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 The information posted on this section of the website was accurate at the time of posting but may have been superseded by subsequent disclosures.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
2nd Qtr
2019		 2nd Qtr
2018		 Jul 6
2019		 Jun 30
2018
Sales and Earnings
Sales $447 $707 $923 $1,283
Operating (loss) income (2) 236 4 375
Adjusted EBITDA(1) 36 273 78 443
(Loss) Earnings (14) 174 (13) 269
Adjusted (loss) earnings (1) (8) 167 (10) 263
Per Common Share
(Loss) Earnings, basic $(0.17) $2.01 $(0.16) $3.11
(Loss) Earnings, diluted $(0.17) $2.00 $(0.16) $3.09
Adjusted (loss) earnings, basic(1) $(0.10) $1.93 $(0.12) $3.04
Adjusted (loss) earnings, diluted(1) $(0.10) $1.92 $(0.12) $3.02
Dividends declared(2) $0.40 $0.60 $0.80 $1.20
Select Balance Sheet Data
Operating working capital(1) $162 $212 $162 $212
Total working capital(1) 548 481 548 481
Total assets 2,207 2,250 2,207 2,250
Long-term debt(3) 896 549 896 549
Net debt, for financial covenant purposes(1) 601 276 601 276
Shareholders’ equity 749 1,206 749 1,206
Net debt to total capitalization, market basis(1) 20% 8% 20% 8%
Net debt to total capitalization, book basis(1) 36% 16% 36% 16%
Shipments (MMsf-3/8″)
North America 1,587 1,674 3,156 3,195
Europe 474 445 995 906
Indicative Average OSB Price
North Central ($/Msf-7/16″) $188 $426 $200 $398
South East ($/Msf-7/16″) $186 $419 $192 $375
Western Canada ($/Msf-7/16″) $153 $403 $156 $381
Europe (€/m3)(4) € 285 € 298 € 286 € 286
Key Performance Metrics
Return on capital employed (ROCE)(1) 9% 65% 10% 55%
Return on equity (ROE)(1) (4)% 58% (2)% 48%
Cash  provided by (used for) operating activities $36 $250 $(61) $254
Cash  provided by (used for) operating activities, per share(1) $0.44 $2.89 $(0.74) $2.94
(1) Non-IFRS measure; see the Non-IFRS Financial Measures section in Norbord’s Q2-2019 Management’s Discussion and Analysis (MD&A) dated July 31, 2019 for a quantitative reconciliation of the non-IFRS measures to the most directly comparable IFRS measures.

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

(3) Includes current and non-current long-term debt.

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