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 The information posted on this section of the website was accurate at the time of posting but may have been superseded by subsequent disclosures.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 Year ended
1st Qtr
2019
1st Qtr
2018
Dec 31
2018
Dec 31
2017
Sales and Earnings
Sales $476 $576 $2,424 $2,177
Operating income 6 139 504 549
Adjusted EBITDA(1) 42 170 724 672
Earnings 1 95 371 436
Adjusted (Loss) earnings (1) (2) 96 412 389
Per Common Share
Earnings, basic $0.01 $1.10 $4.29 $5.06
Earnings, diluted $0.01 $1.09 $4.27 $5.03
Adjusted (Loss) earnings, basic(1) $(0.02) $1.11 $4.76 $4.51
Adjusted (Loss) earnings, diluted(1) $(0.02) $1.10 $4.74 $4.49
Dividends declared(2) $0.40 $0.60 $6.30 $1.50
Select Balance Sheet Data
Operating working capital(1) $183 $218 $88 $127
Total working capital(1) 217 338 188 295
Total assets 1,942 2,097 1,942 2,103
Long-term debt 550 549 550 548
Net debt, for financial covenant purposes(1) 564 422 435 333
Shareholders’ equity 803 1,087 823 1,019
Net debt to total capitalization, market basis(1) 17% 13% 13% 11%
Net debt to total capitalization, book basis(1) 34% 24% 28% 21%
Shipments (MMsf-3/8″)
North America 1,569 1,521 6,484 6,066
Europe 521 461 1,825 1,867
Indicative Average OSB Price
North Central ($/Msf-7/16″) $211 $370 $351 $353
South East ($/Msf-7/16″) $197 $331 $315 $330
Western Canada ($/Msf-7/16″) $160 $359 $307 $326
Europe (€/m3)(3) € 287 € 274 € 294 € 239
Key Performance Metrics
Return on capital employed (ROCE)(1) 10% 42% 47% 45%
Return on equity (ROE)(1) 1% 37% 42% 47%
Cash (used for) provided by operating activities $(97) $4 $608 $608
Cash (used for) provided by operating activities, per share(1) $(1.18) $0.05 $7.03 $7.05
(1) Non-IFRS measure; see the Non-IFRS Financial Measures section in Norbord’s Q1-2019 Management’s Discussion and Analysis (MD&A) dated May 1, 2019 and 2018 MD&A dated January 31, 2019 for a quantitative reconciliation of the non-IFRS Measures to the most directly comparable IFRS measure.

(2) Dividends declared per share stated in Canadian dollars.

(3) European indicative average OSB price represents the gross delivered price to the largest continental market.