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 The information posted on this section of the website was accurate at the time of posting but may have been superseded by subsequent disclosures.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 Nine months ended Nine months ended
3rd Qtr
2019		 3rd Qtr
2018		 Oct 5
2019		 Sept 29
2018
Sales and Earnings
Sales $435 $640 $1,358 $1,923
Operating (loss) income (12) 175 (8) 550
Adjusted EBITDA(1) 33 211 111 654
(Loss) Earnings (17) 130 (30) 399
Adjusted (loss) earnings (1) (9) 123 (19) 386
Per Common Share
(Loss) Earnings, basic $(0.21) $1.50 $(0.37) $4.61
(Loss) Earnings, diluted $(0.21) $1.49 $(0.37) $4.58
Adjusted (loss) earnings, basic(1) $(0.11) $1.42 $(0.23) $4.46
Adjusted (loss) earnings, diluted(1) $(0.11) $1.41 $(0.23) $4.43
Dividends declared(2) $0.40 $4.50 $1.20 $5.70
Select Balance Sheet Data
Operating working capital(1) $139 $173 $139 $173
Total working capital(1) 195 321 195 321
Total assets 1,862 2,130 1,862 2,130
Long-term debt(3) 656 549 656 549
Net debt, for financial covenant purposes(1) 675 377 675 377
Shareholders’ equity 701 1,042 701 1,042
Net debt to total capitalization, market basis(1) 25% 10% 25% 10%
Net debt to total capitalization, book basis(1) 40% 23% 40% 23%
Shipments (MMsf-3/8″)
North America 1,654 1,687 4,810 4,882
Europe 440 467 1,435 1,373
Indicative Average OSB Price
North Central ($/Msf-7/16″) $217 $363 $206 $386
South East ($/Msf-7/16″) $168 $305 $184 $352
Western Canada ($/Msf-7/16″) $164 $281 $159 $348
Europe (€/m3)(4) € 269 € 305 € 280 € 293
Key Performance Metrics
Return on capital employed (ROCE)(1) 8% 51% 10% 54%
Return on equity (ROE)(1) (5)% 44% (3)% 50%
Cash  provided by (used for) operating activities $52 $228 $(9) $482
Cash  provided by (used for) operating activities, per share(1) $0.64 $2.63 $(0.11) $5.57
(1) Non-IFRS measure; see the Non-IFRS Financial Measures section in Norbord’s Q3-2019 Management’s Discussion and Analysis (MD&A) dated October 30th, 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.