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:
- Develop world class safety culture.
- Pursue growth in OSB.
- Own high-quality assets with low-cost positions.
- Maintain a margin-focused operating culture.
- Focus on growth customers.
- 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 The information posted on this section of the website was accurate at the time of posting but may have been superseded by subsequent disclosures.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 | ||
| 1st Qtr 2013 |
1st Qtr 2012 |
Dec 31 2012(1) |
Dec 31 2011 |
|
| Key Performance Metrics | ||||
|---|---|---|---|---|
| Return on capital employed (ROCE) | 55% | 10% | 23% | 5% |
| Return on equity (ROE) | 60% | 0% | 21% | (3)% |
| Cash provided by (used for) operating activities | $45 | $(27) | $136 | $(13) |
| Cash provided by (used for) operating activities, per share | $1.01 | $(0.62) | $3.12 | $(0.30) |
| Sales and Earnings | ||||
| Sales | $365 | $253 | $1,149 | $965 |
| EBITDA | 111 | 21 | 188 | 45 |
| Earnings | 67 | - | 71 | (11) |
| Earnings per common share | ||||
| Basic | $1.51 | $ - | $1.63 | $(0.25) |
| Diluted | $1.26 | $ - | $1.56 | $(0.25) |
| Select Balance Sheet Data | ||||
| Operating working capital | $101 | $71 | $50 | $28 |
| Total working capital | 259 | 135 | 178 | 116 |
| Total assets | 1,175 | 1,071 | 1,115 | 1,070 |
| Net debt, for financial covenant purposes | 285 | 383 | 315 | 360 |
| Shareholders’ equity | 447 | 306 | 386 | 300 |
| Shipments (MMsf-3/8″) | ||||
| North America | 756 | 728 | 3,111 | 2,885 |
| Europe | 400 | 414 | 1,574 | 1,547 |
| Average OSB price – North Central ($/Msf-7/16″) | $417 | $203 | $271 | $186 |
| Average OSB price – South East ($/Msf-7/16″) | $396 | $190 | $241 | $169 |
| Average OSB price – Europe (€/m3)(2) | €265 | €261 | €260 | €264 |
| Net debt to total capitalization, market basis | 21% | 46% | 32% | 42% |
| Net debt to total capitalization, book basis | 37% | 53% | 43% | 51% |
| (1) Restated for adoption of the amendments to IAS 19. | ||||
| (2) European indicative average OSB price represents the gross delivered price to the largest Continental market. The Q1 2012 and 2011 comparatives have been restated to gross delivered price. |
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