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 The information posted on this section of the website was accurate at the time of posting but may have been superseded by subsequent disclosures.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 Six months ended
2nd Qtr
2014
2nd Qtr
2013
June 28
2014
June 29
2013
Key Performance Metrics
Return on capital employed (ROCE) 15% 48% 14% 52%
Return on equity (ROE) 10% 46% 8% 56%
Cash provided by (used for) operating activities $20 $101 $(6) $146
Cash provided by (used for) operating activities, per share $0.37 $1.91 $(0.11) $3.00
Sales and Earnings
Sales $311 $365 $614 $730
EBITDA 33 102 60 213
Earnings 11 53 18 120
Earnings per common share
Basic $0.21 $1.00 $0.34 $2.46
Diluted $0.20 $0.99 $0.33 $2.26
Common dividends $0.54 0.59 $1.09 0.64
Select Balance Sheet Data
Operating working capital $96 $86 $96 $86
Total working capital 191 311 191 311
Total assets 1,196 1,237 1,196 1,237
Net debt, for financial covenant purposes 360 223 360 223
Shareholders’ equity 438 485 438 385
Shipments (MMsf-3/8″)
North America 906 810 1,723 1,566
Europe 395 406 829 806
Indicative Average OSB
Average OSB price – North Central ($/Msf-7/16″) $219 $347 $219 $382
Average OSB price – South East ($/Msf-7/16″) $199 $313 $196 $355
Average OSB price – Europe (€/m3)(1) €269 €273 €271 €269
Net debt to total capitalization
Net debt to total capitalization, market basis 19% 15% 19% 15%
Net debt to total capitalization, book basis(2) 44% 30% 44% 30%
(1) European indicative average OSB price represents the gross delivered price to the largest Continental market.