Norbord's business strategy is focused entirely on the wood panels sector - in particular OSB - in North America and Europe. Our strategy is composed of the following six key components:
  1. Develop world class safety culture.
  2. Pursue growth in OSB.
  3. Own high-quality assets with low-cost positions.
  4. Maintain a margin-focused operating culture.
  5. Focus on growth customers.
  6. Allocate capital with discipline.
Norbord is of the view that the successful execution of this strategy will provide real value for our shareholders over the cycle.
 
The information posted on this section of the website was accurate at the time of posting but may have been superseded by subsequent disclosures.
 

Summary of Financial Performance


US$ millions, unless otherwise noted

Three months ended

Year ended
  4th Qtr
2011		   4th Qtr
2010(1)		   Dec 31
2011		   Dec 31
2010(1)		  
Key Performance Metrics
Return on Capital Employed (ROCE) 4 % 6 % 5 % 12 %
Return on Equity (ROE) -11 % -10 % -3 % 4 %
Cash provided by (used for) operating activities $31   $41   $(13)   $127  
Cash provided by (used for) operating activities, per share 0.73   0.94   (0.30)   2.93  
 
Net Sales and Earnings
Sales(2) $229   $240   $965   $962  
EBITDA 9   14   45   107  
Earnings (9)   (9)   (11)   13  
Earnings per common share
Basic $(0.21)   $(0.21)   $(0.25)   $0.30  
Diluted $(0.21)   $(0.21)   $(0.25)   $0.29  
 
Select Balance Sheet Data
Operating working capital $28   $10   $28   $10  
Total working capital 116   127   116   127  
Total assets 1,070   1,118   1,070   1,118  
Net debt, for financial covenant purposes(3) 360   337   360   337  
Shareholders' equity 300   352   300   352  
 
Shipments (MMsf-3/8")
North America 696   768   2,885   2,989  
Europe 372   355   1,547   1,405  
Average OSB price – North Central ($/Msf-7/16") $190 $191 $186 $219
Average OSB price – South East ($/Msf-7/16") $166   $165   $169   $198  
Average OSB price – Europe (€/m3)(4) € 245   € 261   € 250   € 244  
 
Net debt to total capitalization, market basis(3) 42 % 35 % 42 % 35 %
Net debt to total capitalization, book basis(3) 51 % 49 % 51 % 49 %
 
(1) Restated for IFRS, except where indicated
(2) Outbound freight costs are no longer netted against sales; restated as a result of the adoption of IFRS.
(3) The measures for 2010 have not been restated for IFRS and are the originally disclosed measures under Canadian GAAP.
(4) European indicative averages OSB price represents the delivered price to the largest Continental market; restated as a result of the adoption of IFRS.