitlements will be included in cash
available for distribution over the period ending March 31, 2006.

Non-GAAP Financial Measures

---------------------------

This report refers to certain financial measures that are not
determined in accordance with GAAP in Canada or the United States.
These measures do not have standardized meanings and may not be
comparable to similar measures presented by other trusts or
corporations. Although such measures as cash available for distribution
and net income before unusual items, future income taxes and
discontinued operations do not have standardized meanings prescribed by
GAAP, these measures are determined by reference to our financial
statements. We discuss these measures, which have been applied on a
consistent basis, because we believe that they facilitate the
understanding of the results of our operations and financial position.

Caution on Forward-looking Information

--------------------------------------

Certain information included in this document is of a forward-looking
nature. Forward-looking information is subject to known and unknown
risks, as well as uncertainties and other factors. Accordingly, actual
results may differ materially from those expressed or implied in
forward-looking information. Some of the risks, uncertainties and other
factors affecting Fording Canadian Coal Trust are discussed in our
public filings with the securities regulatory authorities in Canada and
the United States. Copies of Fording Canadian Coal Trust's Canadian
filings, including our most recent management information circular,
annual information form, annual report, quarterly reports, material
change reports and news releases, are available online at
www.sedar.com, and copies of our U.S. filings, including our most
recent annual report on Form 40-F as supplemented by filings on Form 6-
K, are available at www.sec.gov. Information in this document is
presented as of February 2, 2005 and is subject to change after this
date. However, Fording Canadian Coal Trust disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.

-------------------------------------

Key Statistics

The table below summarizes our financial results and some of our key
operating statistics on a consolidated basis.


Three months ended Year ended
(millions of Canadian December 31 December 31
dollars except per ----------------------- -----------------
------
unit amounts) 2004 2003 2004
2003
------------------------------------------------- -----------------
------
Revenue $ 324.3 $ 310.3 $ 1,167.5 $
1,043.7
Income from operations $ 57.1 $ 37.2 $ 170.4 $
123.1
Net income $ 85.4 $ 30.6 $ 150.1 $
240.9
Income before unusual
items, future income
taxes and discontinued
operations $ 57.0 $ 27.4 $ 145.5 $
91.5

Basic and diluted earnings
per unit:
Net income $ 1.74 $ 0.65 $ 3.09 $
5.08
Net income before
unusual items, future
income taxes and
discontinued operations $ 1.16 $ 0.59 $ 3.00 $
1.93

Metallurgical Coal
Statistics:
Coal sales (million tonnes) 4.0 4.8 15.3
15.3
Average sales price
U.S.$/tonne $ 57.30 $ 44.10 $ 52.20 $
44.50
CDN$/tonne $ 79.30 $ 62.10 $ 73.10 $
64.60

Operating expenses
Cost of product sold,
coal (CDN$/tonne) $ 27.30 $ 25.80 $ 28.00 $
27.50
Transportation and other
(CDN$/tonne) $ 31.70 $ 24.20 $ 28.90 $
24.70

Industrial Minerals
Statistics (Wollastonite):
Sales (thousands of tonnes) 21 19 82
75
Average sales price
(U.S.$/tonne) $ 395 $ 434 $ 425 $
429

-------------------------------------


Overview

Cash available for distribution in the fourth quarter of 2004 generally
reflects higher sales prices and earnings from our metallurgical coal
operations. Distributions declared in the fourth quarter were $1.30 per
unit.



Three months ended Year
February 28
(millions of Canadian December 31 ended
2003 to
dollars except per ----------------------- December 31
December 31
unit amounts) 2004 2003 2004
2003(*)
------------------------------------------------- -----------------
------
Cash available for
distribution $ 61.7 $ 41.0 $ 182.2 $
118.9
Distributions declared $ 63.7 $ 46.9 $ 213.5 $
210.3

Weighted average number
of units outstanding
(in millions) 49.0 46.8 48.5
47.4

Per unit amounts:
Cash available for
distribution $ 1.26 $ 0.87 $ 3.76 $
2.51
Distributions declared $ 1.30 $ 1.00 $ 4.40 $
4.49


(*) The period from the formation of the Trust to December 31, 2003.

For 2004, distributions include $18 million of available cash carried
over from 2003, or $0.39 per unit. In 2003, distributions were for a
ten-month period and included special distributions of $70 million, or
$1.50 per unit, resulting from the Arrangement plus a $40 million, or
an $0.85 per unit benefit from a one-time inventory reduction.

The reconciliation from net income to net income before unusual items,
future income taxes and discontinued operations, which is a non-GAAP
measure, is provided in the following table:


Three months ended Year ended
December 31 December 31
(millions of ----------------------- -----------------
------
Canadian dollars) 2004 2003 2004
2003
------------------------------------------------- -----------------
------
Net income per financial
statements $ 85.4 $ 30.6 $ 150.1 $
240.9

Add (deduct):
Loss (gain) on corporate
reorganization - - 37.5
(48.7)
Benefit of change in
inventory valuation - - (10.8)
-
Future income taxes (28.4) (3.2) (31.3)
(22.0)
Net income from
discontinued operations - - -
(78.7)
----------------------- -----------------
------
----------------------- -----------------
------
Net income before unusual
items, future income
taxes and discontinued
operations $ 57.0 $ 27.4 $ 145.5 $
91.5
----------------------- -----------------
------
----------------------- -----------------
------

INCOME FROM OPERATIONS

Metallurgical Coal

Three months ended Year ended
(millions of Canadian December 31 December 31
dollars except per ----------------------- -----------------
------
tonne amounts) 2004 2003 2004
2003
------------------------------------------------- -----------------
------
Metallurgical Coal
Statistics

Coal production (millions
of tonnes) 3.9 3.9 15.2
14.4
Coal sales (millions of
tonnes) 4.0 4.8 15.3
15.3

Average sales price
U.S.$/tonne $ 57.30 $ 44.10 $ 52.20 $
44.50
CDN$/tonne $ 79.30 $ 62.10 $ 73.10 $
64.60

Operating expenses
Cost of product sold
(CDN$/tonne) $ 27.30 $ 25.80 $ 28.00 $
27.50
Transportation and
other (CDN$/tonne) $ 31.70 $ 24.20 $ 28.90 $
24.70

Income from operations

Revenue $ 313.5 $ 298.9 $ 1,118.4 $
995.6
Cost of product sold 108.2 123.3 428.2
422.0
Transportation and other 125.7 115.5 442.2
378.4
Selling, general and
administration 6.6 5.4 20.3
14.9
Depreciation and depletion 12.4 15.6 53.0
53.0
----------------------- -----------------
------
Income from operations $ 60.6 $ 39.1 $ 174.7 $
127.3
----------------------- -----------------
------
----------------------- -----------------
------


Fourth quarter and annual revenues benefited from higher prices for the
2004 coal year, offset slightly by a higher effective U.S./Canadian
dollar exchange rate. Income from metallurgical coal operations
increased 55% in the fourth quarter to $61 million due primarily to an
increase in the average Canadian dollar sales price, offset by lower
sales volumes and higher transportation costs. Sales volumes decreased
in the fourth quarter of 2004 as compared with 2003 as a result of two
factors: the reduction in the Trust's distribution entitlement from Elk
Valley Coal; and the decision to reduce inventory levels.

High production levels continued into the fourth quarter, with Elk
Valley Coal moving 8% more waste and raw coal in the quarter and 28%
for the year as compared to 2003. Unit cost of product sold increased
6% in the fourth quarter and 2% for the year largely due to higher
maintenance costs and costs for mining and processing inputs. Items
such as steel surcharges and high diesel prices contributed to
increased costs. In addition, the decisions to mine overburden during
shutdowns to accelerate future coal release and to maximize production
of available coal in order to meet customer needs contributed to the
rise in unit costs.

The most significant impact to operations during the year was the
increase in transportation and other costs. These costs were $126
million in the fourth quarter, up 9% over the same period in 2003, and
$442 million for 2004, an increase of 17% over 2003. Higher rail and
port rates combined with a contingency provision for disputed rail
rates were the major contributors to the year over year increase.

In July 2004, Canadian Pacific Railway Company (CPR), the exclusive
rail service provider for the shipment of coal from our Elk Valley
mines to the ports in Vancouver, commenced an action in the Alberta
courts relating to the dispute over rail rates and claimed damages of
$14 million to June 30, 2004. Elk Valley Coal has filed a statement of
defence responding to CPR's action. In the fourth quarter of 2004, a
final offer arbitration determined rail rates for the Elkview mine,
subject to the pending decision from the Canadian Transportation Agency
(CTA). Unitholders are directed to the news release of December 14,
2004 for more information regarding the final offer arbitration.

In January 2005, Elk Valley Coal and CPR agreed to engage in non-
binding mediation to resolve the dispute over rail rates. The parties
agreed to hold the legal proceedings and the decision of the CTA in
abeyance pending the outcome of mediation. At this time, mediation
discussions are continuing.

As at December 31, 2004, we have accrued a reasonable provision for
rail rates. However, this accrual may have to be increased or decreased
if the mediation discussions are settled prior to the issuance of our
audited 2004 consolidated financial statements.

On an annual basis, demurrage charges of $22 million, the majority of
which were incurred in the first quarter, contributed to higher
transportation and other costs in 2004. Higher ocean freight rates
during the year also affected transportation and other costs. However,
higher ocean freight costs are recovered from customers in the form of
higher coal sales prices and have no net impact to income from
operations.

In 2004, selling, general and administration costs increased 36% due to
higher marketing costs and an $8 million charge for severance benefits
pursuant to change in control agreements with certain former senior
executives.

Development and Expansion

-------------------------

Initial coal production from the Cheviot Creek pit at the Cardinal
River operations began in the fourth quarter of 2004. The Trust's share
of total capital expenditures for the project is $72 million, of which
approximately $46 million was spent in 2004. Development of the pit is
progressing; however increased activity in the global mining industry
is resulting in delays in deliveries of equipment from manufacturers.
It is anticipated that the full annual production rate of 2.8 million
tonnes annually will be achieved in the third quarter of 2005 with the
Trust's share being 1.7 million tonnes.

All licenses and approvals have been received for the Cheviot Creek pit
and the haulroad at the Cardinal River operations. A number of
environmental organizations have applied to the Federal Court seeking a
further environmental assessment of the project and challenging certain
federal authorizations that the project has received. The Federal Court
is expected to hear the applications in June 2005. In addition, an
individual appealed certain approvals issued by Alberta Environment in
connection with the project. The Environmental Assessment Board heard
the appeal in mid-January and the parties are awaiting a decision. The
board dismissed an appeal filed by a second individual.

While unanticipated, negative decisions related to these legal issues
could impact future operations at the site. Elk Valley Coal continues
to monitor progress on these legal issues, and management does not
expect that outcomes from these proceedings represent a material risk
to the ongoing mining at the Cheviot Creek pit.

Plant expansion commenced at the Fording River operations in the fourth
quarter of 2004. The majority of the $18 million budgeted to expand
processing capacity by 1.0 million tonnes to 10.5 million tonnes of
coal per year will be spent in 2005. With plant expansion underway,
further capital will be spent to increase the capacity of the mine by
the end of the second quarter of 2005 in order to utilize plant
capacity.

In December, Elk Valley Coal entered into letters of intent with two
major steel producers that contemplate 10-year sales contracts and a 5%
equity investment (2.5% for each POSCO and Nippon Steel Corporation) in
the Elkview mine. The U.S.$50 million proceeds of the investment is
intended to be used to increase the annual production capacity of the
Elkview mine from 6.0 to 7.0 million tonnes of coal by the end of 2007,
of which our share is approximately four million tonnes. The
transactions, which are subject to board approvals, due diligence, the
negotiation and settlement of binding agreements and other customary
conditions, are expected to be completed during the first quarter of
2005. The completion of this transaction is expected to result in a
pre-tax gain for the Trust of approximately $25 million on the sale of
the 5% interest in the Elkview mine.

Our share of capital expenditures for 2005 will be approximately $100
million of which approximately $65 million will be for expansion and
$35 million for sustaining purposes. Planned sustaining capital
expenditures are expected to be approximately $40 million per year over
the next few years in order to replace older equipment and achieve
productivity gains.



Industrial Minerals
Three months ended Year ended
December 31 December 31
(millions of Canadian ----------------------- -----------------
------
dollars except as noted) 2004 2003 2004
2003
------------------------------------------------- -----------------
------
Statistics - Wollastonite

Sales (thousands of tonnes) 21 19 82
75
Average sales price
(U.S.$/tonne) $ 395 $ 434 $ 425 $
429

Income from operations

Revenue $ 10.8 $ 11.4 $ 49.1 $
48.1
Cost of product sold 6.7 6.7 26.2
26.8
Transportation and other 1.6 1.4 7.0
6.2
Selling, general and
administration 1.6 1.0 5.2
5.6
Depreciation and depletion 1.0 1.3 5.0
5.7
----------------------- -----------------
------

Income from operations $ (0.1) $ 1.0 $ 5.7 $
3.8
----------------------- -----------------
------
----------------------- -----------------
------


Income from our industrial mineral operations increased 50% from the
previous year to $6 million for 2004, despite lower sales prices in the
fourth quarter, which contributed to a loss from operations for the
quarter. Increased sales volumes from an improving economy, new product
development and lower cost of product sold were the main contributing
factors, partially offset by a higher U.S./Canadian exchange rate
compared to the same periods last year.

OTHER INCOME AND EXPENSES AND DISCONTINUED OPERATIONS

Interest expense decreased almost $2 million to $2 million in the
fourth quarter of 2004 and from $15 million to $13 million for the year
as compared to the same periods in 2003. The decrease is mainly due to
the $99 million reduction in debt from the proceeds of our equity issue
in April 2004 and $1 million of interest capitalized in the fourth
quarter of 2004 related to the Cheviot Creek pit expansion at Cardinal
River operations.

Other income and expenses includes interest and investment income as
well as miscellaneous income and expenses. A change in accounting
practices adopted in 2004 resulted in unusual income of $11 million,
related to the inclusion of depreciation and depletion in the valuation
of product inventories on hand at the start of the year. Other income
in 2003 includes $5 million of interest earned on income tax
reassessments.

Income tax expense

Current income taxes consist primarily of British Columbia mineral
taxes and Alberta Crown royalties on the cash flows of the
metallurgical coal operations and, to a lesser extent, income tax
related to the industrial minerals operations. While our average
effective mineral tax rate increased in 2004 due to increased cash
flows from the metallurgical coal operations, mineral taxes and Crown
royalties were reduced by higher capital expenditures in 2004.

The future income tax recovery during the fourth quarter of 2004
reflects the recognition of the benefit of net tax operating losses of
Fording Inc. With the settlement of coal sale contracts for the 2005
coal year which increased coal prices significantly, management expects
that the benefit of these losses will be realized. The recovery in 2003
resulted from the enactment of lower income tax rates.


Three months ended Year ended
December 31 December 31
(millions of ----------------------- -----------------
------
Canadian dollars) 2004 2003 2004
2003
------------------------------------------------- -----------------
------
Current income taxes:
Canadian income taxes $ 0.5 $ (0.2) $ 2.6 $
5.7
Provincial mineral taxes
and Crown royalties - 4.9 11.7
14.6
Foreign income taxes 0.5 0.5 4.0
2.3
----------------------- -----------------
------
1.0 5.2 18.3
22.6
Future income tax
(recovery) (28.4) (3.2) (31.3)
(22.0)
----------------------- -----------------
------
Total income tax expense
(recovery) $ (27.4) $ 2.0 $ (13.0) $
0.6
----------------------- -----------------
------
----------------------- -----------------
------


LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

Three months ended Year ended
December 31 December 31
(millions of ----------------------- -----------------
------
Canadian dollars) 2004 2003 2004
2003
------------------------------------------------- -----------------
------
Summary of Cash Flows

Operating activities $ 101.1 $ 70.9 $ 269.5 $
174.3
Investing activities (22.9) (8.1) (59.5)
322.0
Financing activities,
excluding distributions - 0.3 (1.3)
(280.4)
----------------------- -----------------
------
Increase in cash before
distributions 78.2 63.1 208.7
215.9

Distributions to
unitholders (53.9) (46.8) (196.7)
(163.4)
----------------------- -----------------
------
Increase in cash 24.3 16.3 12.0
52.5

Cash - beginning of period 40.2 36.2 52.5
-
----------------------- -----------------
------

Cash - end of period $ 64.5 $ 52.5 $ 64.5 $
52.5
----------------------- -----------------
------
----------------------- -----------------
------


At the end of the fourth quarter of 2004, we held cash and cash
equivalents of $65 million and had $192 million of revolving bank
credit facilities. There are no borrowings under these facilities;
however $43 million was used to support letters of credit and letters
of guarantee at December 31, 2004.

Cash flows from operating activities are largely influenced by the
results of our metallurgical coal operations. Cash flows from operating
activities before working capital changes were $73 million for the
fourth quarter of 2004, up $28 million from the prior year on the
strength of the improved results from metallurgical coal operations.
Changes in non-cash working capital stayed relatively consistent for
the quarter as compared to the fourth quarter of 2003 but increased $28
million over the year. Variations in items such as accounts receivable,
inventories and accounts payable generally contribute to variances that
fluctuate over various time periods. In 2004, accounts receivable
increased due mainly to higher sales prices. Inventories decreased due
mainly to the reduction of raw coal stockpiles. Accounts payable were
up mainly due to the accrual related to the dispute over rail rates.
Cash flow from operating activities was $270 million in 2004, up
significantly from the prior year due to higher coal prices, offset to
some degree by higher operating costs. In 2003, certain transactions
under the Arrangement did not affect cash flow from operating
activities, and results from the metallurgical coal operations in 2003
and a decrease in working capital were offset in part by reorganization
costs.

Investing activities during the fourth quarter included capital
expenditures of $27 million, of which approximately $12 million were
sustaining and the balance was for development and start-up costs
related to the Cheviot Creek pit at Cardinal River operations and plant
expansion at Fording River operations. Additions to capital assets in
2004 increased to $73 million from $20 million spent in 2003,
reflecting a greater level of development activity to expand capacity
and production as well as higher sustaining capital projects at the
mines in order to upgrade equipment, accelerate coal release and
achieve productivity gains. A significant portion of sustaining capital
expenditures in the fourth quarter of 2004 was at Fording River for new
equipment and plant upgrades.

The major financing activity during the fourth quarter was payment of
distributions of $54 million. For the year, the major financing
activities were the payment of distributions of $197 million and the
units offering that raised net proceeds of $99 million, which were used
to repay bank debt. The financing activities in 2003 were mainly
related to the Plan of Arrangement and the payment of distributions to
unitholders.

At December 31, 2004, our long-term bank debt amounted to $201 million,
while $149 million of unused lines of credit were available under the
current bank credit facilities. Terms of the long-term bank debt
require $51 million to be refinanced by February 28, 2005 and $150
million by February 28, 2006. Fording and Elk Valley Coal are in the
process of finalizing a new credit facility, substantially with their
existing banking syndicate, which would provide each with a five-year
revolving, floating rate, annually extendable facility. The Fording
$400 million facility would be utilized first to refinance the full
amount of the outstanding term debt of $201 million. The unutilized
line would be available for general corporate purposes, including the
funding of Fording's interest in the proposed expansions. The Elk
Valley Coal $150 million facility will be utilized for general
operating purposes.

Adequate credit facilities are available to fund working capital,
expected capital spending requirements for our expansion plans and
other requirements. We anticipate that we have the ability to generate
sufficient funds from operating and financing activities, in the short
term and the long term, to maintain our productive capacity and to fund
planned growth and development activities. The Trust's planned capital
expenditures are expected to be financed with a combination of debt,
equity from the proposed investment in Elkview by the steel mills and
available cash flow. This may have an impact on distributions to
unitholders. The Trust also has the ability to establish a reserve from
cash otherwise available for distribution.

We mitigate some of the risk surrounding foreign currency exchange
rates by our policy to hedge a portion of our U.S. dollar exposure
through the use of foreign exchange forward contracts. In the fourth
quarter, Fording entered into an additional $180 million of foreign
exchange forward contracts for the 2005 and 2006 years. Our realized
gain on foreign exchange included in revenues in 2004 was $83 million
compared with $43 million in 2003.

OUTLOOK

-------

Going into 2005, we will continue to focus on increasing capacity and
production. We are targeting to increase Elk Valley Coal's
metallurgical coal operations' capacity to 28 million tonnes in 2005,
while attaining a coal sales volume of over 27 million tonnes, of which
the Trust's share will be 16 million tonnes. We intend to focus on
additional expansion thereafter to further increase capacity to
approximately 30 million tonnes by the end of 2007. At that time, we
will work with the railways in order to ensure rail capacity for future
expansion.

We will continue to advance our strategy of building long-term
unitholder value through efficient management of the Trust and prudent
capital investment. Our expertise and hard work combined with the
robust coal markets are expected to provide strong returns in 2005.
However, as a result of coal year pricing and carryover impacts, we
expect better results in the last half as compared with the first half
of 2005. Recent poor weather conditions in January has somewhat
hampered our mining operations and the movement of coal to port, which
may affect first quarter results.

Cash Available for Distribution

Our financial results, and therefore the amount of cash available for
distribution to unitholders, are highly dependent on key variables such
as coal prices, coal production and sales volumes, the U.S./Canadian
dollar exchange rate, production and transportation costs, sustaining
capital expenditures and other financial and legal requirements.

Changes in any of these factors could have a material impact on our
results and cash available for distribution to unitholders.

Coal Markets

Hard coking coal markets continue to remain very tight due to the
ongoing increased demand from the global steel industry. Over the past
few years, China has reversed its position from a net exporter of hard
coking coal to a net importer, and at the same time has reduced exports
of coke to the steel industry. The global steel industry has responded
by planning significant additions to future domestic coke production
capacity to replace lost Chinese coke imports, which will increase the
demand for hard coking coal from producers such as Elk Valley Coal.

A trend is emerging for steel producers to sign long-term contracts or
purchase interests in coal producers in order to secure additional
supplies of hard coking coal to meet their future needs. Higher coal
prices are serving to attract new production supply to the market. In
addition to Elk Valley Coal's planned production increases, other
smaller-scale Canadian producers started production and made their
first metallurgical coal shipments in 2004. Australian producers have
also announced plans for capacity increases. However, few brownfield
opportunities exist that can be brought into production quickly. This
is aggravated by the fact that logistics chains are strained and will
require expansion in major exporting nations, and because the global
increase in mining has resulted in significant lead time on the
delivery of large mining equipment. These factors and continued strong
demand indicate that it may be one to two years time before the
metallurgical coal markets can be brought back into balance.

Our coal is fully contracted for the remainder of the 2004 coal year
and all of the 2005 coal year, with more than 95% of volumes contracted
under evergreen or long-term agreements. The robust metallurgical coal
market and undersupply situation provided an environment of higher
priceswith coal producers realizing the highest level of coal year
sales prices ever experienced. Fording believes that the current tight
markets will continue through 2005 and likely into 2006. Realizing the
cyclical nature of the metallurgical coal industry and the expectation
that new supply will influence market dynamics, expansion must be
managed with an understanding of future variability in sales prices.
Fording has a number of other properties that have the potential to
provide additional metallurgical coal volumes in the future if market
conditions warrant their development.

Based on the ongoing undersupply situation, Elk Valley Coal is
progressing with initiatives such as the development of the Cheviot
Creek pit at the Cardinal River operations and incremental growth
opportunities at existing mines to increase annual production to 30
million tonnes over the next two to three years.

Mining Costs

Underlying mining and processing costs such as fuel, steel, tires,
labour and maintenance can have a significant impact to our cost of
product sold. With the increase in global petroleum prices and demand
for steel, we have experienced higher charges for diesel fuel and steel
used for operating supplies, which has continued into 2005. In
addition, the recent growth in global mining activities has created a
demand for mining equipment and tires that outpaces supply. As a
result, future operations could be impacted if we have trouble
obtaining tires on a timely basis. Lastly, labour costs have increased
as the growth in the mining industry has created demand and competition
for available trades people.

These factors could affect production, productivity and costs of the
metallurgical coal operations, and have a material adverse effect on
cash available for distribution to unitholders.

Mine Collective Agreements

Collective agreements covering production and maintenance employees at
three of Elk Valley Coal's mines will expire prior to the end of 2005.
The collective agreement at the Coal Mountain operations expired on
December 31, 2004, and negotiations are ongoing. Agreements at Line
Creek and Elkview operations expire at the end of May and October 2005,
respectively. The agreement at Fording River operations expires in 2006
while Cardinal River's agreement expires in 2007.

Should an agreement not be reached at one or more of these operations,
prolonged work stoppages could occur that would have a material adverse
effect on cash available for distribution to unitholders.

Rail Service and Rates

The rail systems servicing our mines are being pressed to meet the
capacity requirements of all industries shipping westbound to
Vancouver. Going forward, our ability to substantially increase coal
sales from the Elk Valley mines will require additional rail capacity.

As previously mentioned, Elk Valley Coal is in a contract dispute over
freight rates with Canadian Pacific Railway Company (CPR). CPR has
stated that the dispute is not expected to adversely affect the
shipment of coal from the Elk Valley mines. However, an unfavourable
resolution could result in a material increase in future rail rates
charged to Elk Valley Coal.

Expectations for 2005

Elk Valley Coal settled 2005 coal year negotiations at a weighted
average coal price of approximately U.S$122 per tonne on an FOB west
coast port equivalent basis. Taking into account various factors that
impact yearly coal sales, the weighted average price of 2005 calendar
year sales for our various brands of coal are expected to be slightly
over U.S.$100 per tonne. Coal sales volumes are targeted to exceed 27
million tonnes for 2005, of which the Trust's share will be 16 million
tonnes.

We estimate that our 2005 expansion plans will require approximately
$35 million in sustaining capital expenditures and $65 million in
expansion capital expenditures from the Trust, which will be allocated
primarily to the Cardinal River, Elkview and Fording River operations.

Foreign Exchange Hedging

To help manage exposure to currency fluctuations, foreign exchange
forward contracts are used to fix the rate at which certain future
anticipated flows of U.S. dollars are exchanged into Canadian dollars.
The foreign exchange hedging activities of the Trust take into account
the existing foreign exchange forward contracts of Fording Inc. and Elk
Valley Coal. Our hedging policy has no minimum limits. The following
table summarizes the Trust's outstanding hedged positions at December
31, 2004.


Amount Hedged (millions of U.S.$)
-------------------------------------
Average Exchange
Rates
----------------
------
Elk Valley Coal (U.S.$1
(CDN$1
--------------- Fording Trust's equals
equals
Year 100% 60% Inc. Total CDN$)
U.S.$)
-------------------------------------------------------------------
------
2005 $ 355 $ 213 $ 216 $ 429 1.40
0.71
2006 95 57 53 110 1.44
0.69
2007 - - 16 16 1.46
0.69
-------------------------------------
$ 450 $ 270 $ 285 $ 555
-------------------------------------
-------------------------------------


At December 31, 2004, the Trust's portion of unrealized gains on
foreign exchange forward contracts was $116 million based on the
U.S./Canadian dollar exchange rate of U.S. $0.83. The Trust's realized
gain on foreign exchange included in revenues in the fourth quarter of
2004 was $36 million (2003 - $19 million) and for the year-to-
date was $83 million (2003 - $43 million).

Number of Units Outstanding

There were approximately 49 million trust units outstanding on December
31, 2004 and February 2, 2005.

Foreign Ownership Legislation

After consultation with the trust industry, the Federal government
decided to defer implementation of certain amendments to federal income
tax laws that were proposed in the March 2004 Federal Budget and in a
news release issued in September, until further review and consultation
can be undertaken. These amendments dealt with non-resident ownership
limitations, which generally provide that an income trust, in order to
retain its status as a mutual fund trust for purposes of the Income Tax
Act, must not be established or maintained primarily for the benefit of
non-residents.

Based on the best available information, the Trust's foreign ownership
is currently estimated to be approximately 47%. The Declaration of
Trust contains a number of provisions that permit the Trustees to
undertake a variety of actions in order to limit non-resident ownership
so as to maintain the Trust's status as a mutual fund trust. The
Trustees will continue to monitor the level of non-resident ownership
and is considering the options available to the Trust in order to
maintain such status, including implementation of a mandatory
registration system in order to control the level of non-resident
ownership.

Risk Factors

Unitholders should refer to the 'Risk Factors' section in the 2003
annual report and the annual information form dated March 19, 2004 for
other factors that could potentially impact Fording's financial
performance and targets.

-------------------------------------

Conference Call and Webcast

A conference call to discuss these results will be held Thursday,
February 3 at 8:00 a.m. Mountain time, 10:00 a.m. Eastern time. To
participate in the conference call, please dial 1-800-814-3911 or 416-
640-4127 approximately 10 minutes prior to the call. A live and
archived audio webcast of the conference call will also be available on
the Trust's website www.fording.ca.

About Fording

Fording Canadian Coal Trust is an open-ended mutual fund trust. Through
investments in metallurgical coal and industrial minerals mining and
processing operations, the Trust makes quarterly cash distributions to
unitholders. The Trust, through its wholly-owned subsidiary, Fording
Inc., holds a 60% interest in the Elk Valley Coal Partnership and is
the world's largest producer of the industrial mineral wollastonite.
Elk Valley Coal Partnership, comprised of Canada's senior metallurgical
coal mining properties, is the world's second largest exporter of
metallurgical coal, currently supplying approximately 25 million tonnes
of high-quality coal products annually to the international steel
industry. The Trust's shares are traded on the Toronto Stock Exchange
under the ticker symbol FDG.UN and on the New York Stock Exchange under
the symbol FDG.



CONSOLIDATED STATEMENTS OF INCOME
(unaudited)

Three months ended Year ended
(millions of Canadian December 31 December 31
dollars, except per ----------------------- -----------------
------
unit amounts) 2004 2003 2004
2003
------------------------------------------------- -----------------
------
Revenues $ 324.3 $ 310.3 $ 1,167.5 $
1,043.7

Expenses
Cost of products sold 114.9 130.0 454.4
448.8
Transportation and other 127.3 116.9 449.2
384.6
Selling, general and
administration 10.9 8.6 32.8
25.9
Depreciation and
depletion 14.1 17.6 60.7
61.3
----------------------- -----------------
------
267.2 273.1 997.1
920.6
----------------------- -----------------
------

Income from operations 57.1 37.2 170.4
123.1

Other income (expense)
Interest expense (2.4) (4.0) (12.8)
(15.1)
Other, net 3.3 (0.6) 17.0
6.1
Gain (loss) on corporate
reorganization - - (37.5)
48.7
----------------------- -----------------
------
Income before taxes and
discontinued operations 58.0 32.6 137.1
162.8

Income tax (recovery)
expense (27.4) 2.0 (13.0)
0.6
----------------------- -----------------
------

Income before discontinued
operations 85.4 30.6 150.1
162.2

Discontinued operations - - -
78.7
----------------------- -----------------
------

Net income $ 85.4 $ 30.6 $ 150.1 $
240.9
----------------------- -----------------
------
----------------------- -----------------
------

Weighted average number of
units outstanding
(in millions) 49.0 46.8 48.5
47.4

Basic and diluted earnings
per unit
Before discontinued
operations $ 1.74 $ 0.65 $ 3.09 $
3.42
Net income $ 1.74 $ 0.65 $ 3.09 $
5.08



CONSOLIDATED STATEMENTS OF ACCUMULATED EARNINGS
(unaudited)

Three months ended Year ended
December 31 December 31
(millions of ----------------------- -----------------
------
Canadian dollars) 2004 2003 2004
2003
------------------------------------------------- -----------------
------
Balance - beginning of
period $ 255.2 $ 159.9 $ 190.5 $
291.8

Net income for the period 85.4 30.6 150.1
240.9
Adjustment for adoption of
new accounting standard
for asset retirement
obligations - - -
8.8
Repurchase of
capital stock - - -
(351.0)
----------------------- -----------------
------

Balance - end of period $ 340.6 $ 190.5 $ 340.6 $
190.5
----------------------- -----------------
------
----------------------- -----------------
------



CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

Three months ended Year ended
December 31 December 31
(millions of ----------------------- -----------------
------
Canadian dollars) 2004 2003 2004
2003
------------------------------------------------- -----------------
------
Operating activities
Net income $ 85.4 $ 30.6 $ 150.1 $
240.9
Items not using
(providing) cash:
Loss on reduction
of interest in
Elk Valley Coal - - 35.2
-
Depreciation and
depletion 13.9 17.3 58.6
62.3
Provision for
asset retirement
obligations, net 0.5 0.5 3.0
2.8
Future income taxes (28.4) (3.2) (31.3)
34.3
Income from change in
inventory valuation - - (10.8)
-
Loss (gain) on
disposal of assets 0.1 0.2 0.2
(202.8)
Other items, net 1.0 (0.8) 0.3
0.9
----------------------- -----------------
------
72.5 44.6 205.3
138.4
Decrease in non-cash
working capital 28.6 26.3 64.2
35.9
----------------------- -----------------
------
Cash from operating
activities 101.1 70.9 269.5
174.3
----------------------- -----------------
------

Investing activities
Additions to capital
assets (26.8) (6.7) (72.8)
(20.4)
Proceeds on disposal
of assets 0.5 - 1.1
362.8
Cash payment for Luscar
assets - - -
(12.3)
Other investing
activities, net 3.4 (1.4) 12.2
(8.1)
----------------------- -----------------
------
Cash (used in) from
investing activities (22.9) (8.1) (59.5)
322.0
----------------------- -----------------
------

Financing activities
Increase (decrease)
in long-term debt - 1.3 (99.0)
165.0
Increase (decrease) in
bank indebtedness - - 0.4
(1.1)
Issuance of units, net 0.9 1.4 100.4
12.3
Repurchase of capital
stock - - -
(377.1)
Payments under the
Arrangement - - -
(75.3)
Other financing
activities, net (0.9) (2.4) (3.1)
(4.2)
----------------------- -----------------
------
Financing activities,
before distributions - 0.3 (1.3)
(280.4)
----------------------- -----------------
------
Distributions declared (63.7) (46.9) (213.5)
(210.3)
Increase in
distributions payable 9.8 0.1 16.8
46.9
----------------------- -----------------
------
Financing activities
related to
distributions (53.9) (46.8) (196.7)
(163.4)
----------------------- -----------------
------
Cash used in financing
activities (53.9) (46.5) (198.0)
(443.8)
----------------------- -----------------
------

Increase in cash and
equivalents 24.3 16.3 12.0
52.5

Cash and cash equivalents
- beginning of period 40.2 36.2 52.5
-
----------------------- -----------------
------

Cash and cash equivalents
- end of period $ 64.5 $ 52.5 $ 64.5 $
52.5
----------------------- -----------------
------
----------------------- -----------------
------



CONSOLIDATED BALANCE SHEETS
(unaudited)

December 31
December 31
(millions of Canadian dollars) 2004
2003
-------------------------------------------------------------------
------
Assets

Current assets
Cash and cash equivalents $ 64.5 $
52.5
Accounts receivable 86.8
79.0
Inventory 113.0
130.3
Prepaid expenses 2.6
2.9
-----------------
------
266.9
264.7

Capital assets 635.8
661.1

Goodwill 44.4
46.7

Other assets 21.1
26.9
-----------------
------
$ 968.2 $
999.4
-----------------
------
-----------------
------
Liabilities

Current liabilities
Accounts payable and accrued liabilities $ 132.6 $
91.2
Income taxes payable 10.7
7.0
Distribution payable 63.7
46.9
Current portion of long-term debt 52.7
3.3
-----------------
------
259.7
148.4

Long-term debt 154.2
306.6

Other long-term liabilities 91.9
81.6

Future income taxes 180.4
211.9

Commitments and contingencies
-----------------
------
686.2
748.5
-----------------
------
Unitholders' equity

Trust units 357.7
257.3
Accumulated earnings 340.6
190.5
Accumulated cash distributions (423.8)
(210.3)
Foreign currency translation adjustments 7.5
13.4
-----------------
------
282.0
250.9
-----------------
------
$ 968.2 $
999.4
-----------------
------
-----------------
------



Notes to Consolidated Financial Statements
(unaudited)
-------------------------------------------------------------------
------


1. DISTRIBUTABLE CASH

Distributable cash is a term defined in the Declaration of Trust
and

generally refers to the net cash received by the Trust that is

available for payment to unitholders on a quarterly basis.
Available

cash generated by Fording Inc. is the principal contributor to

distributable cash of the Trust. Fording Inc. distributes its

available cash to the Trust in a quarter, which is derived from

results for the quarter and takes into account other considerations

such as expected future performance, variations in levels of

quarterly operating and capital activities and other financial or

legal requirements. Future distributions of available cash will
take

into account these factors, our changing interest in Elk Valley
Coal

and any amounts paid in prior periods that were greater or less
than

the actual distributable cash for those prior periods.

Distributable cash and cash available for distribution have no

standardized meaning and are not defined by generally accepted

accounting principles in Canada. Accordingly, distributable cash
and

cash available for distribution as it is presented below may not be

comparable to similarly named measures presented by other trusts.
The

per-unit amounts of cash paid or declared to be paid to unitholders

reflect the actual amounts based on the number of units outstanding

on the record dates for the payments, which differs from the
weighted

average number of units used to calculate earnings per unit.



February 28
Three months ended Year ended
2003 to
December 31 December 31
December 31
(millions of ----------------------
Canadian dollars) 2004 2003 2004
2003(*)
-------------------------------------------- ------------------
------

Cash Available for
Distribution

Cash flows from
operating
activities $ 101.1 $ 70.9 $ 269.5 $
229.6
Add (deduct):
Decrease in
non-cash working
capital (28.6) (26.3) (64.2)
(99.5)
Sustaining capital
expenditures, net (11.7) (2.9) (25.9)
(8.7)
Capital lease
payments $ - (0.4) (0.7)
(1.3)
Other 0.9 (0.3) 3.5
(1.2)
Cash reserve - - -
-
---------------------- ------------------
------
Cash available for
distribution $ 61.7 $ 41.0 $ 182.2 $
118.9
---------------------- ------------------
------
---------------------- ------------------
------


(*) The period from the formation of the Trust to December 31,
2003.

The 2003 distributions included a special payment of $70 million

pursuant to the Arrangement. In addition, the draw down of product

inventory contributed $39.8 million to the distribution paid in the

fourth quarter of 2003.


2. SEGMENT INFORMATION

Three months ended Year
ended
December 31 December
31
-------------------- --------------
------
(millions of
Canadian dollars) 2004 2003 2004
2003
------------------------------------------------ --------------
------
Metallurgical Coal
Revenues $ 313.5 $ 298.9 $ 1,118.4 $
995.6
Cost of products sold (108.2) (123.3) (428.2)
(422.0)
Transportation and other (125.7) (115.5) (442.2)
(378.4)
Selling, general and
administration (6.6) (5.4) (20.3)
(14.9)
Depreciation and depletion (12.4) (15.6) (53.0)
(53.0)
-------------------- --------------
------
Income from operations 60.6 39.1 174.7
127.3
Interest expense (0.3) 0.4 (1.1)
(2.1)
Other income (expense) 1.1 0.4 12.3
1.8
Income taxes (expense)
recovery 26.0 (1.4) 15.4
1.8
-------------------- --------------
------
Income before
discontinued operations 87.4 38.5 201.3
128.8
-------------------- --------------
------

Industrial Minerals
Revenues 10.8 11.4 49.1
48.1
Cost of products sold (6.7) (6.7) (26.2)
(26.8)
Transportation and other (1.6) (1.4) (7.0)
(6.2)
Selling, general and
administration (1.6) (1.0) (5.2)
(5.6)
Depreciation and depletion (1.0) (1.3) (5.0)
(5.7)
-------------------- --------------
------
Income (loss) from
operations (0.1) 1.0 5.7
3.8
Interest expense - - (0.1)
(0.1)
Other income (expense) - - 0.5
-
Income taxes 1.4 (0.6) (2.4)
(2.4)
-------------------- --------------
------
Income before discontinued
operations 1.3 0.4 3.7
1.3
-------------------- --------------
------

Corporate
Selling, general and
administration (2.7) (2.2) (7.3)
(5.4)
Depreciation and depletion (0.7) (0.7) (2.7)
(2.6)
-------------------- --------------
------
Loss from operations (3.4) (2.9) (10.0)
(8.0)

Interest expense (2.1) (3.6) (11.6)
(12.9)
Other income (expense) 2.2 (0.2) 4.2
4.3
Corporate reorganization - - (37.5)
48.7
-------------------- --------------
------
Income (loss) before
discontinued operations (3.3) (6.7) (54.9)
32.1
-------------------- --------------
------

Consolidated
Revenues 324.3 310.3 1,167.5
1,043.7
Cost of products sold (114.9) (130.0) (454.4)
(448.8)
Transportation and other (127.3) (116.9) (449.2)
(384.6)
Selling, general and
administration (10.9) (8.6) (32.8)
(25.9)
Depreciation and depletion (14.1) (17.6) (60.7)
(61.3)
-------------------- --------------
------
Income from operations 57.1 37.2 170.4
123.1
Interest expense (2.4) (4.0) (12.8)
(15.1)
Other income (expense) 3.3 (0.6) 17.0
6.1
Corporate reorganization - - (37.5)
48.7
Income taxes 27.4 (2.0) 13.0
(0.6)
-------------------- --------------
------
Income before discontinued
operations $ 85.4 30.6 $ 150.1 $
162.2
-------------------- --------------
------
-------------------- --------------
------

Contact Information