Investors

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 The information posted on this section of the website was accurate at the time of posting but may have been superseded by subsequent disclosures.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 Nine months ended
3rd Qtr
2017
3rd Qtr
2016
Sep 30
2017
Sep 24
2016
Sales and Earnings
Sales $578 $453 $1,581 $1,284
Operating income 169 87 377 193
Adjusted EBITDA(1) 200 115 468 270
Earnings (loss) 130 55 276 122
Adjusted earnings (loss)(1) 121 58 266 120
Per common share
Earnings (loss), basic(2) $1.51 $0.64 $3.21 $1.43
Adjusted earnings (loss), basic(1,3) $1.40 $0.68 $3.09 $1.40
Dividends declared(4) $0.50 $0.10 $0.90 $0.30
Select Balance Sheet Data
Operating working capital $156 $156 $156 $156
Total working capital 245 229 245 229
Total assets 1,951 1,718 1,951 1,718
Long-term debt(5) 548 746 548 746
Net debt, for financial covenant purposes(1) 449 705 449 705
Shareholders’ equity 898 593 898 593
Net debt to total capitalization, market basis(1) 15% 29% 15% 29%
Net debt to total capitalization, book basis(1) 28% 45% 28% 45%
Shipments (MMsf-3/8″)
North America 1,537 1,463 4,504 4,287
Europe 474 438 1,427 1,332
Indicative Average OSB Price
North Central ($/Msf-7/16″) $409 $301 $344 $264
South East ($/Msf-7/16″) $354 $256 $322 $239
Western Canada ($/Msf-7/16″) $388 $265 $326 $233
Europe (€/m3)(6) €233 €235 €243 €234
Key Performance Metrics
Return on capital employed (ROCE)(1) 52% 32% 42% 26%
Return on equity (ROE)(1) 58% 41% 46% 29%
Cash provided by operating activities $203 $97 $386 $183
Cash provided by operating activities, per share(1) $2.36 $1.13 $4.48 $2.14
(1) Non-IFRS measure; see Non-IFRS Financial Measures section.
(2) Basic and diluted earnings per share are the same except diluted earnings per share for Q2 2017 is $1.12 and 6 months 2017 is $1.69.
(3) Basic and diluted Adjusted earnings per share are the same except diluted Adjusted earnings per share for 6 months 2017 is $1.67 and 6 months 2016 is $0.72.
(4) Dividends declared per share stated in Canadian dollars.
(5) Includes current and non-current long-term debt.
(6) European indicative average OSB price represents the gross delivered price to the largest continental market.