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Investor Presentation June 2019 Notices Forward-Looking Statements & Non-IFRS Financial Information All financial references are expressed in US$ unless otherwise noted. This presentation contains forward-looking statements and


  1. Investor Presentation June 2019

  2. Notices Forward-Looking Statements & Non-IFRS Financial Information • All financial references are expressed in US$ unless otherwise noted. • This presentation contains forward-looking statements and estimates. • Such statements and estimates are based on assumptions as to the future and on management’s current expectations and are, naturally, subject to risks and uncertainties. • Actual company results could differ materially from a conclusion, forecast or projection in the forward-looking information. • Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information. • Additional information can be found in the Company’s annual information form, annual and quarterly MD&A, and on Norbord’s website (www.norbord.com) about the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information, and the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information. • References to “LTM Q1 19” refer to the period beginning April 1, 2018 and ending April 6, 2019. As a result, the financial information for LTM Q1 19 include six additional fiscal days as compared to the year ended December 31, 2018, which may impact the comparability between periods. 2

  3. Notices Forward-Looking Statements & Non-IFRS Financial Information • This presentation contains certain non-IFRS financing information, including Adjusted EBITDA. Adjusted EBITDA means earnings before finance costs and interest income, income taxes, depreciation and amortization and other unusual or non-recurring items. The Company believes that Adjusted EBITDA can be useful for, and is frequently used by, securities analysts, investors and other interested parties to perform comparisons of its operating performance between periods and with other companies in its industry and across different industries. In particular, Adjusted EBITDA is useful because it excludes the effect of: – depreciation, which represents non-cash charges to earnings. Companies differ in the age and method of acquisition of productive assets, and thus the relative costs of those assets, as well as in the depreciation method (straight-line, accelerated, units of production), which can result in considerable variability in depreciation expense between companies; – interest, which is significantly affected by external factors, including interest rates and inflation rates. Interest expense is dependent on the capital structure and credit rating of a company, while debt levels, credit ratings and, therefore, the impact of interest expense on earnings vary in significance between companies; and – income tax expense. The tax positions of individual companies can vary because of their differing abilities to take advantage of tax benefits and the differing jurisdictions in which they transact business, with the result that their effective tax rates and tax expense can vary considerably. • However, there are material limitations associated with making the adjustments to calculate Adjusted EBITDA and using it as a performance measure as compared to the most directly comparable IFRS financial measure. For instance, Adjusted EBITDA does not: – include interest expense, and because the Company has borrowed money to finance its operations, interest expense is a necessary element of its cash requirements and costs and ability to generate revenue; – include depreciation expense, and because the assets being depreciated will often have to be replaced in the future, Adjusted EBITDA does not reflect any cash requirements for such replacements; or – include tax expense, and because the payment of taxes is part of the Company’ s operations, tax expense is a necessary element of the Company’s cash requirements and costs and ability to generate revenue. • Accordingly, Adjusted EBITDA should not be considered in isolation or construed as an alternative to earnings or other measures as determined in accordance with IFRS as an indication of the Company’s operating performance. In addition, other companies in its industry or across different industries may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure. • The Company also utilizes IFRS measures to review its performance. These IFRS measures include, but are not limited to, earnings. These important IFRS measures allow management to, among other things, compare the Company’ s operations with competitors on a consistent basis and understand the revenues and expenses matched to each other for the applicable reporting period. The Company believes that the use of these IFRS measures, supplemented by the use of Adjusted EBITDA, allows the Company to have a greater understanding of its performance and allows it to adapt to changing trends and business opportunities. • Investors or potential investors are urged to review the limitations associated with the use of Adjusted EBITDA as a performance measure described above. A reconciliation of Adjusted EBITDA to the nearest comparable IFRS measure can be found in the appendix to this presentation. 3

  4. Presenters Peter Wijnbergen President & Chief Executive Officer Robin Lampard Senior Vice President & Chief Financial Officer 4

  5. I. Company Overview

  6. Company Overview Norbord Snapshot North America • Leading manufacturer of wood-based panel products • Largest global producer of Oriented Strand Board (OSB) – Stated OSB capacity of 9.0 Bsf- 3/8” (1) – Stated panel capacity (including particleboard & MDF) of 9.9 Bsf- 3/8” (1) – Approximately 2,700 employees at 17 plants across the US, Canada and Europe • Listed on the NYSE and TSX (“OSB”) • Report in US dollars and in accordance with IFRS • LTM Q1 2019 sales of $2.3 billion Panel Capacity by Region (1) Europe Europe US 21% 42% Oriented Strand Board (OSB) 9.9 Particleboard Bsf-3/8" (1) Medium Density Fiberboard (MDF) Furniture Canada 37% 6 (1) Based on stated annual capacity as of December 31, 2018.

  7. Company Overview Norbord is a Leader in the Global OSB Market Top 10 Global OSB Producers 10.0 9.0 * OSB Capacity (Bsf-3/8") 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 Norbord Louisiana-Pacific Kronospan Georgia-Pacific Weyerhaeuser Huber Tolko KronoSwiss Martco Egger * Excluding OSB siding capacity Enterprise Value $4,500 Enterprise Value ($US millions) $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $- West Fraser Louisiana-Pacific Norbord Canfor Corp. Interfor Western Forest Products 7 Source: Company filings and Bloomberg. Enterprise values as of June 14, 2019.

  8. Company Overview Norbord is a Significant Player in Both Key Global OSB Markets North American OSB Industry (1) European OSB Industry (1) Other Martco 5% Others 6% 17% 29% Smartply Huber 4% 8% Kronospan Sonae- 39% Arauco Tolko Industry Capacity Industry Capacity 4% 8% 12 Bsf-3/8" 27 Bsf-3/8" * Egger Weyer- 8% haeuser Louisiana- 11% Pacific Georgia- 18%* SwissKrono 10% Pacific 17% 15% * Excluding OSB siding capacity. Source: Company Documents and Other Public Filings — Installed Capacity. (1) As of April 6, 2019. 8

  9. Company Overview Norbord’s Wood -Based Panel Products • Norbord’s operations include 15 OSB mills and two other plant locations in the UK producing particleboard, MDF and related value-added products OSB – 90% of Capacity • New home construction • Repair and remodel • Light commercial construction • Industrial applications Particleboard – 6% of Capacity • New home construction • Repair and remodel • Furniture • Fixtures MDF – 4% of Capacity • Furniture • Fixtures • Mill work 9

  10. Company Overview Typical Uses for OSB Products • OSB is an innovative, affordable and environmentally “sustainable” structural panel – Serves many of the same uses as plywood, but produced at a lower cost • Norbord expects OSB will continue to capture market share from plywood – OSB represents 69% of total North American structural panel production – OSB represents 45% of total European structural panel production Roof Window Header Wall Sheathing Garage Webstock Door Header Flooring Door Rimboard Header 10 Source: APA, January 2019

  11. Company Overview Historical North American Benchmark OSB Prices $450 $400 $350 Annual Average North Central OSB Price US$ per Msf 7/16" $300 15-year average: $253 $250 $200 $150 $100 (1) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD-2019 Source: Random Lengths (1) Twenty-four weeks ended June 14, 2019. We believe that the average North Central benchmark OSB prices presented above, even when unaccompanied by estimated earnings data that is not yet available, is important to an investor’s understanding of our performance to date during the second quarter of 2019. Our results remain subject to the c omp letion of the second quarter of 2019 on July 6, 2019. See “Forward - Looking Information.” 11

  12. II. Credit Highlights

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