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 The information posted on this section of the website was accurate at the time of posting but may have been superseded by subsequent disclosures.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
2015
2nd Qtr
2014
June 27
2015
Jun 28
2014
Key Performance Metrics
Return on capital employed (ROCE) 5% 12% 5% 11%
Return on equity (ROE) -9% 4% -10% 2%
Cash provided by (used for) operating activities $(3) $15 $(55) $(26)
Cash provided by (used for) operating activities, per share $(0.04) $0.18 $0.64 $(0.31)
Sales and Earnings
Sales $365 $419 $716 $820
(Loss) earnings -23 23 -60 16
EBITDA 18 46 32 82
Earnings -13 9 -28 10
Per common share
(Loss) earnings (basic and diluted) $(0.27) $0.27 $(0.70) $0.19
Adjusted (loss) earnings (basic and diluted)(1) $(0.15) $0.11 $(0.33) $0.12
Dividends declared(2) $0.25 $0.60 $0.50 $1.20
Select Balance Sheet Data
Operating working capital $151 $158 $151 $158
Total working capital 163 349 163 349
Total assets 1,670 2,008 1,670 2,008
Net debt, for financial covenant purposes(3) 749 360 749 360
Shareholders’ equity 547 832 547 832
Shipments (MMsf-3/8″)
North America(4) 1,375 1,367 2,629 2,588
Europe 438 395 862 829
Indicative Average OSB
Average OSB price – North Central ($/Msf-7/16″) $193 $219 $193 $219
Average OSB price – South East ($/Msf-7/16″) $174 $199 $175 $196
Average OSB price – Western Canada ($/Msf-7/16″) $152 $206 $156 $213
Average OSB price – Europe (€/m3)(5) €218 €269 €224 €271
Net debt to total capitalization
Net debt to total capitalization, market basis(3) 30% 19% 30% 19%
Net debt to total capitalization, book basis(3) 50% 44% 50% 44%
(1)Basic and diluted adjusted (loss) earnings per share are the same except diluted adjusted earnings per share for Q2-2014 is $0.10.
(2)Dividends declared per share stated in Canadian dollars.
(3)Figures for the 2014 comparatives have not been restated for the Merger and are the originally disclosed amounts.
(4)Includes export shipment volume of 68, 120, 128, 216 MMsf-3/8”.
(5)European indicative average OSB price represents the gross delivered price to the largest Continental market.